(MENAFN- Gulf Times) Qatar's property market benefitted from the successful delivery of the FIFA World Cup 2022, but the ball is now in the court of the private sector to continue the gains of the real estate sector post-tournament, the Qatar Real Estate Forum was told Monday.
Engineer Nasser Hassan al-Ansari, chairman of Just Real Estate Company, made this observation during the first session of the day, titled 'The Post-World Cup Real Estate Sector'.
He was joined by other members of the panel, including Omar al-Jaber, director of Shared Services, Qatar Tourism; Ahmad Mohamed Tayeb, chief of investments, Qatari Diar; Jassim Mohamed, director, Personnel Housing and Government Buildings Affairs; and Mohamed al-Asmakh, director of operations, Katara Hospitality.
“We have responded to the requirements of the World Cup, and I think the real estate sector was able to respond to all the needs of the FIFA World Cup in Qatar. Today, the responsibility is on the shoulder of the private sector.
“The government has executed and implemented all the infrastructure, and it enacted laws and legislations that are necessary to revitalise the real estate sector... the private sector shall not and should not depend on the government,” al-Ansari stressed.
He underscored the need to attract foreign companies and businesses to pump investments into the country's property market, saying the World Cup has placed Qatar on the world stage, making it a tourism destination and investment haven.
“We need to exit from Qatar and promote our real estate products. We need to promote the real estate sector in order to respond to the requirements of the market. We should not rely on the domestic investor.
“There are external investors that like to come to Qatar as a destination for their real estate investments. We have the best healthcare, universities, schools, education, and everything is available; that responds to the investor's needs,” explained al-Ansari, who also called on the banking sector to provide the necessary investment funds to enhance the country's property market.
For his part, Mohamed said the Qatari government forged a partnership with the Supreme Committee for Delivery and Legacy (SC) to provide housing units for fans and other visitors during the World Cup.
“The idea was that we will provide these units for the World Cup and would later take hold of them after the tournament so that we can use and distribute them among government employees. There is a great legacy since the beginning; we can assure the investor and that he will not come for a short period, but also to enhance the real estate sector in Qatar,” Mohamed said.
According to Tayeb, Qatari Diar's Lusail Project has“played a great role in responding to the needs of the 2022 FIFA World Cup.” He said Lusail city offered investment opportunities to the private sector before and after the World Cup, citing dedicated lands for education, healthcare, and recreation areas like Al Maha Island and the Lusail Winter Wonderland.
Tayeb also stressed that Qatari Diar is maximising its global operations in more than 20 countries to market and promote Qatar as an ideal destination for international companies and investors.
He noted that despite a global economic recession, Qatar remains stable:“Our situation is very much better than other countries because the World Cup increased the number of tourists coming to the country, Qatar is focusing on several touristic projects in order to develop this sector, and the state rented more than 45,000 housing units for five years. This is a support for the real estate investor after the World Cup.”
On the other hand, al-Jaber said Qatar Tourism (QT) has announced its calendar for the first and second quarter of the year, adding that it will soon announce many activities in its calendar for the summer season.
He said there are continuous investments in Qatar's tourism sector, as well as promotions, especially in the international market through QT's global offices in 18 countries.
Similarly, al-Asmakh said Katara Hospitality is continuously working to provide“the best hotels” and to meet the needs of the local market. He also underscored its role and efforts to attract more tourists to the country.
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