Qatar to spend QR29bn on new projects in 2018
April 25 2018 09:18 PM
Businesses are aiming on winning new contracts amid the increase in spending for projects in Qatar t
Businesses are aiming on winning new contracts amid the increase in spending for projects in Qatar this year valued at QR29bn.

Doha

Qatar’s relentless efforts to fast-track economic growth are sending the country’s budget spending in infrastructure soaring up to 45.8% of the total planned budget in 2018.

Among the major projects nearing completion are facilities aimed at supporting the activities for the FIFA World Cup 2022.

Project Qatar, the country’s only trade exhibition specialised in construction and all related industries, is primed to receive the arrival of the world’s leading companies for the 15th edition, as businesses take aim on winning new contracts amid the increase in spending for projects this year valued at QR29bn.

Under the patronage of HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, Project Qatar will be held from May 7 to 10 at the Doha Exhibition and Convention Centre to provide the global construction sector an ideal platform to explore the massive opportunities in the country, where growth prospects are seen to increase by 12.1% between 2017 and 2021.

The country has been receiving sustained interest from the global construction market.

IFP Qatar, the organisers of the event, reported that in 2017 alone, it successfully hosted a total of 1,017 companies from 33 countries and 14,208 visitors, which took advantage of the growing prominence of Qatar as a key player in global economic development.

Besides Qatar, some of the leading countries that participated in the event include Belgium, France, Pakistan, Italy, China, Korea, the UK, Germany, Kuwait, Turkey, Spain, Bulgaria, India, and the US.

IFP Qatar projects director Haidar Mshaimesh said: “The government has previously announced its total spending for 2018 could reach up to QR203bn, including investments in new public facilities and other infrastructure focused on the global sporting event FIFA World Cup. The country has one of the highest construction spending worldwide, which keeps the industry in steady growth year-after-year.

“The quality of deals and networking opportunities and their successful outcomes are testament to the effectiveness of bringing together global industry leaders under one roof. We have witnessed landmark projects and high-profile deals secured this year.”

Manateq CEO Fahad Rashid al-Kaabi said the economic zones company has been supporting major events in Qatar and abroad.

“We are glad to take part in Project Qatar this year as the Economic Partner. The robust growth in the construction industry indicates the continued development in Qatar and we are positive that our participation will bring in more success to the event and to the construction sector.

“Manateq believes in the importance of providing platforms to diversify the economy and we hope Project Qatar this year will be a good platform for SMEs also who play a major role in economic diversification.”

Project Qatar supports the Qatar Vision 2030, which outlines the country’s goals and targets to achieve sustainable economic growth and development, highlighting an inclusive model which supports a balanced economic, social, human, and environmental development aimed at enhancing the lives of citizens and residents.



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