Qatar’s economy shows robust growth despite low oil prices

Qatar’s economy shows robust growth despite low oil prices

Despite the halving of oil prices from their 2014 highs, Qatar’s economy continued to grow robustly in 2016, particularly in the non-hydrocarbon sector where key infrastructure projects maintained progress, QNB Group said. In its weekly economic analysis, QNB Group expected higher oil prices over 2017-2019 to have two key effects. First, they will help to boost government income and ease fiscal constraints. Second, higher oil prices will help support the government’s continued investment spending program which will be one of the key drivers to underpin growth in the non-hydrocarbon sector. In terms of the hydrocarbon sector, we expect this to gradually recover as production picks up over the medium term. The analysis expects real GDP growth to accelerate to 2.6% in 2017 and 3.6% in 2018 before slowing to 2.7% in 2019. The analysis expects the outlook on oil to improve over 2017-2019 as excess supply in markets clears. QNB said: “We forecast Brent crude oil to average $55 a barrel in 2017 from $45 a barrel in 2016 and rise to $60 a barrel by 2019. Higher oil prices should boost government revenues and thereby help to ease fiscal constraints. Revenues will also be helped in 2018 by the expected implementation of VAT.” Read the full article at BQ...
Qatar launches first 2022 FIFA World Cup stadium

Qatar launches first 2022 FIFA World Cup stadium

H.H. the Emir Sheikh Tamim bin Hamad Al Thani of Qatar officially launched the first proposed host venue of the 2022 FIFA World this weekend in front of 40,000 football fans. The inauguration ceremony included a light show from newly installed LED lights, a performance from the Emiri Guard and a firework display that saw pyrotechnic experts display 2022 in the sky above the stadium in fireworks to mark the opening of the World Cup venue. The final of Qatar’s biggest domestic trophy, the Emir Cup, kicked off shortly afterwards as the stadium’s first sporting event since being renovated ahead of the 2022 FIFA World Cup. A joint venture of Midmac Contracting and Six Construct carried out an extensive renovation of the venue which will host matches until the quarter-finals of the 2022 World Cup. Read the full article on Construction Business...
UAE construction market warming up ahead of Expo 2020

UAE construction market warming up ahead of Expo 2020

The fall in the price of oil has pushed construction margins down in the Middle East and forced companies to reduce prices in order to win work, according to new research by professional services company, Turner & Townsend. The International Construction Market Survey 2017 (ICMS) calls for increased investment in innovative technologies, new construction methods and better use of data to boost productivity in the sector. The report analyses input costs – such as labour and materials – and charts the average construction cost per m2 for commercial and residential projects in 43 markets around the world. The cost of building in the Middle East is considerably lower than in other global capitals, with Doha ranking the 15th most expensive place to build at an average cost of $2,367 per m2, while the UAE and Muscat are placed 26th  ($1,726 per m2) and 30th (US$1,397 per m2) respectively. Read the full article on Construction Business...
India approves plans to build 10 nuclear plants

India approves plans to build 10 nuclear plants

The Union Cabinet of India, led by Prime Minister Narendra Modi, has approved the construction of 10 additional pressurised heavy water reactors (PHWR) in the country. The total installed capacity of the plants will be 7,000MW. The project is expected to boost to the economy, with the orders worth INR INR700bn ($10.8bn) likely to be placed with the domestic industry. At present, India has installed nuclear power capacity of 6780MW from 22 operational plants. Additional 6,700MW of nuclear power is expected to be operational by 2021-22 through projects that are under construction. Read the full article on World Construction...
Qatar: Third fastest growing construction market in the world

Qatar: Third fastest growing construction market in the world

Qatar will be among the top five fastest-growing construction markets globally over the next five years, according to BMI Research. The Gulf country ranks third in the list which is topped by Myanmar with Ethiopia second and Pakistan and the Philippines in fourth and fifth respectively. All five will record double-digit growth as their respective governments work to tackle significant infrastructure needs, BMI Research said in its outlook for the global construction industry. The rapid expansion these markets will enjoy will be attractive to firms looking for new avenues of growth, offsetting the generally higher-than-average operational risk, the report says. Read the full article on Construction Business...
Saudi Arabia awards $506.6mln transport project to Turkey’s Yuksel

Saudi Arabia awards $506.6mln transport project to Turkey’s Yuksel

Saudi Arabia has awarded Turkish construction giant Yuksel the SR1.9 billion ($506.6 million) Bus Rapid Transit (BRT) project, which includes construction of 34 stations, 1,353 community bus stops and six pedestrian bridges in Riyadh. The project will also serve as feeder lines for the metro stations being built in the capital and its suburbs to ease traffic congestion. This was disclosed by Yuksel Chairman and CEO Emin Sazak, who gave Arab News an overview of the BRT project with a special reference to the company’s presence in the Gulf, its ongoing projects in the Middle East and Turkey, and its innovative technology and engineering know-how. He said the BRT project, promoted and financed by Ar-Riyadh Development Authority (ADA), will mark the completion of the city’s transport infrastructure plan. The new lines, along with the new transport information management system included in the overall project, will improve accessibility to public transport. “Every element of the BRT project is contributing to a more efficient, more sustainable and greener transport future for Riyadh,” he said. Read the full article on...