The growth will be driven by increased construction activity in various sectors, including commercial, residential, industrial, infrastructure (transportation construction), as well as energy and utility.
The report also noted that the government has been able to fund many projects directly rather than rely on public-private partnerships due to its huge reserves and budget surpluses.
Qatar’s construction market is poised to grow at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030 on the back of high government spending on infrastructure and building projects. By 2030, the market is projected to reach $123.1 billion, more than double last year’s $53.3 billion, according to a new report by Verified Market Research.
The administration has also pledged to improve health and education services, as well as to grow the tourist industry, which offers up a plethora of building options. The Qatari government has implemented the 2050 Transport Plan, which includes 22 new projects worth $2.7 billion set to be awarded in 2023. Some developments, such as the metro system, modern highways, the Museum of Islamic Art, and the National Museum of Qatar, have transformed Qatar into a popular travel destination.