Qatar named as world’s fastest growing economy with projected 20 per cent GDP growth in 2011, says IMF

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(Free-Press-Release.com) May 3, 2011 -- May 03, 2011

Qatar is considered to be the world’s fastest growing economy according to a recent report from the International Monetary Fund (IMF) with an expected 20 per cent growth in 2011. The IMF report revealed that the announcement of Qatar hosting the 2022 FIFA World Cup has positioned the country as the largest construction site in dollars per square meter, with almost USD 100 billion in planned investments over the next 12 years. Further, the Qatari government has also announced its move to intensify investments in heavy and costly construction projects, which includes a USD 4 billion project covering the construction and renovation of 12 stadiums. Looking to position itself as a key player in the country’s construction boom, Shaikhani Contracting, a part of the Shaikhani Group, a multibillion dollar business conglomerate with interest in real estate development, trading, manufacturing and IT, has announced its plans to open its offices in Qatar. The announcement was made today (May 03, 2011) on the sidelines of Project Qatar.

At present, Shaikhani Contracting is reportedly looking into ongoing projects in Qatar such as the proposal to develop 33,000 housing units in 2011, which is expected to balance housing units demand in the second half of the year as the expatriate demand for housing finance is also likely to increase. Other large and long-term infrastructure projects being planned include the renovation of the country’s key seaports, airports, and a railway connecting Qatar to the Kingdom of Saudi Arabia. Shaikhani is expected to leverage its experience and expertise in construction and sub-contracting in order to win strategic contracts in Qatar.

“All eyes are on Qatar right now, which has ably transformed itself as a key business and investment hub for the Middle East region. Being named as host for the FIFA World Cup in 2022 has made Qatar a magnet for companies wanting to invest and put up world-class infrastructure and facilities,” said Rizwan Shaikhani, Managing Director, Shaikhani Contracting. “The country’s emergence as one of the world’s fastest developing economies has allowed us to look into reinforcing our presence in Qatar’s construction segment. Shaikhani Contracting brings its experience and technical expertise to these projects, along with our reputation of working closely with our clients.”

The announcement follows the company's plans to fast track its strategic expansion efforts across the Middle East in 2011. The move to expand highlights Shaikhani's aim to maintain its leadership and strong market presence in the Middle East region. Aside from Qatar, Shaikhani is also exploring opportunities in Africa, which is expected to enjoy annual growth over the next 20 to 25 years. The company is also preparing to expand its brand portfolio and increase its footprint into newer markets - diversifying extensively in regional and local infrastructure activities. This also signals the continuation of the company’s efforts to recruit fresh new staff and further strengthen the company’s current workforce.

“The Middle East region is vibrant with development, which is evident in the amount of projects spread out across countries such as the UAE, Qatar and even stretching out to Africa. We are looking at developing key partnerships across these areas in an attempt to become a major part of the ongoing development. We remain deeply committed in meeting the demands and requirements of the region’s developing construction industry and to continue being at the forefront of world class projects,” concluded Rizwan Shaikhani.