Qatar’s construction industry will have to deal with soaring construction costs as the country gears up for the staging of its biggest event yet, the 2022 FIFA World Cup, said a report.
According to the Tender Price Index for Qatar, prepared by Meed Cost Indices, the construction costs in 2017 will be 18 per cent higher than current price levels.
The rise in costs will put a strain on Qatar’s supply chain and will ultimately have an impact on the value of contract awards from 2013 onwards, reaching a peak of $40 billion in 2017, said the report released ahead of a key industry event.
Qatar Projects 2013 is being organised by Meed Events under the patronage of Dr Mohammed bin Saleh Al-sada, Minister of Energy and Industry, Qatar; and the chairman & managing director of Qatar Petroleum at the Grand Hyatt Hotel in Doha from February 17 to 20.
Al-Sada will be delivering a keynote speech at the opening ceremony on February 18. The event is being supported by Qatar Petroleum, Qatar Chamber and the Public Works Authority (Ashghal).
“Qatar Projects presents an unrivalled opportunity to understand the full spectrum of Qatar’s projects market and to leverage the insights gained to not only take full advantage of opportunities but also to effectively mitigate risks, such as a projected increase in construction costs and ultimately higher project values,” remarked Edmund O’ Sullivan, the chairman of Meed Events.
Qatar Projects 2013 will provide not just insights and information about the projects industry in Qatar, but important networking opportunities for all participants.
Projects industry stakeholders not just in Qatar but across the region and beyond will be given a comprehensive overview of the country’s infrastructure developments at the forthcoming Qatar Projects 2013, he added.
Now celebrating its 10th year, Qatar Projects is the premiere projects industry event in the country gathering key stakeholders to discuss opportunities and challenges as well as provide an excellent platform for networking, establishing new contacts and enhancing existing relationships.