Qatar, whose projects market witnessed a 21% growth in 2013 and is slated to see new deals worth $140bn-150bn this year, will soon invite tenders for some 10 projects related to hosting the 2022 World Cup.
With an average yearly $16bn outlay during 2008-13, Qatar accounted for 12% ($96bn) of the total projects awarded in the Gulf Co-operation Council (GCC) region, said a Meed Insight report tabled at the Qatar Projects conference.
The three-day conference concluded yesterday on “high optimism” about the continued expansion of Qatar’s projects market.
“We are in the advanced stages of design work for six stadiums and this year we will see five stadiums begin the early works on foundations and construction,” Yasser al-Mulla, project manager at Al-Rayyan Precinct for Supreme Committee for Delivery and Legacy, told the conference.
Qatar will issue some 10 tenders this year for project managers and design consultants on the stadiums being built for the games, he said. Doha expects to spend an additional $4bn on building stadiums and related sporting infrastructure for the World Cup.
The largest new stadium planned is Lusail Iconic which will have a capacity of more than 86,000 people and is to be used for the opening match and the finals.
Meanwhile, the Public Works Authority (Ashgal) has revealed plans to launch a $27.5bn expressway and interchange projects over the next five years to supplement the $3bn-worth contracts that were awarded last year. The road projects are expected to be completed in 2020.
With these projects, Qatar hopes to reduce traffic congestion and ensure a smooth flow of people and vehicles as Doha hosts the world’s biggest sporting event.
The Meed Insight report said Qatar’s projects market grew 26% last year, the second highest growth rate in the Gulf region, where the project awards increased by only 21% between 2012 and 2013, the first growth year since 2009.
Moreover, the country maintained its momentum in 2013, awarding as much $20bn on Qatar Rail’s Doha Metro Red and Green Lines and several stations, accounting for 41% of all projects awarded in the country.
“The outlook is also positive over the long-term, as GCC economies continue to grow and as population explodes requiring further investments in infrastructure,” the report said.
Challenges will most likely come from stiffer competition as contractors from Asia move to gain a bigger share of the market; and financing will play a factor in ensuring projects are not delayed, it, however, added.
As part of the massive infrastructure roll-out, hotel rooms will be expanded to 95,000 by 2022 from the current 15,000 rooms available, the conference was told.
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