Qatar is still suffering from the oil price slump that reached rock bottom in early 2016. Government authorities continued to make budget cuts throughout 2016, which has resulted in a reduced number of project awards.
Key infrastructure projects continue to progress around Doha. Lusail City, Ashghal and Qatar Rail are maintaining a reasonable level of progress around the city to ensure
that the infrastructure demands associated with the 2022 World Cup are achieved.
Most real estate sector projects are slow at present. The negativity in the market is slowing down expansion in a lot of businesses, and the number of new office blocks and fit-out projects has fallen.
A restructure of most local oil and gas companies has been undertaken during the course of the last six months, and project numbers have reduced accordingly as focus is diverted elsewhere.
While there is still a relatively large amount of construction ongoing in the region, particularly in the infrastructure sector, 2017 is expected to be another tough year in the Qatar construction market.
Moving forward into 2018, however, the construction market could be a completely different picture, when the Russian World Cup is finished and the global focus turns to Qatar with a big push to finalise plans for the 2022 World Cup.