Description
Of all the major GCC project markets Qatar proved to be the most resilient to Covid-19 and the regional economic slump. At just over $10bn, contract awards last year were only marginally below the 2019 total as the government ramped up spending in advance of the FIFA 2022 World Cup on projects that they could not afford to delay.
This resilience continued into the early months of 2021. As of early March the state had already exceeded the 2020 total thanks to more than $15bn of contracts awarded on the massive LNG programme. Although this investment had long been anticipated, it was still encouraging to see confirmation of it happening.
Another major driver for project activity this year and next is of course the World Cup. With just under two years to go, Doha has little choice but to maintain spending on various associated infrastructure projects to ensure the event will be a success. Roads, sewerage, and drainage are at the receiving end of billions of dollars of investment to ensure the state has the capacity and capability of hosting the hundreds of thousands of fans expected to come for the tournament.
Longer term, there are still question marks over what will happen to the projects market once the World Cup is over. This is an issue for which there is still no clear answer, and which the government is expected to reveal over the next two years as part of its 2030 Vision which will drive a large part of the future project programme.
However, whatever happens the massive investment in the LNG programme is certain to provide a substantial injection to the local economy. During the last large-scale LNG ramp-up in the 2000s, this injection of investment created an economic and projects boom, and it would not be a surprise if this were to happen again.
Qatar Projects H1 2021 is the update to last year’s report. Focused on data, it is aimed at helping companies create strategies for targeting and growing the market. It uses almost exclusively data from MEED Projects, the region’s leading online projects tracking service. With 15,000 active projects tracked and more than 35,000 in total in the database, MEED Projects makes it possible to quantify current, historical and future trends in the projects market in the region.
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