(MENAFN- The Peninsula) joel johnson |
The Peninsula
Doha: The construction sector in Qatar is making progress as Global Data in its report forecasts that there will be a recovery by 3.2 percent this year with the help of major firms in the energy sector, which resulted in a global economic enhancement and renewed investments comparatively.
As per data given by Planning and Statistics Authority (PSA), in 2021, the construction sector witnessed a major recovery by 0.6 percent from its previous years that carried out the country's elite projects including the expansion of Hamad Port and Hamad International Airport.
The data elucidates that an essential revamp is expected to take place under this year's budget. The report said,“Growth is also likely to be assisted by the government capital expenditure under the 2022 Budget.”
The output growth of the industry anticipates increasing significantly by 4.1 percent in the next few years with the current enhancements implemented in the region, supported by Qatar National Vision 2030's infrastructures and investments being made adding that the real estate sectors will be provided with QR60bn ($16.4bn) for infrastructures and other mandatory facilities.
Qatar also embarks on a rise in the production capacity of Liquified Natural Gas (LNG) from 77 million tonnes to 110 million tonnes annually in the next eight years to boost the oil and gas projects by supporting the investments, the report said adding that“The ratification of a new law regulating public-private partnership (PPP) will attract private sector investment in the development of infrastructure, schools, and healthcare projects, thus supporting the industry's growth”. This has enabled the State to invest more in the infrastructures and other facilities required for renewable energy projects.
The current increase in the construction sector will be aided by offering QR53.9bn for road and QR1.6bn for renovation-related projects and QR5.8bn for infrastructure maintenance partnered with Ashghal.
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