(MENAFN- The Peninsula) Joel Johnson |The Peninsula
Doha, Qatar: Booming real estate projects continue to underpin the construction sector heavily across Qatar. However, industry experts at Researches and Markets note that key players constantly make a lasting impact, augmenting the GDP growth of the country.
Having a flourishing presence of local, regional, and global players, the industry is“fragmented in nature”. A few of the main companies that contribute towards the economy with booming realty projects include QD-SBG Construction, Gulf Contracting, HBK Contracting, and AlJaber Engineering.
The report mentioned that“Major and specialised companies have witnessed unprecedented stability and growth in the Qatari construction market. The country has undertaken large-scale infrastructure projects of various types and invited the participation of international companies.”
On the other hand, numerous construction service providers and facility management enterprises are competing to enter the Qatar market.
These firms are reportedly collaborating with developers to offer post-construction services. However, Qatar's facility management industry is also expected to undergo an exponential boost in the years ahead with diverse infrastructures of towers, low-rise structures, stadiums, and malls that are built being constructed.
“The construction and realty sector prospects are brighter, especially outside the capital of Qatar”, the data remarks adding that compared to an overall decline at the national level, a significant year-on-year increase in the number of building permits issued in five municipalities in October 2021, as per official statistics.
Report further indicates that the overall number of building licenses issued during the period fell by 6.3 percent compared to its previous year.
However, Umm Slal, Al Khor, Al Shahaniya, Al Wakra, and Al Shamal all had higher growth rates, with Umm Slal recording the highest growth of 42.9 percent, followed by Al Khor (25%), Al Shahaniya (20%), Al Wakra (16.7%), and Al Shamal (14.3%). In the case of Al Daayen, Doha, and Al Rayyan, there was a decrease of 28.7 percent, 22 percent, and 13.8 percent, respectively.
The Planning and Statistics Authority (PSA) in Qatar issued a total of 685 building permits during the same period, with Al Rayyan, Al Wakra, and Al Daayen municipalities together constituting as much as 65 percent of the total.
Meanwhile, on a monthly basis, there was a decrease of 7 percent in the number of building permits issued, with Al Daayen registering a 35 percent plunge, followed by Al Shamal (33%), Doha (21%), Al Shahaniya (17%), and Al Rayyan (1%). Meanwhile, there was a 31% upsurge in Al Wakra, 18 percent in Al Khor, and 11% in Umm Salal.
It further added,“The building permit data is of particular importance as it is considered an indicator of the performance of the construction sector, which, in turn, occupies a significant position in the national economy.”
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