Qatar’s construction industry is expected to grow by 4.4%, reaching $36.7 billion (QAR 133.55 billion) in 2024. A compound annual growth rate (CAGR) of 4.7% is projected between 2024 and 2028, with the sector’s output anticipated to reach $42.8 billion (QAR 155.76 billion) by 2028, showcasing substantial growth potential.
This recovery follows a 5.7% decline in 2023 and will be fueled by key investments in renewable energy, industrial expansion, and oil and gas projects. The Qatar National Renewable Energy Strategy (QNRES), recently introduced by the Qatar General Electricity and Water Corporation (Kahramaa), is central to this growth. Developed in collaboration with 22 major energy stakeholders, the strategy aligns with Qatar’s sustainable development goals outlined in the Third Qatar National Development Strategy (2024-2030) and the Qatar National Vision 2030.
By 2030, Qatar aims to increase its distributed solar generation capacity to 200MW and boost overall renewable energy capacity to 4GW. Additionally, the share of renewable energy in Qatar’s total energy mix is expected to rise to 18% by 2030, up from 5% in April 2024.
Key infrastructure developments include the completion of two solar power plants by the end of 2024—Ras Laffan Industrial City (458MW) and Mesaieed Industrial City (417MW)—at an estimated cost of $630 million (QAR 2.3 billion). Industrial growth is further supported by plans to raise petrochemical production capacity to 14 million tonnes annually by 2026.
A major contributor to this growth is the $6 billion (QAR 21.8 billion) Ras Laffan Petrochemical Complex, currently under construction 80 kilometers north of Doha. The complex, set to be operational by 2026, will feature an ethane cracker plant with a production capacity of 2.1 million tonnes per year.
