(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha, Qatar: Qatar recently allocated a budget for several sectors to bolster economic growth and activities in 2025, highlighting that total expenditures are projected at QR210.2bn, a 4.6 percent increase from the current year.
This allocation is expected to pave the way for the construction and infrastructure sector's growth, noted analysts at Verified market Research.
Experts affirm that the boost is“Driven by government expenditure, with huge reserves and budget surpluses allowing the government to fund many projects directly rather than depending on public-private partnerships.”
Qatar is actively spending on infrastructure and building projects at present focused on high-quality road networks and state-of-the-art facilities, in addition to numerous big projects in the construction realm attracting tourists and investors.
As per the latest report by Verified Market Research, the construction market size was valued at $58.36bn in 2024 and is projected to amount to $120.63bn by 2031, growing at a compound annual growth rate (CAGR) of 9.50 percent during the forecast period.
The industry experts outline that“The prognosis for the Qatar Construction Market is likely to remain favorable throughout the projection period. The administration has also pledged to improve health and education services, as well as to grow the tourist industry, which offers a plethora of building options.” This includes the growing construction projects in a wide range of industries, including commercial, residential, industrial, infrastructure (transportation development), and energy and utility construction across Qatar
Some of the key players in the market are Bilfinger Berger Qatar WLL, QDVC Q.S.C, HBK Contracting Company WLL, Medgulf Construction Company (WLL), Ammico Contracting Co WLL, MIDMAC Contracting Co WLL, Redco International WLL, Construction &Reconstruction Engineering Co, Khayyat Contracting & Trading, Gulf Contracting Co WLL.
Qatar's construction industry remains resilient coupled with infrastructure and tourism projects adding to the growing GDP driven by population increase, and surging job opportunities.
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