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Posted On: 17 May 2009 10:29 am
Updated On: 12 November 2020 02:09 pm

Doha emerging as an important global city: Jones Lang report

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Doha is emerging to be an increasingly important city in the long-term regional and global context, according to a report by Jones Lang LaSalle entitled “Doha: Global Ambition, Regional Influence.” The report which was released this month and forms part of “World Winning Cities” Global Foresight Series by the US-based property services firm said that Doha stands out from its neighbours because it offers a unique combination of ingredients that are likely to see its emergence as an increasingly influential city on the global stage. The Jones Lang LaSalle report explained that the ingredients revolves around an articulated long term vision of how the country’s massive gas driven wealth can be reinvested to create a unique and sustainable pattern of urban development. According to the report, Qatar’s massive gas revenues have underpinned high levels of prosperity that the country is punching well above its weight as one of the world’s richest and most dynamic economies. Launched in 2002, the Jones Lang LaSalle World Winning Cities programme is a multi-year research initiative designed to assess future city competitiveness, and to predict the rising urban stars amongst the world’s emerging market in Asia, Central and Eastern Europe, North Africa, the Middle East and Latin America. The “Doha: Global Ambition, Regional Influence” report aims to capture Doha’s future competitive position and assess how this will impact the future development of the local real estate market. The report pointed out Doha is at a less advanced stage in its real estate development cycle than neighbouring cities, the timing of the current global economic slowdown may be a positive, allowing the market to ‘pause for breath’ and adjust to new economic realities. Other highlights of the report include: Doha differentiates itself by acknowledging the contribution of the foreign workforce and seeks to create a real estate offer that will continue to attract expatriates. The city is also emerging as a significant political capital of the Arab world by way of global engagement, regional mediation and reputation in the international community, the report added. “Doha is perceived as a tolerant ‘international Arab city’ through the establishment of vibrant initiatives in international debate, media and sports,” the report noted.