Gas-rich Qatar is on the verge of embarking on 250 major projects worth more than $25 billion (Dh92 billion) which will stimulate the real estate sector and the Gulf country’s economy, a key Qatari property firm was reported on Sunday as saying.
The projects will be mostly in infrastructure in various parts of Qatar and the bulk of the investments will come from the government as it is pushing ahead with a massive construction drive ahead of the 2022 World Cup to be held in the world’s largest LNG exporter, Al Asmakh Real Estate Development company said in a report, carried by the Qatari Arabic language daily Sharq.
It said the projects would be executed in 2014 and in the following few years, adding that they would boost domestic real estate credit to one of its highest levels of about QR50 billion (Dh50.5 billion) in 2014.
“The real estate sector will remain buoyant this year mainly due to government plans to heavily invest in infrastructure and other large projects and to issue tenders for projects in roads, transport, housing and industrial cities,” the report said.
“Estimates show that the plans include nearly 250 projects mainly in infrastructure… they are estimated at more than $25 billion and will be executed in 2014 and in the next few years so they will be completed before 2020.”
The report said that “sound planning and continuous review” of such projects by the government would fuel real growth in the property sector away from speculation.
It said heavy public investments in infrastructure and other sectors would help the government attain its GDP growth target of over 5 per cent in 2014.