(MENAFN- The Peninsula) The construction boom is likely to continue in coming years in Qatar despite recent plunge in crude oil prices. According to experts, around $180bn will be invested in various infrastructure projects in Qatar. These projects will create significant demand for other related material such as cement, iron steel and other related materials in coming years.
"There is a significant growth in construction sector. Qatar is investing $160-$180bn in infrastructure and oil and gas sector. There are some landmark projects that have started and needs to be finished like Lusail Project, Doha Metro Project, stadiums for 2022 FIFA World Cup, Msheireb Downtown Doha Project, new port and others. These mega projects will create demand for other related materials," said Michael Kenyon, Managing Director, Global Construction Practice, Navigant- US headquartered global consultancy firm. "The future is good for Qatar's construction sector. There is a considerable growth for Qatar's construction sector leading up to 2022," said Kenyon on the sidelines of 'Intercem' conference yesterday.
In a bid to create world class infrastructure, Qatar government has announced many mega projects rail and road transport, hotel and tourism, urban development, power and water infrastructure and social infrastructure sector.
Oil prices have already plummeted sharply from their 2014 peak due to fall in demand because of slowdown of the global economy.
"All the mega projects will require large quantities of construction materials and cement will be one of the crucial materials. The demand for cement is expected to remain firm due to infrastructure projects related to FIFA World Cup," said a senior official of Qatar based cement manufacturing company.
Qatar has come a long a way in term of consumption of cement. According to industry sources, the demand for cement a decade ago was just 2,000 tonnes per day (TPD). Now the demand is around 12,000 TPD-15,000 TPD mainly driven by ongoing infrastructure projects across the country.
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