Report ranks top five Qatari developers and finds 80% of projects late
Qatar is bucking the slowdown in the Gulf with only one major project cancelled in 2008, a new report has claimed. Of the country's 191 civil construction projects, valued at $82.5bn, some 82% are behind schedule, but the delays are not affecting how much clients are spending on the schemes, the report from research firm Proleads found.
A previous Proleads investigation, published in February, found that more than half of all civil construction projects across the same sectors in the United Arab Emirates were on hold.
Emil Rademeyer, director of Proleads Global, said: “Our investigation shows the Qatar construction industry is showing good growth as a whole. Only the leisure and entertainment sector may see a slight decline from December 2008 to December 2009.”
He added: "“While the Qatar economy is not immune to the global economic slowdown, it is expected to continue a reasonable rate of growth this year driven by the benefits from a long-term strategy to export liquefied natural gas from its vast gas field... No country in the world has proved itself immune to the credit crunch but it certainly does appear at this stage that, as far as civil construction is concerned, Qatar is probably one of the least affected."
Proleads has also ranked Qatar's top five developers as: Qatari Diar Real Estate Investment Company; Barwa Real Estate Company; Energy City; Public Works Authority (Ashghal); and the New Doha International Airport Steering Committee.