(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: As economies recover and infrastructure projects surge in Qatar, the demand drives the construction market towards an upward trajectory of growth.
Experts noted that the industry is poised to witness stabilised rates displaying resilience for the months ahead albeit facing a slowdown after the World Cup.
Speaking to The Peninsula, Abdulaziz Alsubaiey, Chairman of SkyStruct, a Qatari ConTech firm said,“We anticipate a stronger performance in the coming quarters, with digitalization being a key driver of more efficiency and cost-effectiveness in the sector.”
The first edition of Web Summit Qatar 2024, which concluded last month connected investors, and innovators to forge strategic partnerships for the construction industry.
He said:“The exposure to emerging technologies and insights showcased by innovators and experts from around the world, particularly in Artificial Intelligence, and the various networking opportunities presented have positively impacted the businesses, enriched our perspective, and opened new avenues for growth.”
The official praised some of the big players in the market including Qatar Science and Technology Park (QSTP), Ooredoo, and Dar Ventures, which collaborates with the construction startup and enables them to contribute towards the growth of the economy.
“QSTP not only supported us with incubation and office space in the heart of Education City, where we have access to talent pools but also played a vital role as a lead investor in our Pre-Seed round, Alsubaiey said.
Other partners such as Ooredoo and Dar Ventures have been essential funding contributors, providing invaluable mentorship and support. Microsoft has also offered invaluable support through in-kind resources powering up our cloud infrastructure and stress testing our solution,” he noted.
Recently, Dar Ventures, the venture arm of Dar Al Handasah, awarded SkyStruct a grant and access to a 6-month accelerator program. He further commented,“Our partnerships go beyond financial support, offering strategic guidance that drives our research and development initiatives, ultimately contributing to the growth of the startup.”
Construction companies across Qatar including SkyStruct have several major initiatives lined up this year such as expanding the platform's capabilities with AI and machine learning and introducing new modules for enhanced project analytics.
The industry leaders are also working on strategic collaborations to further bolster and refine the construction technology.
He further added“We are also looking to participate in major industry events such as Project Qatar, Conteq Expo, and The Big 5 Construct in Qatar and GITEX in Dubai after already having attended Web Summit in Qatar and LEAP in Riyadh. We also plan to complete our Seed raise during this year, so we're seeking like-minded investors who share our vision, to digitize and transform the construction industry globally.”
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