Qatars ambitious economic policies have sustained double-digit growth rates while much of the world has struggled over the past few years. But the gas-rich Gulf state may now be overreaching, as a building boom threatens a glut in its property market.
State-owned property developers Barwa Real Estate and Qatari Diar are set to spend QR100bn $27.5bn over the five years to 2016 on commercial and residential projects, according to a national development strategy unveiled last March for the country of 1.7 million people.
The government is backing that with promised public investment worth $95bn during the period, over $65bn of which is expected to be on infrastructure.
Construction frenzy has led to a jump in lending to the real estate sector
But much of the property market is weak, with rents and prices falling. Lending into such a weak market could hurt banks balance sheets while worsening the real estate slump by increasing supply of new homes and offices.
Wego identifies nine 2018 travel trends in the MENA region
MENA covers the Middle East and North Africa and Wego’s trending is based on observations sourced from data in this region
Qatar Airways opens new Doha-Chiang Mai route
Qatar Airways will operate four flights per week on the Doha-Chiang Mai route with an Airbus A330-200 aircraft, which features 24 seats in Business Class and 236 seats in Economy Class
Thailand celebrated the start of Qatar Airways’ latest direct non-stop service from Doha to Chiang Mai, bringing significant new sources of traffic by allowing visitors from Europe, the Middle East and Africa to connect to the Northern Thai city via the airline’s hub in Qatar. (more…)
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