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Qatar .. plans major infrastructure spend.

Qatar's construction industry at ‘forefront of growth’

DOHA, April 30, 2015

Qatar’s construction industry is at the forefront of the non-hydrocarbon growth in the country and will be a catalyst for plans that will outlive the upcoming 2022 Fifa World Cup, according to a report.

The 11th ‘The Report: Qatar 2015’ recently published by global publishing, research and consultancy firm Oxford Business Group (OBG) highlighted the steps taken by Qatar to boost international trade, which will be strengthened by the setting up of special economic zones and several planned free trade agreements (FTAs).

The report provides in-depth analysis of the country’s long-term plans for diversifying its economy, including last year’s landmark development in which the non-hydrocarbon sector surpassed the oil and gas sector in terms of real GDP growth.

It contains a first-time interview with the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al Thani, in which he highlights the legislative and procedural changes introduced last year as part of the state’s ongoing drive to increase efficiency in public institutions.

“By doing this, we believe that we are building a stronger economy and, therefore, a stronger society for our citizens today and for generations to come,” he said.

The Premier reaffirmed the government’s commitment to prioritising infrastructure, which will benefit both locals and investors.

“Under the Emir’s leadership we have prioritised investment in roads, mass transit, schools and medical facilities. These investments represent opportunities for foreign partners,” he said.

The report contains a detailed, sector-by-sector guide for investors, alongside a wide range of contributions from leading representatives.

It examined the government’s shift of focus towards maintaining production levels in depleting oil fields, particularly through the use of EOR techniques, and the part this is playing in fostering growth within the R&D sector.

The country plans to spend more than $200 billion through an infrastructure investment scheme, which should provide a plethora of work until 2020 and trickle down throughout each sector of the economy.

In addition, the publication pinpoints the many other initiatives in the pipeline, ranging from tourism projects to real estate builds.

The latest developments in the country’s financial services sector, which, alongside construction, leads the way when it comes to non-oil growth. There is coverage of the key part that regulatory reforms are playing in garnering investor confidence and the impact that the MSCI upgrade to emerging market status will have on the country’s capital markets.

Andrew Jeffreys, OBG’s chief executive officer, said the group’s latest report outlined the many milestones reached by the State over the past months, as the country’s long-term development plan, Qatar National Vision 2030, gathered strength.

“Heightened infrastructure activity, which was a highlight of our research, confirms that the 2022 FIFA World Cup represents a mid-term deadline for many large-scale projects,” he said.

“We expect the non-hydrocarbons sector to continue driving economic expansion as more initiatives are rolled out, building on Qatar’s impressive track record of a decade of double-digit average GDP growth.”

Oliver Cornock, managing editor for the Middle East, added that a broader economic base, supported by strong fundamentals, was also helping the country to accommodate falling oil prices.

“While non-oil growth remains dominated by infrastructure, Qatar’s diversification efforts are also benefiting from a raft of state initiatives aimed at encouraging investment across the economic sectors,” he said.

“We believe these strategies will play a part in nurturing local talent in areas such as industry, providing a valuable, added dimension to the country’s longer-term development.” - TradeArabia News Service




Tags: Qatar | Construction | industry | growth |

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