Qatar’s economy continues to expand, despite the pandemic, with the country recording a 4% year-on-year growth in the second quarter of 2021, according to official data. Meanwhile, Qatar’s construction sector is forecast to grow by a compound annual rate of 10.54% over the next five years, to reach $76 billion, according to market intelligence and advisory firm Mordor Intelligence.
This is welcome news for property developers operating in the country. “Our financial results show an excellent improvement. We have met the targets we set, and in terms of achievements we’re developing at a good pace,” says Ibrahim Jassim Al-Othman, President, CEO and Member of The Board of Qatar-based United Development Company (UDC), a leading Qatari public shareholding company and one of the region’s leading real estate developers.