Qatar’s global standing in the construction trade is resilient and recouping amidst the 2-year old blockade.
Despite challenging international markets led by the 2017 tumult, a Qatari general contracting company was recently acknowledged in a highly regarded US based construction industry publication, the Engineering News-Record (ENR). UrbaCon Trading and Contracting (UCC) made it to 194th position, alongside top international construction firms such as Bouygues France, Power Construction Corp. of China and Actividades de Construcción y Servicios, Spain.
The list ranks companies based on 2018’s contracting revenue from projects outside their home countries, measuring presence in international commerce in USD millions. According to ENR, “The global construction market is sluggish and has been for several years. After the boom years from 2012 to 2014, the bubble burst, international contractors have been scrambling. This stagnation has created a severe buyer’s market that has had negative, and in some cases final, consequences for firms.”
Notwithstanding the stagnant international market, UCC has sustained the profitability of the company and is listed as the only Qatari company to appear on the ENR global ranking. Ramez Al-Khayyat, Vice Chairman and Group CEO of UCC stated “One of the most important strategy for our group this year is to grow into Oil and Gas industry. We are currently working with top international Oil and Gas companies to price big projects in Qatar.”
The Grade A company has been active on Infrastructure projects, Real Estate Development, Master Planning, Dredging, and has been recently appointed as the main contractor for Doha Marriott Gulf Hotel and island reclamation for Gewan Island, United Development Company’s (UDC) latest real estate project next to The Pearl-Qatar Island.
Commenting on the international wavering market, Moutaz Al-Khayyat, Group Chairman of UCC said, “Our group has a self-sustaining matrix of companies for construction; we have tenders across the globe, and we are expecting a growth in our turnover of 2019 to reach nearly 6 Billion QAR in projects. The past few years witnessed a dip in the international market due to the global market fluctuation, but very quickly we are recovering.”
*According to a report from Qatar’s Ministry of Finance, “In 2019, new projects with a total cost of QR48bn are expected to be awarded out of a portfolio of committed projects worth QR 421bn. These new projects will boost economic growth in the country, especially in non-oil sectors.” The Government has forecasted 43.3% of total expenditure for the 2019 budget that are going for major projects; QR22Bn are going for healthcare; QR19Bn for Education and 16Bn in Infrastructure and transportation.
**ENR’s International Region Analysis overview reports that that Middle East composes of 16.6% Revenue of $80,921.8M, the 3rd highest in the world. The market analysis tackles international contractor revenue in terms of Transportation, Buildings, Petroleum, Industrial, Manufacturing, Water, Sewer/Waste, Telecom, Hazardous Waste and other projects.
1. *Qatar’s 2019 Budget
2. **ENR The Top 250 Overview, August 19/26 2019
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