More than $350bn worth of infrastructure development projects are planned across the GCC in 2013 – of which $45bn is set to come from Qatar, according to Doha Bank CEO Dr R Seetharaman.
Speaking at a summit organised by the bank at the Doha’s Four Seasons Hotel last week, Dr R. Seethearaman said that Qatar “is expected to grow by more than 5% in 2013”.
“According to Qatar’s national development strategy aggregate GDP growth in 2012-2016 is expected to average to 6.9% out of which hydrocarbon growth is expected to be 4.4% and non-hydrocarbon growth is expected to be 9.1%.
“Qatar’s economic diversification will result in sustainable growth in real estate and infrastructure,” he added. “The 2013-2014 Qatar budget has also increased allocation for infrastructure with maximum increase on spending on public projects.”
The summit was held to discuss opportunities in construction, infrastructure development and property. Speakers atthe event included represeentatives from Qatar’s Public Works Authority, Ashghal, KEO International Consultants, Boston Consulting Group and the Gulf Organisation for Research & Development (GORD).
Vinod Kambrath, a senior strategic specialist in the President’s Executive Office of Ashghal also gave a presentation where he said it was spending $30bn over the next few years on 700 projects. He identified 32 of these as projects which were “major undertakings” worth around $4.4bn – including several kilometres of new, five-lane highways.
He added that $2.4bn of contracts were awarded in 2012, with a further $11bn now under tender.
“Qatar’s expressway programme alone will cover thousands of kilometres, equivalent to building a straight road from Doha to Paris, France, which is over 5,000km away,” he said.
“The Inner Doha Re-Sewerage project being undertaken by Ashgal is another major example of Qatar’s commitment. The project will cover over 30km of a main sewage trunk, more than 70km of interceptor tunnels, over $2.75 bn in contractor tenders and an eight-year implementation programme.”
He added: “The opportunities that exist in this sector alone are numerous and cover professional consultancy services, contracting, technology systems and equipment, as well as the supply of goods and materials to meet these immense project requirements.”