- Overview of Construction Market in Qatar
- Qatar’s Construction Market Segments
- Transport and Cultural Infrastructure Developments
- How to Set Up Your Construction Company in Qatar
- Start Your Business Journey in Qatar with QIncorp
Qatar is charting a new course in economic development, focusing on infrastructure growth and reducing reliance on oil and gas revenues. This shift has opened the doors to global companies by establishing economic free zones. Recent legal reforms, especially in public-private partnerships, are poised to attract more private investment. This investment will primarily be in infrastructure, education, and healthcare, bolstering the industry’s growth. With a firm commitment to transportation and social infrastructure projects, Qatar’s construction sector is set for a significant boost, backed by steady hydrocarbon revenues and aligned with the Qatar National Vision (QNV) 2030 objectives.
Overview of Construction Market in Qatar
In 2023, Qatar’s construction market is valued at USD 57.68 billion, with projections to hit USD 89.27 billion by 2028, growing at a 9.13% CAGR. The first quarter of 2023 saw the GDP from construction rise to 18819 QAR Million. The market is expected to maintain this growth momentum, with a predicted CAGR of 7.3% through 2027 and construction output reaching QAR 122,762.9 million. The construction equipment market is also on an upward trajectory, forecasted to grow at a 4.54% CAGR and reach 8,596 units by 2029. With ongoing government investments, the market could see a 9.5% CAGR from 2023 to 2030. Currently, Doha ranks as the most expensive construction location in the region, with costs averaging US$2,588 per sqm.
Qatar’s Construction Market Segments
In 2022, the energy and utilities construction sector emerged as the foremost contributor to Qatar’s construction market. The construction market is segmented into several categories:
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Transport and Cultural Infrastructure Developments
2023 marked a strategic alignment of the construction sector with the National Vision 2030, focusing on transport and cultural projects. The government’s 2050 Transport Plan outlines 286 schemes, showcasing a strong commitment to infrastructure investment. The cultural sector is diversifying, with initiatives in museum development, heritage site preservation, and creative incubators. Investments in transport infrastructure, including expanding sea and airport capacities, are crucial for bolstering Qatar’s logistics capabilities and cementing its position as a regional shipping hub.
How to Set Up Your Construction Company in Qatar
In Qatar, registering a construction company offers a significant advantage to foreign investors. The Ministry of Commerce and Industry allows for 100% foreign ownership, a policy that opens up greater opportunities for international businesses looking to enter the Qatari market. As a foreign investor, you can fully own your construction company without needing a local partner. This level of ownership is particularly beneficial in maintaining control over your business operations and decisions. The Ministry provides a streamlined registration process, ensuring foreign investors can establish their presence in the construction sector smoothly.
QIncorp takes responsibility for the entire process. The registration process involves several steps:
- Trade Name Registration: Secure a unique trade name, ensuring it’s appropriate and not already used.
- Commercial Registration: Obtain a commercial registration from the Ministry of Commerce and Industry, submitting all necessary documents.
- Office Space: Secure an approved office location for conducting business.
- Trade Licence Application: Apply for a trade licence with the Ministry of Commerce and Industry, a prerequisite for starting construction activities.
- Computer Card Request: Apply for a computer card from the Ministry of Interior, which allows the issuance of residence permits to foreign employees.
To learn about the initial setup costs for construction business setup, contact QIncorp.
Start Your Business Journey in Qatar with QIncorp
QIncorp offers comprehensive support throughout your business journey, from the initial pre-setup phase to the complete establishment of your company. This includes assistance with the bank account opening process, ensuring a smooth setup for your business in Qatar.