Doha, Qatar: Qatar’s construction sector is anticipated to reach $62.95bn (QR229.19bn) in 2024 and is expected to amount to $97.42bn (QR354.68bn) by 2029, growing at a compound annual growth rate (CAGR) of 9.13 percent during the forecast period.

Research and Markets in its latest report underscored that Qatar’s various commitments including hosting the 2022 FIFA World Cup, envisioning National Vision 2030, and its ambition to host the Asian Games in 2030, driving the country towards an impressive array of infrastructure and industrial projects.

Other initiatives such as the 2050 Transport Plan offer Qatar - 22 new projects worth a total of $2.7bn (QR9.83bn), which was announced last year.

The report also mentioned that Dentons, a global law firm operating in Qatar listed ‘The Blue Line’, as an expansion of the existing Doha Metro network.

This will be carried out as part of the second phase of the expansion of the Doha Metro Project.

“The second of these projects, the multibillion-dollar Sharq Bridge, will likely construct a three-part bridge with underwater tunnels joining it to connect Katara Cultural Village to Hamad International Airport. Dentons was ranked as the fourth-largest law company in the world by revenue for the fiscal year 2021, with gross sales of $2.9bn (QR10.56bn)”, it reported.

Over the past decade, Doha has swiftly enhanced its infrastructure due to the hosting of global events, making Qatar one of the most sought-after travel hubs in the region.

The major highlights of the well-built infrastructure include cutting-edge highways, stadiums, a metro system, and universities among others.

Analysts at the portal noted that the government’s vital contribution in boosting the construction sector’s growth is the key to global success.

As per the country’s budget announced in 2021, projects worth QR53.9bn ($14.80bn) were identified, while these infrastructure-related projects were expected to be awarded from 2021 to 2023.

However, Qatar’s government aims to develop infrastructure and diversify the economy and has taken initiatives to open economic free zones attracting corporations from across the globe.

The report underscored that “The endorsement of new laws regulating public-private partnerships (PPPs) is expected to attract private sector investment in developing infrastructure, educational institutes, and healthcare projects, hence supporting industry growth during the forecast period.”

It further elucidates that the projects and investments carried out in the transportation sector will also foster growth during the forecast period.

On the other hand, Qatar’s centralises its focus on developing into a more significant global transportation

“The Qatari government has identified several urgent projects for the medium term, earmarking QR54bn ($15bn) for these. In the second quarter of 2021, spending on major infrastructure projects totaled QR15bn ($4bn), or 20.8 percent of the state’s spending budget,” the report added.

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