'Real Estate Second Fastest Growing Sector In Qatar'

(MENAFN- The Peninsula) sanaullah ataullah | The Peninsula

Doha, Qatar: Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani inaugurated the first Qatar Real Estate Forum 2023 yesterday.

The two-day event is being organised by the Ministry of Municipality under the theme 'Regulations and Legislations for an Optimal Quality of Life and a Sustainable Real Estate Industry'.

The slogan of 'Real Estate Regulatory Authority' was launched at the opening ceremony, marking a new phase of the institutional work for the real estate sector in Qatar, after the issuance of Amiri Decision No. 28 of 2023, under which the authority was established.

The Prime Minister also toured an associated exhibition showcasing the latest technologies in the field of engineering, technology and the sustainable real estate industry by exhibitors from prominent private companies working in the real estate sector in Qatar.

The opening ceremony was attended by a number of ministers, ambassadors, and senior officials from Qatar and abroad, as well as representatives of local and regional companies.

Addressing the event, Minister of Municipality H E Dr. Abdullah bin Abdulaziz bin Turki Al Subaie said the forum aims at highlighting the tireless efforts made by Qatar to support the real estate sector and its sustainability to make it an exceptional investment destination.

“The real estate sector today is one of the fastest growing sectors in Qatar, as it ranks second after the energy sector, by attracting investments exceeding QR82bn - equivalent to over $23bn - during 2022 when 135 real estate projects were launched,” he said.

He said the forum comes in light of the unprecedented success achieved by Qatar by hosting FIFA World Cup Qatar 2022, which had a positive impact in attracting a large number of foreign investors, thus enhancing the distinguished position that Doha occupies today as a thriving financial, commercial and economic centre. “The forum holds dialogues for exchanging views, in order to enhance synergies between the main parties in the economic arena at the local, regional and international levels,” said Al Subaie.

The Minister also touched on the remarkable rise and annual growth achieved by Qatar in foreign direct investment projects, which amounted to 70 percent between 2019 and 2022, with an expected growth of 2.4 percent by the end of 2023.

“This made Qatar ranked first among the best countries attracting foreign direct investment in the world for the year 2023.”

He stressed the great interest that Qatar attaches to the development of the real estate sector, under the wise leadership of Amir H H Sheikh Tamim bin Hamad Al Thani.

The Minister said that the forum comes in the wake of the issuance of Amiri Decision No. 28 of 2023, establishing the Real Estate Regulatory Authority, which is a pioneering and important step to strengthen this vital sector and continue its development, by organising, motivating and contributing to its advancement.

This is, he said, in implementation of the state's policies and ambitious directions within the Qatar National Vision 2030, taking into account economic and social development plans, and achieving urban development in a balanced and integrated manner that preserves the quality of life and sustainability.

The Minister said Qatar has one of the best infrastructures of the world, and also ranked first among the safest countries for the fifth year in a row.

“The country has a highly advanced health sector and an education sector that competes with major educational systems around the world, with one of the most flexible and adaptive sovereign funds, as well as strong financial institutions and foundations for a work environment that encourages business growth, and a steady rise in the volume of local and foreign investment,” the Minister said. He said Qatar is the first in the Eastern Mediterranean Region to have all its municipalities obtain the title of Healthy City from the World Health Organization.

“These multiple successes embody the great efforts of all sectors of the country in providing sustainable options to ensure the health and well-being of people in Qatar, in addition to the relentless pursuit to implement the comprehensive urban plan Qatar, and the effective and targeted investment in infrastructure projects,” said the Minister.

He said that this is according to the national development strategy and the sustainable strategy of the Ministry of Municipality, which requires everyone to think carefully about how to benefit from these achievements following Qatar National Vision 2030, which constitutes a beacon for the comprehensive development of the country, economically, socially and environmentally in coming decades.

Al Subaie stressed that Qatar will spare no effort to carry out its responsibilities as an active partner in the international community to support the economy, investment and innovation, in parallel with the promotion of common human values, and the pursuit of sustainability in various sectors, in order to build the necessary capabilities to overcome challenges facing humanity as a whole.

He hoped the forum would contribute to creating new paths to support a sustainable real estate industry, capable of keeping pace with the comprehensive renaissance, supporting the real estate sector development strategy and its outputs, and encouraging young national cadres to engage in this sector.


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