Qatar construction enters world big league as Gulf Times of Doha, informs on the basis of a new report, Qatar has become the “second most attractive market” in the world and the country’s construction projects are currently estimated in excess of $280bn.
Projects Qatar 2015
Quoting MENA construction projects tracker, Ventures onsite, Projects Qatar 2015 said infrastructure-related construction projects are worth $103.4bn and energy-related $40.3bn.
“The large allocations for development projects will open the door to investors,” Project Qatar 2015 said and noted that the adoption of a budget of this magnitude would help Qatar in its ambitious economic diversification initiative.
Preparations are ongoing for the 12th International Construction Technology & Building Materials Exhibition to be held at the Qatar National Convention Centre from May 4 to 7, project director Rawad Sleem said.
“Amid a dynamic economy and expanding market, Project Qatar 2015 will nurture the rapid development of Qatar’s booming construction sector, being among the best attended exhibitions in the GCC for more than a decade,” he said.
Sleem said investments in Qatar have soared as interest in the construction market rose due to the preparations for the 2022 FIFA World Cup and the Qatar National Vision 2030.
He said the impact of Qatar’s construction projects was reflected at Project Qatar’s exhibition space, which was now booked at 80%, nearly four months ahead of the show.
Local and international suppliers and manufacturers will be represented in the exhibition individually and through regional and international pavilions such as: Italy, France, Germany, India, Iran, China, Egypt, the UK, Turkey, Portugal, Austria, South Korea, Cyprus, Greece, Spain, Pakistan, Belgium, Taiwan, Thailand, Poland, the UAE and Saudi Arabia.
According to Sleem, Project Qatar 2015 aimed to support the country’s ongoing infrastructure development through one of its main concurrent events, Heavy Max 2015.
“The 12th International Exhibition for Heavy Machinery is the leading international exhibition that meets the needs of large construction projects in terms of heavy equipment, vehicles, machinery and cranes,” he said.
Heavy Max attracts a massive number of manufacturers and suppliers from the world’s leading brands, showcases the latest cutting edge construction machinery and equipment, and is an ideal platform to meet the demands of a billion-dollar-value construction market, he noted.
“Project Qatar’s expanding success and contribution to the construction sector will continue to enable those engaged in the industry and serve as a premier platform to boost the Qatari economy and further enhance healthy competition in the building sector,” adding :
“Qatar may have a small population but it has huge plans for its infrastructure development in the next 20 years. It is the second most attractive market in the world for investments in infrastructure,” he stressed.
Sleem also cited recent reports and said the global construction equipment market would hit $145.5bn by 2015, with a steady increase of heavy machinery sales across the GCC and the consumption value of construction vehicles reaching $37.9bn in Qatar by 2015.
“Despite falling oil prices, with around $30bn worth of projects, 2014 witnessed a 25% increase in project spending as compare to the year 2013, and there will continue to be an upward trend in project activity,” said an industry source.
As the fastest-growing economy in the GCC, leading up to 2020, the country forges ahead with one of the world’s most comprehensive and ambitious economic development and infrastructure programmes, the World Cup 2022 and associated infrastructure.
According to the Qatar’s Ministry of Development Planning and Statistics, Qatar’s economy will expand by 7.7% in 2015, fuelled by solid expansion in non-hydrocarbon activities, providing evidence that the world’s leading LNG exporter expects lower oil prices will have minimal impact on growth.
The economy will continue to be propelled by investment spending, an expansionary fiscal stance and population growth, the ministry said. “In calendar years 2014-2016, the overall fiscal balance is expected to stay in surplus,” it stated.
The IMF’s annual Article IV report on the Qatar economy published earlier this year showed Qatar’s budget and balance of payments’ surpluses were by far the highest in the region and were among the largest in the world.
“Qatar has ample policy space to deal with unexpected circumstances in the short term,” the IMF said. “Fiscal buffers and remaining natural resources are sizeable and spending is unlikely to be affected by a drop in hydrocarbon prices or market volatility in the near term.”
Qatar’s oil and gas wealth per capita is the highest in the world. “Qatar has enormous oil and gas wealth, especially in relation to the size of its national population,” Qatar National Bank said in a report in September. “At current extraction rates Qatar’s proven gas reserves would last at least another 156 years.” Combined oil and gas production in 2014 is equivalent to more than 2 million barrels a day.