Qatar is emerging as one of the most dynamic and innovative economies in the Middle East. It has the highest per capita income in the world and enjoys one of the fastest growing GDPs, reaching 16 per cent real GDP in 2011 and expected to grow even faster in 2012 with the IMF predicting a 20 per cent surge*.
The economy is rapidly expanding in practically every sector and industry. A combination of government investment and the participation of multi-national companies are creating a culture of opportunity. Qatar's attractiveness stems from its continuous growth over recent years and the variety of progressive developmental, technological and cultural initiatives undertaken by the government along with its support for large scale infrastructure projects as well as cultural and technology initiatives.
In terms of political stability, the Qatari ICT market enjoys a similar situation to that of neighboring UAE. With the cost of business rising in UAE and the domestic market expanding in Qatar, a clear opportunity exists for Qatar to differentiate its business appeal.
Qatar's strong growth over the last decade has been driven by a steady expansion in oil and gas production. The oil and gas sector expanded at a rate of 15% in 2006-10, helping fuel a construction boom.
Qatar remains one of the world's fastest growing economies in the world regardless fears of the ongoing European sovereign debt crisis and the US budget deficit.
Growth in construction is expected to keep pace with the broader economy with large investment spending, particularly on megaprojects.
The successful bid to host the FIFA World Cup 2022 has transformed Qatar into a land of opportunities for anyone involved in the construction sector.
Official estimates put the planned spending on World Cup infrastructure, hotels and 12 eco-friendly stadiums at about $50 billion.
The government plans more than $65 billion in infrastructure spending through 2016.