Qatar and UAE among world top infrastructure markets - EC Harris General ME
According to a new consultancy EC Harris, Qatar and the UAE have been named in the world's top four markets for investing projects.
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.
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.
Construction of the Taj Arabia, the $1 billion replica of the Taj Mahal, is set to begin by June 2013 in Falconcity, the sprawling mega-project on the outskirts of Dubai, the developer behind the project has announced.
In a report by Gulf News, Arun Mehra, director of Link Global, said that the 400 room, five star hotel, would be managed by Leela Palaces, Hotels and Resorts, an Indian based hotel operator with 15 palace hotels.
Qatar's food production industry accounts for only about 7% of the country's domestic consumption, a new report said yesterday highlighting its dependence on food imports for local needs.
In 2010, Qatar produced 0.1mn tons of foods across categories, the GCC food industry report said yesterday.
"Qatar is an important business hub in the GCC. Qatar is more affluent compared to other member countries in GCC with the highest per capita income. With an enviable economic outlook and growing private consumption, food consumption in Qatar is forecast to grow at a compound annual growth rate (CAGR) of 5% up to 2017," the report said.