Economic indicators in Qatar are still on the rise, contrary to the expectations of the four Arab nations that imposed an economic blockade against the country in June 2017, according to the latest report of SAK Holding Group.
Issued by SAK’s Market Watch Bureau, the monthly real estate report emphasised that Qatar’s economy is expected to reach 3% in 2019. Citing HE the Minister of Finance Ali Sherif al-Emadi’s earlier pronouncement, the country’s private sector growth is expected at 4% this year.
“This optimism is reinforced by the efforts of the government, which continues to spend on preparations for hosting the 2022 FIFA World Cup, and is expected to complete 90% of infrastructure works for the major strategic projects dedicated for hosting the event by 2019,” the report said.
Market Watch Bureau said it describes the statements of al-Emadi to Reuters on the course of Qatar's economy as “very positive.”
“Such positivity enhances the liquidity of construction, which will have a good impact on the real estate sector directly and indirectly,” it said, noting that the opportunities presented by the Supreme Committee for Delivery & Legacy for local companies during ‘Moushtarayat 2018’ worth QR700mn will boost Qatar’s private sector’s contribution to providing the infrastructure to host the World Cup.
The report further said 70% of Qatar Rail contracts worth billions of riyals were assigned to local companies, emphasising the importance of initiatives that support local companies to become an active partner in important development projects.
Recently, Qatar Rail signed 1,800 contracts with local manufacturers and suppliers, including cable manufacturing contracts, aluminium, glass, and other products needed by Qatar Rail for its projects.