The Qatari economy has experienced tremendous growth, buoyed by the strong oil and natural gas exports over the recent years:
- Qatar is the richest nation in the GCC and one of the richest nation in the world with a GDP of QR 111.25 billion in third quarter of 2010.
- Qatar’s GDP rose 21.1% in third quarter 2010 over corresponding period in 2009 and likely to continue its upward trend in 2011. It has one of the fastest growing economic growth rates in the world.
- Qatar has the fastest population growth rates in the world;
- Qatar is among the most globally competitive nations in the world;
- Qatar is recognized as the biggest LNG exporter in the world and holds the world’s third-largest natural gas reserves. It recently celebrated reaching an annual production capacity of 77 million tons of LNG.
Qatar has enjoyed a real estate boom fuelled by a sharp increase in government spending and a surge in private sector investment in the past. It is one of the largest construction markets in GCC region (after the UAE and Saudi Arabia and according to Qatar National Bank, it is believed to be witnessing a comparatively healthier economic growth rate amongst the other GCC countries.
About Qatar’s commercial/office market:
- Office demand expected to sustain solid growth over medium term.
- Doha’s premium office sector is likely to see:
- most of suspended or delayed projects due to the financial crisis have resumed construction and;
- many new projects are in the offing following the anticipated demand rising from development plans to cater for Qatar 2022
- ECQ is a revolutionary tenant proposition in Doha office market:
- first energy business hub in GCC, supporting Qatar’s global positioning vision and attracting leading international, regional and local oil and gas value chain players as well as other interested businesses;
- the first “Smart City” development in Qatar with unmatched features including Cisco’s connected real estate model amongst other intelligent business platforms;
- aiming to be the World’s first fully LEED Certified Development – all buildings within the city will be designed with minimum Silver LEED Certification
- first campus style office development (low rise/density, congestion free, ample parking, value-added amenities etc) and
- strategically located with easy access to all key services and destinations