The Royal Institutite of British Architects (RIBA) has announced yesterday that the Qatar Faculty for Islamic Studies (QFIS) in Doha has been selected among 30 other buildings for the final stage of the year’s award for the most significant and inspirational project in 2016. QFIS opened in march 2015 after a super quick three years of construction process, and has been designed by the Mangera Yvars architecture firm already awarded by several international architecture associations.
It’s a good news in a very interesting context for foreign manufacturers targeting the Qatari market in the construction and design industry. Waiting for the FIFA world cup in 2022 the government is backing a huge development strategy: the Qatar National Vision 2030 with relevant investments in infrastructure projects as well as new construction projects. We could estimate that more than 25% of the GDP is boosted by this investment plan and it’s expected to increase by 15% on a year basis, opening up a good opportunity treasure for the next future. GDP in 2015 reached 173 USD billions with a 3,7% growth rate, that’s quite good for a small but performing GCC market.
We’ve already been through several strategic projects like the new Doha metro and the challenging project of Mshereib Downtown: a project that has been approved with the aim to redevelop, regenerate and preserve the historical city centre. The project will also include several hotel buildings, office spaces, retail and leisure facilities in a vaste operation that will have a long lasting international echo. The most innovative feature of the whole project is definitely the close attention to green building standards.
There are also interesting new projects. Above all the Katara Hospitality project to grow the global rooms availability at 95.000 units from the current 15.000, as recently confirmed during the international trade show Project Qatar that’s just concluded with a good success for the attending companies.
Meanwhile Lusail City is in progress: the huge project by Qatari Diar Real Estate will have a 35 square km surface in northern Doha with a whole entertainment city featuring an aqua park, an artificial lake, a residential area, shopping malls, hotels and two touristic marinas.
It’s time to bet on the Qatar development for the exporting companies targeting the GCC region, especially for the high end and high quality segment manufacturers of construction products and interior design furniture, in the upcoming projects. It’s a small market with a huge, immediate potential.