(MENAFN- The Peninsula)
By Lani Rose R Dizon I The Peninsula
Doha: Qatar has been witnessing a major construction boom as the country gets on with the completion of development projects aimed at achieving the Qatar National Vision 2030, as well as implementing the program for hosting the 2022 FIFA World Cup, according to the Minister of Commerce and Industry and Acting Minister of Finance H E Ali bin Ahmed Al Kuwari, who inaugurated the second edition of the Build Your House (BYH) 2021 at the Qatar National Convention Center yesterday.
The three-day exhibition which is being held under the patronage of the Prime Minister and Minister of Interior H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, features about 150 companies specialising in the design, renovation, and construction of homes in Qatar including contracting, architecture, and interior design companies.
During the event, the Minister viewed the various pavilions, services, and products offered by the participating companies and institutions. In a statement, Minister Al Kuwari stressed the importance of the role of the Build Your House 2021 exhibition in shedding light on the construction sector. He added that Qatar has been witnessing a major construction boom, in light of the trend towards completing development projects aimed at achieving the objectives of the Qatar National Vision 2030, as well as at implementing the program for hosting the 2022 FIFA World Cup.
He also reiterated that the exhibition provided an opportunity to learn about the most prominent technological developments and the best international practices in the field of environmentally friendly engineering, construction, and interior and exterior design. The exhibition also comprises an important platform for forming successful partnerships between exhibition visitors, consultants and contracting companies, as well as architecture and interior design institutions, in a way that enhances the investment environment in Qatar, Minister Al Kuwari stated.
The Ministry of Commerce and Industry (MoCI) is participating in this year's BYH edition by organising a workshop titled“House Building Advice for Consumers”.
In a separate statement, Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani also highlighted that Qatar's construction sector is steadily growing. He said the sector's continuous growth is supported by the economic expansion in the country and the acceleration of projects related to the FIFA World Cup 2022. He added that the negative impacts of COVID-19 on the sector have entirely disappeared, and he expects that the country's construction sector will witness further growth in the coming years.
Sheikh Khalifa went on to reiterate that the Qatar Chamber's support for the exhibition as an official sponsor stemmed from its interest to support the exhibitions industry in the country and the Qatari private sector in general.
He added that BYH exhibition is one of the most important exhibitions that is not only concerned with displaying the products used in construction processes, but also reviews the construction stages, starting from issuing licenses, choosing consultant, designing, security and safety standards that must be considered when building houses, up until selecting of building materials, construction contracting companies and smart solutions for building houses.
Participating exhibitors during the event are also optimistic that business activity will further increase in the coming months. Speaking to The Peninsula, Managing Director of Al Amodi Group Khalid Rahman Al Nuaimi said he expects an increased demand for building materials and décor.“Since 1957, we have been supplying the Qatari market with high-end to mid-tier materials. We have also provided sanitary wares and fittings to World Cup stadiums as well as to various towers and hotels in Qatar,” Al Nuaimi added.
Managing Director of Albayt Consulting Eng. Mohamed Fatah said he started his business in the middle of the pandemic last year, after seeing continued demand for architectural and engineering designs, technical advisory, and construction administration in the Qatari market.
“We have been seeing an increased activity in the construction of private villas during the last several years. Hopefully there will be more projects this year. The government continues to provide more land plots to the Qatari citizens, and there's also the Foreign Real Estate Ownership Law,” added Fatah.
According to the“Construction Projects in Qatar” report by intelligence portal Ventures Onsite Projects, Qatar is the only GCC country which did not see much slowdown in construction contractor awards in 2020 compared to what was originally projected even though the country as a whole was also impacted due to the pandemic.
Market intelligence and advisory firm Mordor Intelligence estimated that the Qatari construction market was valued at $42.19bn in 2020, and is expected to reach a value of $76.98bn by 2026, registering a CAGR of 10.54 percent over the period of 2021-2026. The report added that construction activity in the country remains resilient, despite the COVID-19 pandemic, as government spending has continued on projects. The report added that the country's construction industry is expected to benefit from investments made in preparation for the 2022 FIFA World Cup and Qatar National Vision 2030.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.