Qatar’s Strategic Initiatives Enhance Global Investment in Construction Sector

Qatar, 28 August, 2024 : Qatar’s national strategic initiatives are successfully attracting foreign investment in the construction sector despite ongoing challenges, according to Colin McBride, Director of Cost Management at Turner & Townsend Qatar.

McBride noted that Qatar’s National Vision 2030 and recent updates to regulations and sustainability practices are encouraging foreign investment. However, he highlighted key challenges, including limited labor availability due to competition from neighboring countries and high accommodation costs. Additionally, rising material costs, partly due to European inflation, and extreme temperatures in the Middle East are increasing construction expenses.

To address these issues, McBride emphasized the role of digitalization in improving project management and efficiency, which can help mitigate cost impacts and capacity shortages. He also mentioned that clients are exploring alternative supply chains in Asia to reduce dependency on the inflated European market.

Despite these challenges, Qatar’s construction sector is on a positive growth trajectory, with the industry projected to reach QR133.5 million. McBride advised that for future success, clients should optimize procurement and contracting models and invest in modernizing processes to leverage upcoming opportunities.

Source : www.zawya.com