Qatar Real Estate News
Qatar property sector may recover faster than expected
Qatar has set aside $120bn towards new road projects in the country, for the next five years. With this, property experts believe that the real estate sector, which is lagging behind now, will recover faster than expected.
It is also hoped that the congestion in Doha roads would ease further, as the new roads being built outside the city, will encourage investors to purchase land and build houses and commercial stocks in large numbers.
According to Ahmed Al Oroqui, the General Manager of a leading real estate company, one of the major advantages of the huge funds earmarked for roads is that the residential areas will come up outside Doha, easing congestion in the city, and near the suburbs.
This is because when an extensive road network links major parts to the city to remote parts of the country, and finally to the capital city, people would feel more confident about residential projects coming up all over. This, in turn, will boost investor confidence in the sagging real estate sector, Oroqui added.
However, the Chairman of the contracting committee of the Qatar Chamber of Commerce and Industry (QCCI), Nasser Al Mir, who also represents private sector, said that the major issue about unveiling of the $20bn road project is that the local contracting companies should gain a major chunk of the contracts.
He also pointed out that in the past several international firms were awarded with huge and prestigious road projects and intersection projects, but several of these ventures were left incomplete. Therefore, this is a good opportunity for local companies with adequate experience in handling mega projects to step into the stage.
The highly technical projects such as those in the oil and gas sector can be awarded to international firms, but road and flyover projects can be entrusted only to Qatari firms, as they are quite mature to handle such projects, Al Mir said.
Posted on 8/2/2010
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