|01-18-2015, 01:19 PM||#1|
Most expensive construction market in the Middle East: Qatar
Qatar remains the most expensive construction market in the Middle East followed by the UAE and Saudi Arabia, the worldwide real-estate consultancy EC Harris said on Saturday.
The construction sector continues to contribute to Qatar`s GDP, which climbed to 53% in the third quarter, 11 points higher from the second quarter. The Gulf country`s national output was supported by high government spending, strong per capita income and overall improvement in the business environment, as building costs continue to increase.
Qatar is successfully expanding the real estate and tourism portfolios, depending less on oil revenues with its non-hydrocarbon sector projected to help the Gulf country report a robust 6.5% and 7.5% growth rates in 2015 and 2016 respectively. This year the expansion is predicted to hit 6.1%.
The $200 billion GCC rail network developed last year and the large number of new projects and tenders as a preparation for hosting the World Cup in 2022.
Meanwhile, the SME’s outlook remains stronger than the prospects for large local firms.
Around 49% of SMEs indicated they do not predict any significant disruptions to their operations in the fourth quarter, while 38% of large companies expected the same.
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