At least 10 new malls, four-five shopping centers and three-four hyper markets are planned within Doha and the neighboring areas within the next four years, a report by Al Asmakh Real Estate Development Company (Aredc) indicates.
The highest demand for existing and new outlets has been coming from the garment segment and luxury brand stores. Restaurants and coffee shops come next, says the report.
Qatar plans to invest over $200 billion in construction projects by 2022, a recent Deloitte report has found, as the Gulf Arab country gears up to meet the demands of the 2022 World Cup and beyond.
Food sales in Saudi Arabia are expected to be worth almost $70 billion by 2016, with food consumption growing at a CAGR of 2.6 per cent from 2012 to 2017.
Saudi Arabia is the region’s biggest food consumer and, according to Alpen Capital, will account for 60 per cent of total consumption by 2017.
While Saudi Arabia is also the region’s largest food producer, representing 74.1 per cent of total production in the GCC, it imports more than $14.2 billion worth of food and beverage products each year to meet its consumption demands. According to BMI’s recent Q1 2013 report this will rise to $35.2 billion by 2020.
The Middle East's construction sector, including Qatar, has been forecast to grow by 19 percent in 2013, with the combined value of completed projects set to reach $81.6bn. And projects worth $64.5bn are set to be awarded before the end of the second half of the year, according to Aldes Middle East, a leading provider of firefighting and ventilation solutions. Given Qatar's immense growth potential of the construction and real estate sector, the company has stepped up its expansion initiative with the planned opening of a new office in Doha.
By Shane McGinley
Published: Wednesday, 28 November 2012 3:01 PM
Dubai will not have to depend on global financial markets to fund large-scale projects announced within the last few weeks as it has access to sufficient funding from within the UAE.
The head of Dubai Economic Council told reporters on Wednesday.
Qatar’s Public Works Authority (Ashghal) announced on Wednesday that it would award work contracts worth $329.5 million for seven major projects, including new health centres and additional operation theatres at the Hamad General Hospital.
The projects are part of Ashghal’s ambitious $3.90 billion plans for 2013/2014 to develop 124 building projects across Qatar, a report in Gulf Times, a local Doha based newspaper, said.