Qatar construction market to more than double to $123.1bln by 2030

Qatar construction market to more than double to $123.1bln by 2030

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 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 is also spending extensively on infrastructure and building projects, with $220 billion planned for the road network, stadiums and facilities, as well as several big projects in the planning or construction stages, including hotels, leisure and recreation,” the report said.

“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.”

Government spending

In its 2021 budget, the Qatari government identified new projects valued at QAR 53.9 billion ($14.8 billion). The projects were to be awarded between 2021