Qatar has experienced unprecedented growth over the past decade, according to the latest research from Meed Insight.
The economy has expanded tenfold, driven by a surge in gas exports, while its population has more than doubled.
And the growth spurt shows few signs of relenting.
With the 2022 FIFA World Cup just a decade away, Doha is preparing for an unprecedented investment drive with the focus very much on non-oil infrastructure.
The coming 12 months will effectively mark the start of major awards on the world cup infrastructure programme.
With project managers and engineering consultants on board for the rail, road and stadium programmes, there is expected to be a noticeable pick-up in contract awards in the second half of 2012.
The market is likely to deliver $15-17 billion worth of contract awards in 2012 before rising to $25-30 billion in 2013.
The planned level of project spending has been noted well beyond the shores of the Gulf.
Newcomers are flooding into the Qatari market, which can only serve to intensify competition.
Worries also remain over whether Doha has the logistical capacity to manage such a large investment programme, with concerns particularly over material supply and manpower.
Finally, the return of inflation after a two-year respite remains a very real possibility.
“Transportation will dominate the projects market,” said Angus Hindley, research director of MEED Insight.
“Rail will be the largest component at $35 billion, with the first packages on the Doha metro expected to be placed by the end of 2012.
“Up to $30 billion is planned to be invested in road infrastructure, with the focus on the highway network and the Doha Bay crossing while the New Doha International Airport, scheduled to open in late 2012, is preparing for a new round of investment.
“The buildings and real estate market is also set to offer significant opportunities, as Doha prepares to build new stadiums and more than double its hotel capacity in preparation for the 2022 event,” added Hindley.
The challenges and opportunities of what is one of the world’s fastest growing economies are highlighted in the Qatar Projects Market Report 2012, the latest report to be published by MEED Insight, the research and analysis arm of MEED.