Prime Minister Briefed On Key Real Estate Projects

(MENAFN- The Peninsula) Joel Johnson | The Peninsula

Doha, Qatar: The Prime Minister and Minister of Foreign Affairs H E sheikh Mohammed bin Abdulrahman bin Jassim Al Thani visited the 2nd edition of the Qatar Real estate Forum and was briefed on the key real estate development projects displayed by public agencies and other developers from Qatar and the region.

H E Sheikh Mohammed was also accompanied by Minister of Municipality H E Abdullah bin Hamad bin Abdullah Al Attiyah and the President of the Real Estate Regulatory Authority (Aqarat) Eng. Khalid bin Ahmad Al Obaidli along with other delegates.

The delegates also toured Big 5 Construct Qatar and INDEX Design Qatar, which continue to highlight innovation in Qatar's construction and design sectors.

The dignitaries also attended a session entitled 'Real Estate Investment Opportunities', where panellists lauded the government incentives that play as a key enabler for increasing projects in Qatar.

The speakers for the panel included the CEO and Member of The Board of United Development Company (UDC) Ibrahim Jassim Al Othman; CEO of Qatari Diar Real Estate Company Eng. Ali Mohamed Al Ali; Chairman and Managing Director of Qateifan Projects Sheikh Nasser bin Abdul Rahman Al Thani; Group CEO of Barwa Real Estate Company Eng. Ahmad Mohamed Al Tayeb; CEO of Al Waab Dr. Abdulla Al Mehshadi.

The real estate industry is a key pillar that drives the Qatari economy, stressed officials adding that the demand has surged post-FIFA 2022 attracting both local and global investors.

Ibrahim Jassim Al Othman highlighted that the market plays a pivotal role in contributing to the GDP growth of the country, indicating a good revenue of 5 to 10 percent for non-oil and non-gas sectors.

He said that Qatar witnessed a slowdown in the construction realm, however, the demand for the first quarter of 2023 rose due to the investments by the citizens albeit the rent prices fluctuated.

Meanwhile, a drop in interest rates is expected to draw numerous investors to Qatar, making it easily accessible to explore tremendous opportunities, Al Othman said.

Eng. Ali Mohamed Al Ali highlighted that infrastructures and developers such as UDC are vital components in bringing diverse investors across the world to Qatar.

He also noted that government incentives are carried out to enable investments and reiterated that Qatar is one of the fastest growing economies with a growth rate of 6.2 percent, offering real opportunities.

On the other hand, Sheikh Nasser remarked that tourism is booming with investments. He mentioned that although the realty sector encountered numerous challenges after the mega sporting tournament in 2022, several industry projects paved the way for entrepreneurs to explore opportunities.

Sheikh Nasser also outlined that the market is impacted by the dimension of projects adding that Qatar has good transparency in the field, while constantly reinforcing the market for future goals.

Eng. Ahmad Mohamed Al Tayeb reflected that the government is a key player in settling any unbalances within the market. He emphasised that Barwa was established to enable residents to invest at affordable rates in terms of rent.

He said that despite the smaller population, the Qatari market stands firm due to government contributions in the sector as investments continue to flow in.

Meanwhile, Dr. Abdulla Al Mehshadi accentuated that Qatar offers a promising market due to its diversified opportunities. However, he said that there must be a keen interest in revenues to provide opportunities for new projects.

He also stated that new solutions must be derived by developers and consumers adding that the lower interest rates are a good indicator for the market.

Al Mehshadi concluded by saying that fixed interest rates by the next year will witness demand-spike.

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