(MENAFN - Qatar News Agency) Qatar s construction market is expected to outperform many developed economies by averaging a growth rate of 12.5% a year in this decade, a Commercialbank Capital report shows.
In comparison, the construction market growth in the European countries will average just 1.7% to 2020, it said.
The number of projects planned or underway in Qatar stood at 214 billion in October 2011, according to the report, cited by the Qatari English daily (Gulf Times) on Monday.
The value of projects has grown at a compound annual growth rate (CAGR) of 40% between 2005 and 2011, it said. And the value of projects under execution stands at 59.8 billion with the transportation sector accounting for around 30% of the projects under execution.
Within transportation, airport and roads have been the "main contributors" as they are witnessing a "substantial revamp" of new additions in facilities.
As of October 2011, the total value of projects under execution in the country s energy sector stood at 11.2 billion, accounting for 19% of all the projects under execution in the country.
This indicates the world s leading supplier in the hydrocarbon sector has been "capitalizing" on its core sector to meet the rising demand in the oil and gas sector. Furthermore, commercial and residential construction projects accounted for 21% of the total projects under execution.
The infrastructure the country will build over the next decade will result in meeting the objectives of the National Development Plan.
Preparing for the World Cup 2022 will drive spending on sports and transport infrastructure while the Qatar National Vision 2030 will focus on social infrastructure such as education, healthcare and culture.