The outlook for Qatar’s construction sector remains strong at least for the next two to three years, according to Kuwait-based Global Investment House (GIH).
It said the sector in 2003 expanded at a rate of 3.35 per cent at current prices compared to a negative growth of 3.1 per cent in 2002.
The sector accounted for 7.5 per cent of total Gross Domestic Product, making the third largest contribution to the total GDP among non-oil and gas sector in 2003, The Peninsula newspaper quoted the report.
The number of building permits issued rose significantly by more than 19 per cent, compared to single-digit growth in earlier years. The number of building permits issued increased to 4,237 in 2002 from 3,556 in 2001.
Looking ahead, new hotels and residences will be built for the Asian Games 2006 to accommodate 10,000 athletes and officials, 10,000 non-athletes and some 150,000 spectators.
Among the other major developments in the Qatar real estate sector include a project to build a new multi-purpose complex comprising covered markets, conference halls and theatres at a total cost of more than QR 700 million. (menareport.com)
© 2004 Mena Report (www.menareport.com)
