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Posted On: 21 May 2009 08:50 am
Updated On: 12 November 2020 02:09 pm

Qatar construction forecast to grow 17% in 2009

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Qatar’s construction sector will experience a 17.6 percent year-on-year growth this year, as funds from gas revenue are reinvested in infrastructure, according to the organisers of a real estate conference. The figure was presented by the organisers of at the 'Qatar International Real Estate & Investment Exhibition (Q-REX) 2009', which kicks-off next week in Doha. "As the Qatari government continues to undertake massive initiatives to position the country as an economic leader in the region, we can expect significant investments to spill over to its real estate market," said Muteab Al Sa'aq, chairman, Trance Continent. UAE-based companies are also tipped to feature highly at the event making up 15 per cent of the total exhibitors, he added. Qatar's GDP, which is expected to reach 9.7 percent this year, should sustain the steep growth in construction despite the global economic crisis. The growth is expected to attract more expatriate workers and tourists. Figures from Trance Continent show that there will be 9,000 new apartments in residential towers in Doha by 2010. Meanwhile, the Qatar Tourism and Exhibitions Authority estimates there will be a total investment of $17bn into tourism infrastructure to support the anticipated 400 percent rise in hotel capacity by 2012. Several new large-scale projects, as well as signing of multibillion dollar contracts between investors and developers, are expected to take place at the exhibition which is in its fourth year. “Development at this astounding pace is precedent to the potential of Qatar's property market despite the challenge of the present economic slowdown,” Al Saaq said. “As correction envelopes the region's real estate sector, we are expecting Qatar to lead the way as the centre of development for major industries in the Middle East," he added.