Qatar Construction Industry Update—The Qatari construction sector’s expected growth for 2021 has been revised down, with the industry now expected to increase by 1% in 2021, following a decline of 4.1% in 2020. Due to the persistent difficulty in the industry in the first half of the year, which was exacerbated by a new wave of illnesses and lockout limitations, the prior prediction of 2.8 percent in 2021 has been revised downward. Preliminary data from the Planning and Statistics Authority shows that in Q1 2021, the industry’s value-added declined by 3.2% year on year (YoY), following a 4.7% drop in Q4 2020. (PSA).
From January 2021, Qatar’s economic blockade is scheduled to be lifted, and the industry is predicted to recover from its current state of decline in the second half of 2021 in recent Qatar construction industry update. A sea, land, and air blockade of Qatar was put in place in June 2017 by Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt, who said Qatar was too close to Iran and backed terrorism and cut diplomatic and trade connections with the country. However, growth is likely to be constrained by the announced reduction in capital expenditure as part of the 2021 Budget. The overall budget for 2021 has been set at a 7.5 percent drop from the previous year.
As part of Qatar’s National Vision 2030, QAR60 billion (US$16.4 billion) would be invested in infrastructure and real estate developments between 2022 and 2025, resulting in an annual average growth rate of 4.2 percent. LNG production capacity expansion is expected to encourage further oil and gas exploration and production investment in recent Qatar construction industry update. With the ratification of a new law governing public-private partnerships (PPPs), the industry will likely benefit from more private sector investment in infrastructure, schools, and healthcare facilities (2021-2025).
Booming Qatar Construction Industry
Overcoming the difficulties of the COVID-19 outbreak, Qatar’s construction industry has seen a robust comeback in 2021.
The number of building licenses issued in the last quarter of 2021 has increased dramatically, indicating a solid comeback in the construction industry. Last year, more than 9,500 permits for new construction were issued.
Compared to the third quarter, the number of permits issued in the fourth quarter rose by around 15%. According to data supplied by the Planning and Statistics Authority, 2.159 building licenses were published in the fourth quarter of last year, which encompasses October, November, and December, compared to 1.894 building permits issued in the third quarter (PSA).
Data on building permits can be used to gauge an economy’s growth.
Construction activity is closely tracked by the number of building permits issued, a leading indicator of economic health in recent Qatar construction industry update.
Industry experts closely monitor building permit issuance since a rise in the number of licenses issued indicates a rebound in the construction sector.
As well as helping to establish a robust infrastructure, Qatar’s construction sector has emerged as one of the country’s leading employers.
Qatar’s construction sector is expected to continue to thrive shortly.
According to a report by market intelligence and advisory firm Mordor Intelligence, Qatar’s construction business would be worth $76.98 billion by 2026.
Over the years 2021-2026, the construction industry is predicted to increase at a compound annual rate of 10.54 percent.
In 2017, Qatar’s building market was worth $42 billion. Oil and gas exports brought in tremendous sums of money for Qatar, which spurred fast growth across the board in recent Qatar construction industry update.
Qatar has been no exception, where the infrastructure, construction, and real estate sectors have all reaped the benefits of rising demand across the board, from residential and office space to public transportation and hydrocarbon developments.
The country’s expanding economy and the acceleration of FIFA World Cup 2022-related projects are both supporting the construction sector’s steady rise.
Qatar’s economy is forecast to rebound sharply in 2022, making this year a good time for the building industry.
Qatar’s economy will increase due to the FIFA World Cup and other upcoming mega-events, which will, in turn, assist the building industry.
Qatar’s construction sector rebounded strongly in 2021, despite the coronavirus pandemic. The number of building licenses issued in the last quarter of 2021 has increased dramatically, indicating a solid comeback in the construction industry. Last year, more than 9,500 permits for new construction were issued.
Data on building permits can be used to gauge an economy’s growth. There are many indications of economic activity, but one that stands out is the number of building licenses issued in a country. Industry experts closely monitor building permit issuance since a rise in the number of permits issued indicates a rebound in the construction sector in recent Qatar construction industry update.
Compared to the third quarter, the number of permits issued in the fourth quarter rose by around 15%.
According to the Planning and Statistics Authority’s data released on Monday (PSA), two thousand one hundred fifty-nine building licenses were issued in the fourth quarter of 2013 compared to 1,894 in the third quarter, according to the Planning and Statistics Authority’s data released on Monday (PSA).
An indication of construction industry activity is statistics on building permits and building completion certificates, which substantially impact the national economy.
Last year, the construction industry’s busiest month was January, when the most building permits were issued.
Permits for more than 1,300 new construction projects were issued alone in the first month of 2013. A total of 1,580 building permits were published in the second quarter of the year. Because of the COVID-19 epidemic, there was a decrease in the number of permits issued in recent Qatar construction industry update. Three thousand eight hundred and seventy-five building licenses were published in the year’s first three months.
The COVID-19 pandemic, which began in 2020 and lasted through the first and second quarters of the year, significantly impacted the economy in the first half of the year.
However, since the beginning of the second half of the year, infection cases have begun to exhibit a decreasing trend.
Economic activity in the country grew due to an increase in vaccination rates. Companies also increased their expansion plans due to the decreasing number of cases, which resulted in more asset purchases and sales in recent Qatar construction industry update.
Qatar’s economy is forecast to rebound sharply in 2022, making this year a favorable time for the building industry. These and other upcoming mega-events, such as the FIFA World Cup, will boost Qatar’s economy and assist the building industry.
