The increasing awareness among the enterprises in Qatar about the protection of the physical assets has led to a high demand for facility management services. Since physical assets require huge investments, effective asset protection minimizes the operational expenditure on them and helps companies in achieving profitability. The surging requirement for asset protection has encouraged facility management service providing companies to integrate infrastructure, sustainable environment, real estate, technology, and people to achieve optimum efficiency.
Moreover, the surging focus of the government on the diversification of its economy will drive the Qatar facility management market at a 16.4% CAGR during the forecast period (2020–2030). The market was valued at $4,613.0 million in 2019, and it is expected to reach $21,975.1 million by 2030. The government plans to boost its economic growth through the Qatar National Vision 2030, which is based on four key aspects, namely environment development, economic development, social development, and human development. Qatar essentially aims to reduce its economic dependence on the oil and gas industry through this plan.
In addition, the upcoming FIFA World Cup 2022, which will be hosted by the country, will increase the requirement for facility management services in the coming years. Qatar aims to spend around $220 billion on a wide range of infrastructure to host the upcoming sports event. On average, the country is spending over 10.0% of its annual national output on creating infrastructure for this global event. As part of the preparations, the nation is constructing a 40,000-seat stadium with concession stands, shops, media boxes, bathrooms, and other facilities.
The burgeoning service demand in the Qatar facility management market is met by companies such as Darwish Interserve Facilities Management W.L.L., Al Tamyoz Business Group, Conservo Facility Management Co. W.L.L., AKTOR Qatar W.L.L., Confident Enterprises W.L.L., Al-Asmakh Facilities Management W.L.L., CBM Qatar L.L.C., The Maintainers, COMO Facilities Management Services, and Mosanada Facilities Management Services. The market players are strongly focusing on winning contracts to gain an edge over their competitors.
Thus, the growing awareness regarding asset protection and rising focus of the government on economic diversification will fuel the demand for facility management services in Qatar in the foreseeable future.
Source: www.psmarketresearch.com
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