TLDR:
• Qatar’s contracts surge in Q3
• Gas sector leads contract awards
• GCC pipeline projects hit $2.7 trillion
DOHA (The Thursday Times) — Qatar’s project awards surged to new highs in Q3 2024, driven primarily by a booming gas sector that accounted for nearly the entire volume of contracts awarded. Qatar secured $4.2 billion in contract awards during the quarter, a 58% year-on-year increase, marking a sharp recovery from the previous quarter’s low. With a substantial focus on gas, alongside contributions from transport, oil, and construction sectors, the Q3 numbers indicate a resurgent market as Qatar reclaims its momentum in large-scale project investments.
Gas sector dominates Qatar’s contract awards
Qatar’s gas sector played a pivotal role in the contract awards for Q3 2024, contributing a staggering 94.6% of the total value. This dominance reflects Qatar’s ongoing investment in its vast gas resources, a cornerstone of its economy and a key part of its long-term energy strategy. The country’s gas sector recorded a 135% increase compared to the previous year, underscoring Qatar’s commitment to expanding its energy infrastructure. This spike is emblematic of a broader strategy to capitalise on global demand and ensure a leading position in the gas market.
Transport and oil sectors make notable contributions
While the gas sector led the way, Qatar’s transport and oil sectors also contributed significantly. The transport sector secured new project awards, reflecting efforts to enhance infrastructure and connectivity in line with Qatar’s strategic goals. The oil sector, too, saw growth as Qatar tapped into its energy resources, indicating a balanced focus across multiple industries. Together, these sectors form a diversified investment approach, ensuring the country is not solely dependent on one resource while continuing to develop critical infrastructure.
GCC projects pipeline indicates future growth
Across the Gulf, Qatar is not alone in its ambitious project pipeline. The GCC as a whole currently has $2.7 trillion in planned or ongoing projects, with Saudi Arabia leading the charge. Qatar’s performance aligns with the wider trend in the GCC, where upcoming projects focus heavily on construction, transport, and energy. These investments indicate a strong regional commitment to diversifying economies and enhancing infrastructure, creating a robust foundation for sustainable development.
Power sector sees impressive gains across GCC
The power sector witnessed substantial growth in contract awards across the GCC, rising dramatically in value. In addition, the oil sector showed notable gains, reaching $5.2 billion in new awards. Qatar’s continued focus on energy—specifically gas—demonstrates how the country, alongside its GCC neighbours, remains dedicated to bolstering its energy production capabilities and meeting the growing demand for sustainable power solutions.
