Qatar named as world’s fastest growing economy
Qatar is considered to be the world’s fastest growing economy according to a recent report from the International Monetary Fund (IMF) with an expected 20% growth in 2011.
The IMF report revealed that the announcement of Qatar hosting the 2022 FIFA World Cup has positioned the country as the largest construction site in dollars per square meter, with almost USD 100 billion in planned investments over the next 12 years.
Further, the Qatari government has also announced its move to intensify investments in heavy and costly construction projects, which includes a USD four billion project covering the construction and renovation of 12 stadiums. Looking to position itself as a key player in the country’s construction boom, Shaikhani Contracting, a part of the Shaikhani Group, has announced its plans to open its offices in Qatar. The announcement was made May 3rd on the sidelines of Project Qatar.
At present, Shaikhani Contracting is reportedly looking into ongoing projects in Qatar such as the proposal to develop 33,000 housing units in 2011, which is expected to balance housing units demand in the second half of the year as the expatriate demand for housing finance is also likely to increase.
Other large and long-term infrastructure projects being planned include the renovation of the country’s key seaports, airports, and a railway connecting Qatar to the Kingdom of Saudi Arabia.
“All eyes are on Qatar right now, which has ably transformed itself as a key business and investment hub for the Middle East region. Being named as host for the FIFA World Cup in 2022 has made Qatar a magnet for companies wanting to invest and put up world-class infrastructure and facilities,” said Rizwan Shaikhani, Managing Director, Shaikhani Contracting. “The country’s emergence as one of the world’s fastest developing economies has allowed us to look into reinforcing our presence in Qatar’s construction segment.”