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Qatar construction sector will be major driving force for Middle East economy

Qatar will be a major driving force for the Middle East economy during the coming decade, said Frost & Sullivan, leading analyst and researcher.

There are plenty of potential opportunities in Qatar, and it is up to the companies to utilize them for success, said Vishnu Shankar or 'Construction Week Online'.

The construction sector in Qatar presents itself with enormous opportunities for growth, although the construction industry accounts to only 5percent of Qatar’s GDP at present. Qatar has highest growth percentage, particularly, with several large-scale projects due for completion for the FIFA 2022 World Cup.

This is the beginning of a significant decade for Qatar. At a time when majority of other nations in Middle East are coming to terms with post-recession impacts amidst political unrest, Qatar is following its vision path for 2030, said Shankar.

The construction sector, together with ancillary sectors, will play a major role in ensuring tremendous potential for growth in the next decade. A 46percent growth has been predicted over the next five years in the construction sector. Further, the Qatari government has a framework in place to realize the 2030 Vision.

By that time, Qatar aims to be an advanced society, capable of offering high standard of life for its population, by converting itself into a ‘knowledge economy’, by unlocking human potential.

Nearly $700bn worth of fresh investment projects have been predicted for Qatar by 2020, with $86bn allocated to be invested on infrastructure projects for the world cup, he pointed out.

Posted on 15/11/2011