Qatar infrastructure spend to reach $13bn in 2017
Qatar has earmarked $13bn in investments for 2017 with industry analysts predicting the market to peak within the first half of the year, ConstructionWeekOnline reports.
With the country’s construction sector expected to account for 45% of investments between 2015 and 2018, Qatar’s construction market is booming despite economic pressures from low oil prices.
But with diversification efforts in full swing, gross domestic product (GDP) growth in the non-hydrocarbon sector hit 5.6% in 2016 with the construction industry as the largest contributor.
In February, reports revealed that Qatar was spending an average of $500m a week on major infrastructure projects in preparation for World Cup 2022. This level of spending is expected to continue up to 2021.
Last week, it was reported that local manufacturing and construction firm, Coastal Qatar, will deliver the seats for three of the tournament stadiums, with an aim to push local manufacturers.
This month, Dubai-based design and architecture practice Godwin Austen Johnson (GAJ) has announced its plans to expand into Qatar.