Qatar is set to invest up to $200bn in the run-up to the 2022 Fifa World Cup – $140bn of which will be spent on transport infrastructure over the next five years, according to a new report by Deloitte.
The company’s Insight into the Qatar Construction Market report counted the $15.5bn spend into the new Hamad International Airport due to open soon, as well as the new metro system, roads, rail, light rail and other transport infrastructure.
Some $3.3bn worth of new contracts are expected to be added at Doha’s New Port Project alone by the end of 2013, it added.
Meanwhile, it also pointed to a spend of around $20bn earmarked by Qatar Tourism Authority required for new hotels and other accommodation in the run-up to the world’s biggest football tournament, where an estimated 30,000 rooms will be needed.
Forecasts state that tourism numbers for the country are set to grow by a compound rate of 15.9% per year to hit 3.7m visitors by 2022.
The report pointed to the 20 biggest projects currently under development in the country, including the $45bn Lusail City project, the integrated rail network, Barwa City and the Barzan Gas development.
Lusai Real Estate, the company overseeing the development of Lusail City, is also expected to award $3bn worth of infrastructure contracts over the 12 months as the city gears up for completion by 2019.
Although Qatar’s construction market has been the scene of much attention over recent years, the major contract awards have only recently begun to be announced but are now being awarded at pace.
Jesdev Saggar, managing director of infrastructure & capital projects at Deloitte Corporate Finance, said: “With the world focused on Qatar’s every move, it is imperative that the local industry prepares itself for the plethora of international organizations that are ready to descend on Doha.”
“Preparing for the competition is as important to everyone on the built environment, as it will be when the games start.”
Last year, a total of $10.4bn worth of construction contracts were awarded in Qatar. In 2013, that figure was almost reached in a month with the announcement of $8.2bn of Doha Metro contracts by Qatar Railways Co on June 5 and Ashghal awarding $2bn worth of road contracts a week later.