Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Qatar Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Qatar is expected to remain weak in the initial part of the forecast period, registering an annual fall of 5.7% in 2023 and 0.9% in 2024. This weakness is attributed to lower energy prices and an end to a construction boom related to the 2022 FIFA World Cup.
Following the completion of the 2022 FIFA World Cup, the government reduced its allocation to major projects by 13.6% in the 2023 Budget, from QAR74 billion ($20.3 billion) in 2022 to QAR63.9 billion ($17.6 billion) in 2023. High inflation and supply chain disruptions could also weigh on the industry's output this year.
The industry will regain some growth momentum from 2025, supported by investments in the transport, renewable energy, housing, and oil and gas sectors. In May 2023, Qatar's Public Works Authority (Ashghal) announced a plan to invest QAR4.1 billion ($1.1 billion) on 22 building projects. Of the total, 10 projects, with an estimated value of over QAR3 billion ($824.2 million), are under implementation.
Significant developments include construction of the Hamad General Hospital, establishment of the Madinat Khalifa Health Centre, and the rehabilitation of the veterinary laboratory building of the Ministry of Municipality. Qatar's plan to increase Liquefied Natural Gas (LNG) production capacity from 77 million tons per year in 2022 to 126 million tons per year by 2027, combined with investments as part of the North Field expansion project, will also boost the industry's growth over the forecast period.
The state-owned petroleum company of Qatar, QatarEnergy, awarded a QAR2 billion ($5660 million) contract to the Spanish engineering firm Tecnicas Reunidas, in August 2023, for implementing Engineering, Procurement and Construction (EPC) work related to the North Field South Project (NFS).
The report provides detailed market analysis, information and insights into Qatar's construction industry, including:
- Qatar's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Qatar's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Qatar, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Benefits
- Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/z7xw3o
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