Qatar Real Estate News
Qatar construction sector least affected by global credit crunch
All major construction projects in Qatar are continuing, despite the global credit crunch. Although the projects have met with delays, they have not affected the budgetary spending, a regional study released yesterday revealed.
The study, Insight Qatar, focuses on the construction sector in the country, and has been conducted by Proleads Global, the leading UAE-based market research company.
The construction sector in Qatar comprises 191 major projects, worth a total of $82.5bn. Most sectors in Qatar experienced growth in cash flow over the greater part of 2008, but the leisure and entertainment sector witnessed a decline during the last quarter of 2008 and first quarter of 2009, reveals the study by Proleads.
As per the data, only one major project has been cancelled in Qatar property sector.
The Director of Proleads Global, the Author of Insight Qatar, said that although the Qatar economy is not immune to global economic recession, it is likely to continue a reasonable rate of growth this year, given the benefits from long-term strategy to export liquefied natural gas from its vast gas field.
A previous investigation published in February 2009 found that more than half of all the civil construction projects across the same sectors in the UAE have been placed on hold.
Even expenditure on the Qatar construction sector, grew steadily in 2008 and during the first quarter of 2009. However, during the wake of the current global credit crunch, it should be watched whether things would get worse or change quickly.
The Insight Qatar report addresses these questions by presenting in detail, the current industry size and exploring the changes in the industry, based on quantitative and qualitative data collected and processed by Proleads.
On future projections, Rademever said that the investigation shows that the industry in Qatar is showing good growth as a whole, with only the leisure and entertainment sector witnessing a slight decline until December 2009.
So far, no country in the world has proved itself immune to the credit crunch. However, at present, as far as the construction sector is concerned, it looks like Qatar is the one least affected.
The top five development companies in Qatar have been listed as the Qatari Diar Real Estate Investment Company, Barwa Real Estate Company, Energy City, Public Works Authority and New Doha International Airport Steering Committee.
Posted on 14/4/2009
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