Qatar tops global built asset growth ranking
Doha, September 4, 2013
Qatar recorded a rate of growth in built asset per person at 8.4 per cent between 2011 and 2012, marking a higher growth than any other country, a report said.
It also has the fourth highest built asset wealth per person in the world, according to a report in The Peninsula, which quoted the first Global Built Asset Wealth Index published by top consultancy EC Harris.
The Global Built Asset Wealth Index demonstrates the distribution of the world’s wealth in terms of the physical assets which contribute to a nation’s productivity. The index illustrates the accumulation of buildings, infrastructure and machinery and equipment to unveil the economic divergence between 30 countries that represent 82 per cent of global GDP.
Total built asset wealth within the 30 countries is estimated at $193 trillion in 2012 - this is equivalent to almost three times the $68 trillion GDP of the same countries in 2012, the EC Harris report said.
By 2022, built asset wealth is forecast to increase by 35 per cent in real terms to reach $261 trillion.
Qatar comes fourth in the global rankings with an estimated built asset wealth of $143,000 per person, the report said.
The fastest growth over the next decade is expected in the Middle East and Africa and in Asia. The stock of built assets across the Middle East and Africa is set to rise by 63 per cent to $8.7 trillion by 2022. Similarly, Asia's built asset stock of $84 trillion is expected to increase to $137.4 trillion by 2022 -- a rise of 62.9 per cent.
Qatar's asset wealth stands at $0.3 trillion, placing it bottom in the global rankings of 30 countries, behind front runners the USA and China, and slightly below the UAE, according to the report.
"Despite having a reputation for heavy investment in construction, the relative size of the Qatari economy means that, on the global stage, the total value of Qatar's built assets is relatively low,” Terry Tommason, EC Harris head of Property and Social Infrastructure, Middle East, was quoted as saying in The Peninsula report.
“However, when it comes to asset value per capita, Qatar is well ahead of many rivals on the world stage.
"In Qatar, as in other Middle Eastern nations, we are seeing additional investment in the built environment as a social as well as an economic enabler.
“Where some countries have neglected the development of social infrastructure such as housing, education and hospitals, Qatar is committed to developing this sector to ensure its development as a nation is sustainable for the long term future benefit of its population," Tommason added.