Qatar Construction Sector

The Commercial Bank of Qatar (Q.S.C.
Qatar Construction Sector

1st Edition 2012
Inspired by Qatar, we believe ever ything is possible
Foreword
Dear Investor,
Qatar continues to be a magnet for investment due to its impressive economic performance in the face of continued
global economic uncertainty.
On the back of a strong GDP growth of 19% in 2011, decelerating to a forecast 6% in 2012, Qatars GDP would reach
USD 197bn. Qatar also boasts the highest per capita income growth in the world, expected to reach USD 112k by 2016.
This has led to Qatar witnessing a construction boom since 2006 (ongoing construction related contracts have tripled in
value).
Qatars successful bid to host the 2022 FIFA World Cup led the Government to plan for high levels of investment in
infrastructure and real estate development - approximately USD 225 bn between 2011 and 2016, of which USD
125 bn has been unveiled for construction and energy projects alone. Spending directly related to preparations for the
2022 World Cup will amount to an estimated USD 80 bn, encompassing commercial and infrastructure projects and
therefore the construction boom in Qatar is expected to continue, albeit with different priorities and involving new
players.
This sector report highlights the changing pace of the Qatari economy and construction sector segments in comparison
with other GCC countries and provides detailed information on current projects and expected investments. For each
industry segment, we present a proprietary summary timeline of key projects. To take into account the challenges,
especially the tender phase and ramp up of projects, but also the opportunities for additional growth to be generated
thanks to the improved infrastructure and expertise based in Qatar, we have designed several scenarios of investment
in infrastructure and real estate; these scenarios are based on our proprietary model taking into account the expected
timeline, phasing and costs of most known major construction projects. In the final section of the report we provide
summary profiles of certain local and international companies which are actively participating in transforming Qatar.
2012 is, for most players, a year of preparation to take on new projects with new partners, new financings and new
clients. Investors in Qatar have therefore numerous opportunities to tap into the growth ahead, which creates new
employment opportunities and continues to help position Qatar as a major economic force.
Do not hesitate to call on Commercialbank for investment, strategic or financing solutions; we are inspired by Qatar, we
believe everything is possible.
We hope you will find our initial coverage of the construction sector of interest, in addition to Commercialbank
Capitals future research publications.
Alex Carre de Malberg

Global Head
Commercialbank Capital
Dr. Abdulaziz A Al-Ghorairi

Senior Vice President & Chief Economist
We are inspired by Qatar and the entrepreneurial

ambition of our founders, who believed everything
and anything is possible.
Constrained only by our imaginations, we apply our
creativity and capability to help our customers full
their goals. We aim to grasp the opportunities our
vibrant and dynamic economy offers to serve our
community better.
Everything is possible is our promise. It is what
we believe in and what drives everything the Bank
does. Where theres a way, well find it.
Table of Contents
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Executive Summary
1.1 Growth Drivers
FIFA World Cup 2022: The Game Changer
Challenges and Market size
3.1 Challenges
3.2 Construction Sector: Mapping market size under three scenarios
Construction Sector
Transportation
5.1 Roads
5.2 Railways
5.3 New Doha International Airport
5.4 New Doha Port
ICONIC PROJECTS
6.1 The Pearl-Qatar
6.2 Msheireb
6.3 Lusail City
6.4 Seef Lusail
Retail & Leisure
7.1 Doha Festival City (DFC)
7.2 Lagoona Mall
7.3 Katara
7.4 Cinemas
7.5 Hotels & Tourism
Social Infrastructure
8.1 Education
8.2 Healthcare
Energy and Utilities
9.1 Energy
9.2 Solar Energy
9.3 Utilities
Building Materials
10.1 Cement
10.2 Steel
10.3 Aluminum
Methodology and Assumptions
Company Profiles
Abbreviations
Disclaimer
The Commercial Bank of Qatar (Q.S.C.)

PO Box 3232, Doha, State of Qatar
Telephone: +974 4449 0000
Facsimile: +974 4449 0070
www.cbq.qa
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1. Executive Summary
April 2012
Economic Research
Dr. Abdulaziz A Al-Ghorairi
Senior Vice President and Chief Economist
Direct Tel: +974 4420 2663
abdulaziz.alghorairi@cbq.com.qa
Rajat Gupta, CFA

Associate, Investment Banking
Direct Tel: +974 4420 2627
rajat.gupta@cbq.com.qa
Qatars construction sector prospects seem increasingly bright following its successful bid to stage the FIFA 2022 World cup. The
country is set to spend up to USD 150 bn on infrastructure projects over the next five to six years in preparation for the World Cup.
Budget: The Qatar government has reportedly allocated a significant 40% of its budget between now and 2016
to infrastructure projects, including USD 11.1 bn for the setting up of a new international airport, USD 5.5 bn for a
deepwater seaport, and USD 1 bn for a transport corridor in the capital, Doha. The government plans to spend USD 20
bn on roads, while stadium construction for the World Cup is expected to cost just under USD 4 bn, with the first stadia
venue to be built by 2015. According to German legal and financial adviser Dr. Nicola Ritter, USD 48 bn will be spent to
build air-conditioned stadia, USD 77 bn on facilities for soccer fans and players from across the world, and USD 33 bn for
developing Lusail City. Qatar has also allocated USD 50 bn to upgrade its transport infrastructure, including new rail and
metro systems.
Qatar on fast track: Qatar has been one of the fastest growing economies in the world over the past few years (real GDP
grew at a CAGR of 23% between 2003 and 2010). The countrys economy was the most resilient in the GCC region during
the global recession, largely due to capacity expansion and government initiatives to spur the financial sector.
Visionary leadership: The Emir of the country has been instrumental in transforming Qatar into a power house within
the region. In addition, the - Emir-led government has ensured political stability within the country, despite unrest in the
other parts of the Middle East. The government has also allowed 100% foreign ownership in some sectors, and this is likely
to improve liquidity in the form of Foreign Direct Investment (FDI). Qatars political and economic developments are
both leading the country strongly along the path to achieving its Vision 2030.
Diversifying strategy: the Qatar Government has put in place a well-planned strategy for long-term growth sustainability.
The government initiated this strategy by focusing on its inherent strength, and increasing the export capacity of LNG. As
this production-led growth peaks in 2012, the government is focusing on the non-hydrocarbon sector to push for post2012 growth. The accumulation of wealth from the hydrocarbon sector has been re-invested in diversify its revenue base.
The wealth is re-invested through Qatar Petroleum in the hydrocarbon sector, and the Qatar Investment Authority (QIA)
in the non-hydrocarbon sector. In the initial years of growth, the government re-invested wealth to acquire foreign assets.
However, the government has now started focusing on investing domestically to provide a boost to the non-hydrocarbon
sector.
Dual Government funding and PPP model: Government spending has increased, as also the adoption of the PPP (Public
Private Partnership) model in Qatar, especially in the hydrocarbon sector. According to National Development Strategy
(NDS), the expected investment by the private sector is around USD 130 bn. Cheap lending as well as governments
initiatives will boost the confidence of the private sector, which will benefit the construction sector and the economy in the
long term.
4 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT
Exhibit 1: Key Projects
Madinat ash
Shamal
Doha Cultural Village

(KATARA)
Project Value: USD 82 mn
Refer: Section 7.3
New Doha Port (Phase I)

Project Value: USD 7 bn
Completion Date: Q1-16
Refer: Section 5.4
Doha Festival City

Project Value: USD 1.7 bn
Refer: Section 7.1
Qatar National Museum

Completion Date: 2014
Refer: Section 7.5
Education City
Refer: Section 8.1
Pearl GTL
Commencement in Q4-11
Refer: Section 9.1
Lusail Mixed-Use
Refer: Section 6.3
10
Pearl Qatar
Refer: Section 6.1
Msheireb
Refer: Section 6.2
11
Sidra Medical and

Research Center
Refer: Section 8.2
New Doha Intl Airport

(NDIA)
Refer: Section 5.3
Al Khuwayr
9
Ras Laffan
Industrial City
Al Khawr
4
11
10
1
Doha
Qatar
8
6
Source: Commercialbank Capital Research
CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 5
Exhibit 1.1: Key Projects in Doha
1. Qatar National Convention

Center
Refer: Section 8
2. Doha International Airport
Refer: Section 5.3
3. Museum of Islamic Art
Refer: Section 7.5
4. Lagoona Mall
Refer: Section 7.2
5. Lusail City
Refer: Section 6.3
6. Msheireb Project
Refer: Section 6.2
7. Qatar Foundation
Refer: Section 8
8. Education City
Refer: Section 8.1
9. Sidra Medical
Refer: Section 8.2
10. The Pearl Qatar
Refer: Section 6.1
Exhibit 2: Segmentation of Construction Sector

Construction
Energy & Gas

Utilities
Transportation
Buildings*
Oil & Gas
Roads
Retail
Solar Energy
Railways
Hospitality
Utilities
Airport
Social Infrastructure
Port
* Residential and commercial buildings are not covered in this report, except for iconic projects.
1.1 Growth Drivers

Robust macroeconomic environment

Qatar has witnessed robust growth in GDP over the past few years, which is driven by significant increase in LNG export
capacity. According to IMF, Qatars economy grew by 19% in 2011, higher than 17% growth in 2010. In 2012, real GDP
growth rate is projected to be 7.6%, with real hydrocarbon GDP slowing down to 3%, while non-hydrocarbon sector is
expected to grow by 9.6%.
Diversification at full stream

The government launched the National Development Strategy (NDS) to achieve the targets of Vision 2030. The strategy
is to leverage the hydrocarbon sector revenues to build the non-hydrocarbon sector and a more sustainable economic
base.
FIFA World Cup 2022 The Game Changer

The successful bid to host the FIFA World Cup 2022 has been a big achievement for Qatar. The construction sector
has since witnessed a spate of new project announcements. The government has also allocated USD 20 bn towards the
development of the tourism sector. We believe that winning the bid for World Cup 2022 will be the main driver for the
construction sector, as the government will remain committed to ensuring that projects are completed on time to host
the world biggest sporting event.
Well regulated and capitalized banking sector

Recently, the government of Qatar has completed the two year capitalization program. In August 2011, the central bank
has lowered its interest rates to kick start lending to private sector. The sector has optimum capital ratios that will enable
them to extend lending to the construction sector in general and private sector in particular.
Qatar eyes 2020 Olympics
In 2010, Qatar won the bid to host the worlds largest sporting event, the FIFA World Cup 2022. The country is now on
the path of creating history as it has been accepted as an applicant city to host the Olympics and the Paralympics in 2020.
Exhibit 3: Key projects timeline

Barzan Gas
Development
Education City
Msheireb
Sidra Medical Research

Centre
Lusail Mixed-Use
Pearl Qatar
2011
2013
Solar Power Complex

2015
2018
Urjuan Mixed-Use
Development
Qatar National Railway

System (Phase I)
Water Recycling Plant

Qatar Entertainment City

Doha Festival City

New Doha
International Airport
Pearl GTL
Commencement in Q4-11
Lagoona Mall

Doha Dukhan Road
2022
12 Stadiums

Oil & Gas
Energy
Utilities
Roads
Railways
Airport
Port
Cities
Hospitality
Education
Healthcare
Stadiums
Entertainment
Retail
2. FIFA World Cup 2022: The Game Changer

Qatars integral links with sporting activities in the recent past have resulted in the overall development of the country. The
year 2010 can be marked as a year of extraordinary achievements for Qatar. In 2010, the country reached a milestone in its
LNG production capacity, apart from winning the bid to host the largest football sporting event in the world. We believe that
both these developments transformed the countrys future growth trajectory.
Qatar has participated as well as organized several sporting events during the past few years. In January 2011, the country
hosted the Asian Football Confederations (AFC) Cup for the second time. In addition, Qatar hosted the 2006 Doha Asian
Games, which will help in the planning and implementation for the 2022 event.
Exhibit 4: List of major events organized by Qatar in the past two years
Events
Arab Boxing Championship For Men
Qatar Int. Endurance Race
Grand Prix Men and Women Fencing Tournament
AFC Cup of Nations
Commercialbank Qatar Masters
2011 Sail the Gulf-2010
Exxon Mobil Open Tennis Championship 2011
Qatar Int. Table Tennis Championship
Qatar Athletics Diamond League
Asian Clubs Basketball Championship
World (9) Balls Billiard Championship
Qatar 10th Int. Open Bowling Championship
International Grand Prix and Golden Shirt Cycling Championship
1st Int. Women Handball Championship
World Clubs Handball Championship
World Formula Sailing Championship
Qatar Classic Squash Championship 2010
GCC 4th Women Table Tennis Championship
Arab Wrestling Championship
Commercialbank Qatar Moto GP
Sport
Boxing
Endurance
Fencing
Football
Golf
Sailing
Tennis
Volleyball
Athletics
Basketball
Billiard and Snooker
Bowling
Cycling
Handball
Handball
Sailing
Squash
Table Tennis
Wrestling
Motorbike
Frequency
Yearly
Yearly
Yearly
4 years
Yearly
Yearly
Yearly
Yearly
Yearly
Yearly
Yearly
Yearly
Yearly
2 Years
2 Years
Yearly
Yearly
Yearly
Yearly
Yearly
Year
2011
2011
2011
2011
2012
2011
2011
2011
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2012
Source: Qatar Tourism Authority
Winning the bid for the World Cup 2022 has been an extraordinary achievement, as it is one of the biggest sporting events
in the world. Qatar is the first country in the Middle East to get this honor. According to officials, the FIFA World Cup is
expected to draw around half a million visitors, almost a third of Qatars current population. The impact of Qatar winning its
bid for the 2022 FIFA World Cup would be profound for the state, its people and the region.
The dynamic vision of both, HH the Emir, Sheikh Hamad bin Khalifa Al-Thani and HH Sheikha Mozah bint Nasser AlMissned has resulted in economic developments that has transformed Qatar internationally. In addition, this has resulted in
successfully winning the bid to host World Cup 2022, which is laudable from all aspects. According to reports that the FIFA
World Cup in South Africa had added between 0.5% and 2.2% to the countrys GDP (depending on which infrastructure
projects one considers); and overall had created in excess of 300,000 jobs since 2006 - a 2.7% contribution to employment
figures. We believe that the impact of the World Cup 2022 preparations will be much larger on the GDP of Qatar compared
to other countries that have hosted the event in the past.
Aspire: Venue for Asian Games in 2006
Aspire Academy for Sports Excellence was founded in 2004 by HH Sheikh Jassim Bin Hamad Al Thani, to create a worldclass institution for educational sport that would develop athletes in Qatar. Worldwide, Aspire is known for its state-ofthe-art sports science, and produce graduates who would become Qatars most admired civic leaders. It covers an area of
approximately 290,000 sqm. Aspire has an enviable list of world-class sporting facilities, including a 200m athletics track, an
Olympic-sized swimming and a diving pool, a gymnastics hall, two multi-purpose sport halls, table tennis courts, fencing
strips, squash courts, a bespoke goalkeeping training area, and fitness rooms.
Aspire has an astonishing eight full-sized football fields, including an international standard artificial grass indoor pitch. The
Academy also has 20 classrooms for subjects ranging from English language to Physics and Biology. Aspires dormitory has
128 rooms and eight suites, which can house up to 255 students.
Currently, there are approximately 200 student athletes, in grades 7 through 12, who specialize in football, athletics, squash,
table tennis, sailing, judo, gymnastics, swimming, tennis, fencing, rowing, shooting and golf. Aspire has a team of over 300,
including instructors, trainers and educators of different nationalities.
The iconic Aspire Dome has the capacity to host 10 different sporting events simultaneously in a climate-controlled arena,
making it the largest multi-purpose sports facility of its kind in the world. It has 13 sports venues and seven performance
enhancement laboratories under the same roof. It can seat a total of 15,000 spectators.
Aspetar is the first specialized Orthopedic and Sports Medicine Hospital in the Gulf region, situated within the Aspire zone.
It provides high-quality medical treatment for sports-related injuries in a state-of-the-art facility, staffed by some of the
worlds leading sports medicine practitioners and researchers. In 2009, Aspetar was officially accredited by F-MARC as a
FIFA Medical Centre of Excellence. Aspetar provides a full range of services from injury prevention to injury management
and performance improvement.
Qatars World Cup stadiums

0
km
30
1. Lusail Iconic Stadium
2. Shamal Stadium
3. Al-Khor Stadium
Location: Al-Daayen
Capacity: 86,250
Value: USD 662 mn
Matches planned: Opening
match, group matches, and
round of 16, quarter-final,
semi-final and final
Location: Al-Shamal
Capacity: 45,120
Value: USD 251 mn
Matches planned: Group
matches
Location: Al-Khor
Capacity: 45,330
Value: USD 251 mn
matches and round of 16
4. Al-Wakrah Stadium
5. Al-Rayyan Stadium
6. Doha Port Stadium
Location: Al-Wakrah
Capacity: 45,120
Value: USD 286 mn
Location: Al-Rayyan
Capacity: 44,740
Value: USD 135 mn
matches
7. Education City Stadium
8. Qatar University Stadium
Location: Doha
Capacity: 44,950
Value: USD 202 mn
matches, round of 16 and
quarter-final
9. Al-Gharafa Stadium
Location: Al-Rayyan
Capacity: 45,350
Value: USD 287 mn
Location: Doha
Capacity: 43,520
Value: USD 300 mn
Location: Al-Rayyan
Capacity: 44,740
Value: USD 135 mn
matches
10. Sports City Stadium
11. Khalifa International

Stadium
12. Umm Salal Stadium
Location: Al-Khor
Capacity: 45,330
Value: USD 251 mn
Location: Al-Rayyan
Capacity: 68,030
Value: USD 71 mn
matches, round of 16, quarterfinals and semi-finals
Location: UmmSalal
Capacity: 45,120
Value: USD 251 mn
matches, round of 16 and
quarter-finals.
Madinat al-Shamal
Al-Khuwayr
Ras Laffan
Al-Khor
3
Al-Jamaliyah
12
Umm Salal
1
QATAR
han
Lusail
Doha
Al-Rayyan
5
Umm Bab
Al-Wakrah
Mesaieed
Abu Samrah
Source: MEED
3. Challenges and Market size

3.1 Challenges
The prospects of Qatars construction sector are bright, underpinned by significant investment by the government over
the next decade. Despite the bright outlook, Qatar is likely to face certain challenges as it prepares for the FIFA World Cup
2022. The government will continue to remain under pressure to complete the projects on time to meet the deadlines and
guidelines set by the FIFA authorities.

Global slowdown
Qatar is not completely immune to the global environment; therefore, uncertainty around the global economies will
have a limited impact on Qatar in general, and the construction sector in particular. The global slowdown will impact
private sector participation, as the credit environment becomes tighter and more difficult in such scenarios. In addition,
hydrocarbon prices will decline, having a direct impact on Qatars GDP, resulting in lower growth. We believe the
government of Qatar will continue to step in with support to ensure projects are completed on time in case private sector
participation deteriorates.
Shortage of skilled/unskilled labor
The shortage of both technical staff and labor will continue to one of the biggest challenges for the sector. These projects
require people who have applied similar principles to creating efficient, cost effective, high tech systems in other
countries like Germany, Ireland and Australia. The companies operating in the construction sector have learned from
their previous experience (the Asian Games); however, the scale and magnitude of the projects for the World Cup 2022
will be a whole new experience for both the companies, as well as for Qatar. Shortage of schools for children and the lack
of a well-publicized clampdown on alcohol in Doha are some of the other problems that are currently being resolved.
Shortage of raw materials
The construction sector is likely to witness shortages in raw materials between 2013 and 2017, as the period is expected
to be the peak for the sector. The government will ensure that the shortages in raw materials do not lead to unexpected
rise in prices. Both of these factors will lead to delays in execution of the projects. Therefore, the sector will have to bridge
the gap during this period by mutual agreements with the companies in Saudi Arabia and the UAE.
3.2 Construction Sector: Mapping market size under three scenarios

The indicators for the construction sector outlook look solid, as much of the investment is backed by government or
semi-government entities. The news of Qatar hosting the FIFA World Cup 2022 has further brightened the outlook of
the sector. The rapid increase in population over the past few years has resulted in increasing demand for infrastructural
development in Qatar. All these factors will collectively lead to ample opportunities for construction activity in Qatar.
Within the construction sector, we remain buoyant on the transportation, retail and hotel and tourism sectors.
The transportation sector is the biggest beneficiary of the massive investment by the government, as it plays a vital role
in the infrastructural development of the country. The improvement in the transportation network will also be essential
as the country prepares for the FIFA World Cup 2022. The tourism authority of Qatar has done a commendable job
over the past few years by organizing and participating in conferences and exhibitions. This has resulted in the influx of
tourists, thereby boosting the hotel sector. The rapid increase in population, as well as inflow of tourists, will boost the
retail sector. As a result, the country is witnessing massive investments in shopping malls to address the shortages in the
retail space.
We have forecasted the Qatar construction sector market size until 2020, as we believe that the majority, if not all the
projects will be completed by the end of the projected period. We have assumed USD 225 bn investment as our base for
total investment, which is provided by the NDS. Based on our assumptions, we have assumed additional investments in
the construction sector as a percentage of the GDP. The additional investments have been assumed in two phases, the first
phase will be from 2013 to 2017, while the second phase is from 2018 to 2020.
The following is a brief summary of the methodology adopted to arrive at the market size:
1. Initially, the list of projects ongoing and planned was compiled from various relevant sources. However, we decided
to take data from one source due to inconsistency from various sources. This data was further classification as per
the construction sector. The value of each project was divided in quarters based on the completion date to arrive at
the actual value invested in a particular year until 2020.
2. We have assumed additional investments between 2013 and 2017 based on the announced investments of USD 225
bn by NDS.
3. Finally, we have assumed a percentage of the GDP that will be re-invested in construction to further upgrade the
infrastructure sector. The forecast for GDP is taken from IMF until 2016. This constant rate as a percentage of GDP
has been differentiated based on two phases, the first from 2013 to 2017 and second from 2018 to 2020.
In order to arrive at the total market size, we have added the contributions from three approaches as described above. This
methodology was adopted to build three scenarios in our analysis to arrive at a market size. In each scenario, contribution
from first two points remains the same while contribution from third point varies for three different scenarios:
Best Case
In this case, we have assumed a higher percentage of GDP that will be

invested over and above the planned investment by the government. Based
on this assumption, we arrive at a market size of USD 315 bn.
Base Case
In this case, we have assumed a lower percentage of GDP that will be

invested over and above the planned investment by the government. Based
Worst Case
In this case, we have made two assumptions. First, we have assumed that
there will no additional investment and secondly we have assumed that
around 15% of the planned projects will be cancelled going forward. Based
Exhibit 5: Spending patterns based on different scenarios forecast (USD bn)

350
315
284
300
250
249
188
200
191
138
100
50
185
170
150
270
NDS: USD 225 bn
34
2012
2015
Base Case
2018
Worst Case
2020
Best Case
Source: NDS and Commercialbank Capital Research
Major Projects
AIRPORT
New Doha International Airport (NDIA) will be able to handle 24 mn passengers per
year and will have 42 contact gates, six of which will be dedicated to the Airbus A380
superjumbo. When construction started in 2004, the new airport was scheduled to open
in 2008.
It is now planned for an opening in December 2012. The new terminal is being built by
the Sky Oryx consortium of Japans Taisei Corporation and Turkeys TAV. The terminal
extension is being built by a joint venture of Belgiums Six Construct and the local Midmac
Contracting.
PORT
New Doha Port is to be built at Mesaieed, south of Doha and will replace the existing
Doha Port downtown on the citys Corniche.
The new port will support industrial development to the south of Doha. Completion of
the first phase is expected in 2014.
Beijing based China Harbour won contract to execute the onshore excavation works.
Firms have been prequalified for the contract to dredge the ports approach channel.
STADIUMS
As of now, Qatar has committed to spending USD 65 bn to build infrastructure to host the
2022 World Cup. As part of the bid process, Qatar committed to providing 12 stadiums,
each with a minimum capacity of 45,000.
The direct spending on building stadiums will be 4% of the total planned investment.
It will renovate three stadiums and will construct nine new stadiums. Stadiums will be
equipped with cooling systems using clean renewable energy resources to achieve the first
completely carbon-neutral World Cup.
RAIL
Doha Metro is the first section of Qatars USD 25 bn rail plan to be developed and will be
a crucial part of Dohas infrastructure when complete.
The metro will consist of four lines running more than 300 km across the city.
The first phase involves building the Red line, which will run from Doha city to new
Doha International airport. In 2009, Germanys Deutsche Bahn was appointed to
develop Qatars national railway network. It is currently prequalifying consultants for the
preliminary metro designs.
Source: MEED
4. Construction Sector
Qatar has two main focuses in the next decade; first is staging the largest sporting event, and the second is implementing its
National Vision 2030, which aims to diversify away from a reliance on hydrocarbons.
Qatars ambitions and investment plans are different compared to other GCC countries. Qatar won the right to host the 2022
World Cup, which has imposed a time frame for completing the projects. The infrastructure that the country will build over
the next decade will also result in meeting the objectives of the national development plan.
Preparing for the World Cup 2022 will drive spending on sports and transport infrastructure, while the National Vision 2030
will focus on social infrastructure, such as education, healthcare and cultural projects.
Qatars construction sector witnessed unprecedented growth between 2005 and 2008, growing at a CAGR of 46%. Sector
productivity increased from QAR 8.7 bn in 2005 to QAR 27.5 bn in 2008. Following this, the construction market contracted
in 2009 and 2010 on the back of the global crisis. According to a study by Oxford Economics and Global Construction
Perspectives, the Qatari construction market is expected to grow by an average of 12.5% a year over the next decade, compared
with growth in European countries averaging just 1.7% to 2020.
The sector has not witnessed any major cancellations or projects on hold, unlike its regional peers, including Dubai, Bahrain
and Kuwait. The total value of projects put on hold or cancelled stood at USD 460.3 bn at the end of October 2011. In Qatar,
the projects put on hold were around 4% of the total market, compared to 59% and 24% in UAE and Kuwait, respectively.
The value of such projects in Qatar and Saudi Arabia was insignificant compared to the total size of the market.
With Qatar slated to host a zero carbon World Cup in 2022, Qatar Green Building Council (QGBC) has set up a group to
foster green infrastructure as a national resource. Qatar is utilizing Leadership in Energy and Environmental Design (LEED)
and the Qatar Sustainability Assessment System (QSAS) to this end. A number of projects are targeting LEED Gold or
Platinum status. Dr. Alex Amato, Chairman of the Research and Innovation Committee at QGBC, commented: In line
with the environment pillar in Qatars National Development Strategy 2011-2016, this interest group complements national
and regional efforts to utilize our current and future green infrastructure. This initiative demonstrates the value of green
infrastructure investment and reiterates the benefits and need for sustainable investment in this field. This group also wants
to encourage the appreciation of Qatars natural systems and their role in the landscape architecture profession.
Exhibit 6: Construction sector as a % of non-hydrocarbon GDP in Qatar
30.0
27.2
21%
25.5
25.0
19%
24.1
17%
QAR bn
20.0
15.0
17.6
15.9
14.4%
15%
13%
13.0%
10.0
11%
11.4%
10.8%
9.1%
5.0
9%
7%
5%
2007
2008
Building and Construction
2009
2010
9M-11
As % of non-hydrocarbon GDP
Source: Central Bank
Exhibit 7: GCC - Projects planned or underway (2008 2011)

1,250
USD bn
1,000
750
500
250
Bahrain
Kuwait
Oman
2008
2009
Qatar
2010
Saudi Arabia
UAE
2011
Source: MEED, Note: Oct end for each year
The total number of projects that were planned or underway in the GCC stood at USD 1,784.7 bn at the end of October 2011.
Saudi Arabia has emerged as the largest market for planned or underway projects in the GCC, while UAE became the second
largest market because of cancelled or on-hold projects.
Qatar has been in the limelight for various reasons from acquiring international assets to hosting the biggest sporting event in
the world. The total number of planned and underway projects in Qatar stood at USD 214 bn at end of Oct-2011. The value
of projects has grown at a CAGR of 40% during 2005 and 2011. The growth in projects value during the period is the second
largest in the GCC, as Kuwait witnessed a growth of around 43% despite all the cancellations/on hold projects.
The value of the projects under execution stands at USD 59.8 bn with the transportation sector accounting for around
30% of the projects under execution. Within transportation, airport and roads have been the main contributors as they are
witnessing a substantial revamp or new additions in facilities.
As of Oct-2011, the total value of projects under execution in Qatars energy sector stood at USD 11.2 bn accounting for 19%
of all the projects under execution in the country. This indicates that the worlds leading supplier in the hydrocarbon sector
has been capitalizing on its core sector to meet the rising global demand in the oil and gas sector. Furthermore, commercial
and residential construction projects accounted for 21% of the total projects under execution.
Exhibit 8: GCC - Projects planned or underway
till Oct-11 (USD bn)
Exhibit 9: Projects planned or underway in Qatar

30.0
55.5
167.9
605.4
214.0
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
USD bn
111.6
254.9
25.0
20.0
202.8
204.3
Oct-08
Oct-09
214.0
145.3
15.0
116.4
10.0
5.0
630.3
28.2
0
Oct-05
Source: MEED Projects
Oct-06
Oct-07
Oct-10
Oct-11
Exhibit 10: Projects under execution (Oct-11)

2.7%
Others
Stadiums
0.0%
9.6%
Social
21.2%
Building
Retail
1.7%
Tourism
2.7%
12.6%
Utilities
18.7%
Energy
30.7%
Transportation
Sporting events in Qatar have also been one of the main drivers of the construction sector. The 15th Asian Games were held in
the country in 2006 and the preparation for the games resulted in a great deal of construction activity, including the building
of a Sports City, which contains stadium and other sports facilities. In January 2011, the country hosted the Asian Football
Confederation Cup for the second time. The biggest driver and the game changer for Qatar has been its winning bid to host
the football World Cup 2022.
Transportation and building projects account for more than 50% of the projects under execution. These sectors are essential
for the infrastructure development of the country. The transportation sector is focusing on modernizing its existing network,
while the building sector is transforming the country by building some iconic projects over the next decade. The country is
building several start-of-art projects that will transform the country.
As seen in Exhibit 11, the total spending in the construction sector stood at USD 47.7 bn, accounting for 39% of the total
spending. In the construction sector, 48.3% was allocated towards the residential and commercial sub-sector, while 10.7%
was in industrial and 12.1% in ports.
Exhibit 11: Sector wise spending
Processing
52.9%
Production
30.2%
Storage
4.1%
Transmission
12.7%
Transport
11,334
Power
16,119
Oil
3,927
Industrial
2,280
Gas
26,570
Water
7,629
Retail
2.9%
Chemical
6,864
Residential
33.5%
Telecom
0.3%
Commercial
14.9%
Cultural
2.8%
Education
4.0%
Construction
47,690
Healthcare
4.0%
Hospitality
4.5%
Public
1.2%
Mixed Use
9.2%
Industrial
10.7%
Marine
12.1%
The Exhibit 12 focuses on the expected spending over the next four years. The capital spending is expected to grow by
about 48% between 2011 and 2014. The majority of the growth is expected in 2013 and 2014, when most of the projects are
expected to kick start.
Exhibit 12: Expected increase in capital spending
10.0
8.0
Capital spending is expected to increase

by 48% between 2011 and 2014
6.0
4.0
2.0
0.0
2009
Power & Water
2010
2011
Petrochemical
2012
Oil & Gas Production
2013
Construction
2014
Infrastructure
Exhibit 13: Qatars top 10 contractors 2011

Company
JGC Corporation
Saudi Binladin
Consolidated Contractors Company
Hyundai Heavy Industries
China Harbour Engineering
QDVC (Qatari Diar/Vinci Construction)
Qcon
Hyundai Engineering & Construction
Qatar Building Company
Al-Bader Construction & Steel Works
Total
Awards (USD mn)

1,700
1,150
965
889
880
535
510
434
419
400
7,882
Origin
Japan
Saudi Arabia
Athens Based
South Korea
China
Local/France
Local
South Korea
Local
Local
5. Transportation
The transportation sector has been at the forefront of public spending plans in the GCC region in general and Qatar in
particular. In Qatar, the transportation sector is pacing development and expected growth in the country. In addition, the
modernization of the transportation sector in Qatar is essential for successful hosting of the worlds biggest event. The
government is significantly focused on developing the countrys road network especially through main highways to ease
traffic congestion. We believe that the improvement of the roads network will continue to be an ongoing investment for the
government as the growth momentum continues in the region.
Exhibit 14: Landmark projects in transportation sector
Projects
Qatar National Railway System
Cost (USD bn)

35.0
New Doha International airport

(NDIA) - (Phase I)
11.1
Client
Qatar Railways
Company (QRail)
Status
Planned
NDIA Steering Committee
Completion due in 2012
The total revised investment in the GCC transportation sector is USD 298 bn compared to an original budget of USD 281
bn. The total investment in rail projects is USD 95 bn in the region. The GCC countries are focusing on upgrading and
developing rail networks within countries and also to connect the region. The GCC governments are also making significant
investments in upgrading their airports to meet the rising demand of both passengers as well as freight services. The total
planned investment in airports is USD 41.4 bn in the GCC.
During the past three years, Saudi Arabia has awarded about USD 28.3 bn worth of projects, UAE has awarded about
USD 11 bn worth of projects and USD 6.1 bn in Qatar. Given the size of projects awarded or in the pipeline, many regional
and international contractors are expanding operations in Qatar and Saudi Arabia. The regional contractors are mostly from
Kuwait and the UAE as activity within their respective the respective countries have remained subdued.
We believe that Qatar and Saudi Arabia will continue to remain the most dominant markets within the GCC region. Both the
countries have announced significant investment plans, especially in rail projects. The Qatari market looks more promising
as the government is expected to accelerate the execution of planned projects to ensure timely completion as it prepares for
the FIFA World Cup 2022.
Exhibit 15: Value of projects announced in
transportation sector (USD bn)
Exhibit 16: Value of projects awarded in transportation sector
15.7
10
32.6
25.3
54.8
81.6
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
6
5
4.1
2.5
1.0
Kuwait
1.8
1.8
1.3
0.5
0.1 0.3 0.2

Bahrain
4.4
4.1
3.8
3.7
2.1
2
0
Oman
2009
9.1
USD bn
88.0
10.1
9.1
Qatar
2010
Saudi Arabia
UAE
2011
5.1 Roads
The total planned or projects underway in the GCC countries are valued at about USD 128 bn. The UAE leads the
market with USD 46 bn worth of projects planned or underway. Saudi Arabia is the second largest market with USD 38
bn worth of projects either planned or underway, while Qatar accounts for USD 18 bn worth of projects. Collectively,
Kuwait, Oman and Bahrain have USD 27 bn worth of projects planned or underway. We believe that the execution of
these projects will be important to reduce over congestion in the GCC.
In the GCC, Qatar was the most active roads market in 2011. Ashghal awarded USD 2.3 bn worth of contracts during the
year 2011. The biggest of these was the USD 1 bn construction package awarded to the joint venture of the Saudi Binladin
Group and the local Qatari Diar for work on the Dukhan highway. The other big contract that was awarded related to
the two road contracts in January, worth an estimated USD 0.52 bn, to a joint venture of Consolidated Contractors
Company and the Teyseer Contracting Company for the 12th package of the Doha Expressway.
The investment in Qatars roads sector is set to continue, with Ashghal planning to build 136 km of new roads by 2014,
providing plenty of opportunities to local and international contractors and material suppliers. The major upgrades in
roads infrastructure were undertaken even before the country won the bid to host the FIFA World Cup 2022. Strong
economic growth in the past few years have led to a rapid increase in population, thus resulting in significant congestion
in the capital city of Qatar, Doha.
The country has allocated USD 20 bn over the next five years to upgrade its road network, of which USD 17.9 bn is
planned or underway. Development of roads network is also essential for the overall infrastructure development of
the country. The preparation for the World Cup 2022 will also speed up the process of the construction of roads to
ensure decreases in traffic congestion, an increase in regional accessibility, and minimize the environmental impact of its
transportation network.

Exhibit 17: Planned/underway projects in roads (USD bn)

2.1
11.8
12.7
17.9
45.7
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
37.8
Exhibit 18: Roads project awarded in 2011 (USD mn)
Projects
Doha Dukhan Highway: Central Section
Peripheral Roads to Barwa City
Doha Expressway: Phase XII: F Ring Road
Doha Dukhan: Al-Mail Roundabout to
BaniHajer Roundabout
Nakhilat Shipyard: Phase 4A
Doha Expressway: Package 6
Doha Dukhan: Eastern Section
Contract Value
275.0
152.0
233.0
Completion Date
Q1-14
Q2-13
Q1-14
EPC Contractors
CCC and Teyseer Contracting
Bin Omran
CCC and Teyseer Contracting
1,000.0
45.0
85.0
150.0
Q4-14
Q3-12
Q4-13
Q4-14
Qatari Diar and Binladin Group

Eversendai Corp.
Sinohydro Corporation
Qatari Diar and Binladin Group
Qatar is likely to witness the announcement of USD 7.8 bn worth of projects over the next two years. Qatar is expected to
finish its planned roads network by the end of 2016, well ahead of the -World Cup 2022. According to our estimates, the
total size of the road and bridges market in Qatar will be USD 26.5 bn at the end of 2020. We believe that new projects
will be announced in line with the rising population as well as the trend to own cars in the region resulting in further
upgrades in the countrys roads infrastructure.
The governments USD 20 bn plan also includes investments in improving its sewage networks. USD 362 mn worth of
projects has been awarded so far in 2011 for improving sewage networks around the city. The Doha North Sewerage
Treatment and Associated Works project is a USD 2.2 bn four-part expansion. The improvement in sewerage networks
at the Doha North Project is important as it is likely to witness increase in flows. Doha North will witness projects such
as Lusail, the Pearl and Gharaffa, West Bay area, as well as alleviate some of the pressure placed on the existing Doha West
Sewerage Treatment Works (STW).
Three major road projects that which are underway further substantiate the five-year plan to upgrade the road network of
the country. The Doha Expressway, currently under construction is valued at USD 2 bn, the Dukhan Highway also under
construction has been valued at USD 275 mn, and the largest proposed project, the Lusail Highway, which is currently
being tendered, has been valued at a significant USD 687 mn.

Timeline: Road projects

Peripheral Roads to Barwa City
Doha Expressway: Package 6
2012
Nakilat Shipyard: Phase 4A
2013
2014
2015
2017
Doha Dukhan Highway:

Central Section
Doha Expressway: Phase XII:
F Ring Road
Doha Dukhan: Al-Mail to
Bani Hajer
Doha Dukhan: Eastern Section
Ashghal has awarded USD 120 mn project to HBK Contracting. The project comprises of mechanical and electrical
refurbishment work with related drainage works, civil and structural works at the existing pumping stations PS3/1,
PS8/1, PS8/6, Series 8 Trunk Sewer, PS15, PS23, PS31 and PS44.
The Public Works Authority (ASHGHAL): The leader in Roads and Sewage developments has undertaken QAR 100 bn
worth infrastructure projects in five years.
Proposed Road Network in Greater Doha
Expressways
Artorial Roads
Source: Ashghal website
Roads
The master plan programme called for a four phase
programme to be implemented by Ashghal. This was
to have included:
Phase I (2008-11)
Upgrading the Al-Rayyan road from the BaniHajar
roundabout to Souq Waqif
The F-ring arterial road
The east-west corridor and New Doha International
Airport road
The F3 Salwa road freeway, stage I
The F5 central freeway, stage I (Lusail expressway)
The F1 freeway to Al-Shamal
Phase II (2012-16)
The F6 Doha Bay Freeway
The F2 Khalifa Street/Majlis al-Tawoon
The E8 Al-Khor expressway (Lusail North to Lusail South)
The F21 Al-Waab freeway
The Salwa road freeway, stage III
The F5 central Freeway, stage III
The Al-Saad arterial road
The F61 Al-Wahda freeway
The F2 Dukhan freeway (Al-Shamal road to orbital
freeway)
The F6 east-west corridor (from the Orbital freeway to
New Doha port)
The F4 Orbital freeway/E9 Lusail tangential
The F5 Central freeway, stage II
The E12 Western industrial expressway
Phase III (2017-21)
The E2 D-ring extension to New Doha International airport
The A12 E-ring extension to the airport
The E10 Al-Wukair expressway
The E10Al-Waab expressway, stage II
Phase IV (2021-26)
Phase 4 consists of a pumping station for Treated Sewer
Effluent (TSE3)
5.2 Railways
The GCC region has a planned investment of USD 96 bn in the rail sector. The rail networks have garnered a significant
32% share of the total transportation sector. Qatar is the largest market for the railways sector in the GCC, with a total
investment of USD 35 bn. The total investment in the rail sector in Qatar accounted for 53% of the total planned
investment in the transportation sector.

Exhibit 19: Planned projects in railways

35.0
35
70%
64%
30
50%
60%
52%
50%
25
20
15.0
15
10
30%
20%
7.9
20%
18%
12%
3.0
5
0
40%
18.0
17.0
10%
0%
Bahrain
Kuwait
Oman
Value of Projects
Qatar
Saudi Arabia
UAE
% of Transportation sector
Source: MEED
Exhibit 20: Ongoing or planned railway projects in GCC
Projects
GCC Railway Network
Qatar National Railway System
UAE National Railway Project
Dubai Metro
Bahrain Rail Masterplan
Abu Dhabi Metro
Kuwait City Rapid Transit
Saudi Land Bridge
Haramain High-Speed Railway
Value
USD 30.0 bn
USD 25.0 bn
USD 10.9 bn
USD 10.6 bn
USD 7.9 bn
USD 7.0 bn
USD 7.0 bn
USD 7.0 bn
USD 7.0 bn
Expected
Completion Date
2017
2015
2015
2015
2025
2020
2016
2014
2014
Coverage
GCC nations
North-South within Qatar
Connects All Emirates in the UAE
Dubai
Bahrain
Key Cities in Abu Dhabi
Kuwait City
From Jeddah to Riyadh in KSA
From Mecca to Medina in KSA
Source: Frost and Sullivan, Commercialbank Capital Research
Qatar is the largest market for the railways sector in the GCC, with a planned investment of USD 25 bn. The objective of
Qatars massive investment plan is to ensure that it can accommodate the movement of thousands of tourists during the
tournament. The public transport, which is currently operated by Mowasalat in the form of taxis and buses, will not be
adequate to host the FIFA World Cup 2022. In addition, increasing taxis and buses will put additional pressure on new
roads and create congestion; therefore, a rail network within the country will be the most viable option for Qatar.
Exhibit 21: Details of Qatar rail project

Projects
NDIA - Doha International Airport: Passenger Rail Station Box
QRDC - Qatar Integrated Rail Project
QRDC - Qatar Integrated Rail Project: Automated People Mover in West Bay
QRDC - Qatar Integrated Rail Project: Doha Metro: Green and Yellow Line
QRDC - Qatar Integrated Rail Project: Doha Metro: Lusail Light Rail Network
QRDC - Qatar Integrated Rail Project: Doha Metro: Blue Line
QRDC - Qatar Integrated Rail Project: Doha Metro: Red Line
QDREIC - New Doha Airport to New Doha Port Railway
Award Date Value (USD mn)

Q1 2010
120
Q2 2012
20,675
Q2 2012
2,200
Q2 2012
2,000
Q3 2012
1,158
Q2 2012
1,000
Q2 2012
1,000
Q4 2014
200
Recently, the organization that was responsible for developing the rail network has been restructured with the objective
of expediting the process. A Railways Steering Committee has been established, Chaired by the Prime Minister; will be
responsible for coordination of the entire project.
QRail will now look after the rail network project, which was earlier been assigned to Qatar Railways Development Co
(QRDC), a 51:49 joint venture between Qatari Diar and DB International (formed in 2009).QRail has started inviting
expressions of interest from local and international companies to bid for design and construction contracts for the Doha
Metro project.
Recently, QRail has signed a USD 535.4 mn contract with Qatari Diar Vinci Construction (QDVC) for the new phase of
works on the Lusail Light Rail Transit system. The contract covers civil engineering works in seven underground stations,
the construction of a viaduct over the motorway between Doha and the northern part of the country and preliminary
works on an LRT depot and maintenance workshop.
Qatar plans to build a rail network, which is

part of the countrys plan to spend USD 35 bn
on rail infrastructure. Doha Metro, a 350 km
rail network will have four lines, Red Coastal
line, Golden Historic line, Green Education line
and Blue City line.
Red line: is the first line to be developed and
will operate from the NDIA to the West Bay
area in central Doha.
Gold line: will operate from east-west route
linking NDIA and the airport city with the
industrial areas in the west of Doha.
Green line: will be from the industrial areas
in the south through central Doha to
Education City.
Blue line: will follow the coast road, running
from NDIA to West Bay and on to The Pearl
and Lusail.
Qatar Integrated Rail Project

Phase1
Underground: 28,952m
Elevated: 56,170m
At Grade: 44,327m
Total length: 129,449m
Phase2
Elevated: 79,580m
At Grade: 44,327m
Phase3
Elevated: 108,225m
At Grade: 44,327m
Doha Metro map
Timeline: Railways
GCC Railway Network
Civil works award due for
West Bay by September 2012
2011
Consultants prequalify for metro.
PMC bids invited for West Bay
people-mover
2013
Testing and commissioning of

Red Coast Line to start
2016
Testing and commissioning of
freight railway to start by 2016
2017
2026
Entire rail programme will be
completed
PMC bids invited for

Lusail LRT
Aecom-Parsons wins PMC
for Lusail LRT
Civil works tender due for West
Bay. Construction due to start on
Red Coast
PMC award due for West Bay
5.3 New Doha International Airport

The aviation sector in the GCC has undergone a major transformation during the past decade. Passenger traffic in the
GCC has grown at a CAGR of around 10% between 2002 and 2010, significantly higher compared to global traffic.
According to the International Air Transport Association (IATA), the Middle East is one of the fastest growing markets
in the world with expected annual growth of about around 9% till 2014. A recent Boeing forecast indicates that it expects
orders of 2,520 planes from the Middle East carriers by 2030.The total value of projects planned or underway in the GCC
is USD 42 bn.
In the GCC, Qatar has an aggressive aviation sector expansion plan to emerge as an aviation hub in the region. The
country is also gearing itself to maintain pace with a steady increase in passenger traffic to and to traffic to-and-from
Doha. In addition, Qatar Airways rising fleet size has also been leading to an increase in transit passengers, putting
additional pressure on airport authorities.
Qatars current airport is facing increasing congestion and will be replaced by a new airport with significantly larger cargo
and passenger facilities, thereby making it an important transportation hub for the people and materials.

Exhibit 22: Projects awarded (USD bn)

4.9
8.2
2.7
7.1
11.2
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
7.3
The government plans to invest USD 11.1 bn for NDIA which includes two runways and a 140,000 sqm airport terminal.
Currently, the airport is handling 14.9 mn passengers a year. At the completion of first phase in March 2012, the airport
will be able to handle 24 mn passengers and 750,000 tons of cargo a year.
On completion of the second phase in 2015, the capacity will double to 50 mn passengers per year. The NDIA is also
developing its air cargo terminal with an initial handling capacity of 1.4 mn on completion of the first phase. This figure
is expected to grow to 2 mn tonnes (mt) at the end of second phase, making it one of the largest cargo terminals in the
world. In line with these developments, Qatar Airways is also planning to develop its air cargo business.

Exhibit 23: Airport contracts awarded (2004 2010)
Projects
NDIA Infrastructure Packages
NDIA Passenger Terminal Complex
NDIA Airfield Paving, Tunnel and Detention Ponds Works
NDIA Concourse C
NDIA Aircraft Maintenance Hangar
NDIA Reclamation and Dredging
Total
Value (USD mn)

3,550
1,000
932
778
670
425
7,355
Project status
Execution
Execution
Execution
Execution
Execution
Execution
Award date
2007
2007
2005
2009
2006
2005
New Doha International Airport
The government of Qatar began upgrading the NDIA even before winning bid to host the FIFA World Cup 2022
following increase in the number of tourists thanks to initiatives undertaken by the tourism authority of Qatar. Qatar
is preparing for the upcoming expected rise in demand as Qatar Airways further enhances its fleet size to move up the
international ranking. This will help the airline post an increase in its current flying destinations, making Qatar a hub
for major connections across the globe.

Timeline: Airport projects

2012
New Doha International
Airport (Phase I)
Total Project Value: USD 11.1 bn
Passenger Capacity: 24 mn
Cargo Capacity: 750,000 tn
2014
2015
2016
2018

Airport (Phase II)
Total Project Value: USD 11.1 bn
Passenger Capacity: 50 mn
Cargo Capacity: 2 mn tn
Qatar Airways
Qatar Airways is a group of companies with diverse interests from core passenger and cargo transportation and airport
to alcohol distribution, sports and hospitality. The group comprises Qatar Airlines, Qatar Duty Free, Qatar Airways
Cargo, the Qatar Distribution Company (the only licensed retail distributor of alcohol in Qatar) and Doha International
Airport. Since the re-launch of Qatar Airways in 1997, the company has been growing at 30% per year. During this
period, the fleet size has increased from four aircrafts to 97 aircrafts in 2011. This figure is expected to reach 110 by the
end of 2013. The company has entered into a multi-billion dollar deal with Airbus to supply 80 aircrafts.
Qatar Airways is among the best and the fastest growing airlines in the region winning the award for the Best Airline in
the Middle East and Africa at the 2011 Business Traveler Asia Pacific Awards for the second year in a row. In December
2011, the CEO of Qatar Airways was unanimously nominated to serve on the board of governors of the International
Air Transport Association, which represents over 90 % of the worlds air transport. This further substantiates Qatar
Airways image in the industry and its commitment to being one of the best airlines in the region. The company is rapidly
expanding its destinations, as well as flight frequency. In 2011, it has expanded and/or started new flights to various
destinations. The company is expected to add 20 new destinations by the end of 2013.
In March 2011, Qatar Airways announced a strategic partnership with Qatar Telecom (Qtel) for the migration of its
primary IT infrastructure to the Qtel data centre. In September 2011, the company bought a 35% stake at the Luxembourgbased cargo carrier Cargolux, which is in line with its objective to develop its air freight business.
Qatar Space City is a plan of the Government of Qatar to establish a USD 3.3 bn Space City in the Al-Khor area,
covering an area of 40,000 sqm. The project will include establishment of a university in cooperation with the US
National Aeronautics and Space Administration (NASA), along with a science museum and other tourist attractions.
The planned project is expected to be implemented in several phases under the supervision of an official body that would
be appointed with the General Authority of Civil Aviation. The concept of the space city project is based on the American
Space Museum.
5.4 New Doha Port

The GCC ports sector is mostly dominated by the oil and gas sector, as most of the production is exported to the emerging
markets. However, this is set to change in the coming years as the region continues to make significant investments to
diversify its economic base.
The new proposed port in Qatar is likely to transform the country into the new trading hub of the region, which is in
line with the country Vision 2030. The country can aspire for such goals as it has the required funding thanks to rising
hydrocarbon prices in recent years, which has resulted in accumulated surpluses. The main objective of the new port is to
replace the existing port, which is struggling to keep up with growing demand owing to the limited land at its disposal.
Currently, the country has three main ports: Port of Doha (Qatars main commercial seaport), Port of Ras Laffan (the
worlds largest LNG exporting facility), and Port of Mesaieed (Qatars main oil export terminal and the main point of
entry for aggregates and other building materials). In order to meet the heightened traffic of goods and supplies generated
by the countrys economic boom and rising population, the Government of Qatar plans to expand and develop its port
infrastructure.
Qatars ports are dominated by LNG exports. However, this phenomenon is likely to change over the next few years
as the country makes significant investments to diversify its economy away from the hydrocarbon sector. The current
planned investments in the sea port sector are aimed at addressing the additional capacity of LNG, while the future
expansion plans aim to address the expected rise in demand from the massive development program undertaken by the
government.

Exhibit 24: Planned projects in sea ports ($ bn)

0.8
2.7
2.8
2.1
15.4
8.6
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
An artist impression of the USD 5.5 bn deepwater seaport near Qatars industrial city of Mesaieed
Exhibit 25: Port capacity
Port Name
New Doha Port
Port of Ras Laffan
Port of Mesaieed
Capacity
6 mn teu
6.3 mn m3*
2 mn teu
Year of Completion
2016
NA
2014
Source: Commercialbank Capital Research, Note: *Cubic meter
In April 2010, Qatar received bids from about nine consortiums for the major contract of the New Doha Port. In March
2011, the steering committee signed its first contract with the China Harbor Engineering Company (CHEC) for of QAR
3.2 bn, in a four-and-half year deal. The second contract has received bids, and is likely to be awarded soon. We believe
that Qatar will have to expedite its process of bidding and awarding and thereafter execution in order to keep pace with
its regional peers.

Timeline: Port projects

New Doha Port (Phase II)
Total Project Value: USD 7 bn
Start Date: 2020
Capacity: NA
2016
Capacity: 6 mn TEU (20-foot
equivalent units)
2020
2025
2030
New Doha Port (Phase III)
Start Date: 2030
Capacity: NA
6. Iconic Projects
6.1 The Pearl-Qatar
The Pearl-Qatar is a Riviera style manmade island developed in an exclusive environment in Doha. It is one of the
largest real estate developments in the GCC, covering 400 hectares (4 mn sqm) of reclaimed land. It is also Qatars first
international luxury residential development that offers international investors freehold title ownership. It is located
20 km from Dohas international airport and 350 meters offshore from Dohas prestigious West Bay District. The first
investors took up residency in 2009, and the entire project is expected to be completed by 2013.
The Pearl will house about 40,000 residents and includes luxury apartments, high rise towers, town homes, penthouses
and Mediterranean villas, an international yachting hub with three marinas and 700 boats, three 5-star hotels, 2 mn sqf
of international retail, restaurants and entertainment hubs, as well as a family destination with schools and community
facilities.
The Pearl, Qatar
United Development Company (UDC) is the project developer overseeing the projects entire infrastructure and
construction of municipal buildings. Dar Al-Handasah (Shair and Partners) is a project manager.
The idea behind Pearl Qatar is to attract as many people as possible from Qatar and the region, as well as from other parts
of the world. It will have high-end shops and fine-dining restaurants from countries such as Spain, Italy and the United
States. The Pearl-Qatar, with it 40 km of reclaimed coastline and 20 km of pristine beaches, is among the main tourist
attractions of Qatar.
There are three retail areas which have their own themes. One of them is the Porto Arabia covering 200,000 sqm, and
consists of 385 retail shops, including fashion, jewellery and fine dining. The Medina Centrale, with an area of 600,000
sqm, is set to provide cinemas and supermarkets among others, while the Qanat Quartier will be the cultural destination
with its impressive design, allowing people to enjoy parks and art galleries.
Nikki Beach Resort & Spa is a Miami-based resort chain set to open in July 2012. It will be a boutique beachfront resort
with 47 luxury villas and spa suites located at Porto Arabia. It is designed by the award winning Singapore based ECO ID
Architects with interior design by Gatserelia Design.
6.2 Msheireb
Msheireb is an iconic project aimed at displaying innovative development and rediscovering local heritage and culture.
The project is divided into six main character zones namely Diwan Quarter, Heritage Quarter, Retail Quarter, Kahraba
Quarter (residence and mix use), Nakheel Quarter (HQ gateway). The project will house 226 buildings to provide homes
to 27,637 residents. It will have parks and open spaces spread over approximately 122,217 sqm. The project will have
three types of hotels namely Lifestyle hotel, Luxury hotel and Business hotel and a theatre auditorium with a 500 to 700
seating capacity. One of other distinctive features of the project is that it is expected to have underground metro stations
to provide links to other parts of country.
The project will be completed in five phases with the first phase due for completion by 2012. The first phase will consist
of a multi-use Cultural Forum, central luxury hotel and serviced apartments, offices, a shopping street, townhouses, a
primary school and a mosque. Phase 2, 3 and 4 will consist of retail malls, hotels, office apartments and shops.
Msheireb
Exhibit 26: Details of Msheireb development
Projects
Msheireb Properties - Mandarin Oriental Hotel
Msheireb Development: Infrastructure Works: Phase I
Msheireb: District Cooling Plants
Msheireb: Phase 1a
Msheireb: Phase 1b
Msheireb: Phase 2, 3 and 4
Budget Value (USD mn)

80
142
50
428
500
4,072
Project Status
EPC Bid
Execution
Execution
Execution
Execution
Design
Source: MEED
6.3 Lusail City

Lusail City is a modern yet traditional and environmentally
friendly city. The estimated cost of the development is
USD 33 bn, which will be executed in phases over the next
10 years.
Lusail City will be located on the east coast of Qatar,
approximately 15 km north of the city center of Doha. Lusail
City will have residential, commercial and two marinas.
It will also have a full array of community needs such as
schools, mosque, medical facilities, sports, entertainment,
cultural facilities and shopping centers.
The city will have 25,000 residential units which will
accommodate approximately 200,000 residents. An estimated
170,000 are anticipated to work at the different districts and
expected to attract further 80,000 visitors to the city.
Lusail City
Freehold ownership of Lusail City properties is available to all Qatari and GCC nationals, while foreigners can acquire
property on a 99-year lease basis. The infrastructure of Lusail city is divided into two phase which was further subdivided
into construction zones, known as construction package (CP).
There are 16 major CP which are under different stages of development. The entire infrastructure at this stage is planned
to be completed by the end of 2013. Similarly, the entire Lusail City will be connected to an extensive natural gas pipeline
network.

Exhibit 27: Lusail City construction projects
Projects
Transport
Al-Khor Highway
Lusail Expressway Phase one
Lusail Expressway Phase two
Lusail light-railway transit (LRT)
Lusail LRT rolling stock contract
Real Estate
Al-Sidra Golf Residential Development
Lusail mixed-used development
Lusail Entertainment City
Sports
Lusail Iconic Stadium
Total value
Status
Client
NA
USD 350 mn
USD 350 mn
USD 1.8 bn
Design
EPC bid
Design
PMC awarded
USD 1.8 bn
EPC bid
Public Works Authority (Ashghal)

Ashghal
Ashghal
Qatar Railways Development
Company (QRDC)
QRDC
USD 3.5 bn
USD 800 mn
USD 1.5 bn
Design
On Hold
On hold
Arcapita, Barwa Real Estate Company

Diyar al-Kuwait Real Estate Company
ADIH, Majid al-Futtaim Group
USD 662 mn
Design
Qatar Olympic Committee
Seef Lusail
6.4 Seef Lusail

Seef Lusail, a project under development by Seef Lusail Real Estate Development Company SEEF, has appointed DP
Architects as master planners for the project. The developer, SEEF, is a joint venture between Masraf Al Rayan and Qatari
Diar that will take on the full development of Seef Lusail. Issa Mohammed Al Kaladari, CEO of Lusail City was appointed
as Chairman of SEEF. Khalid Ahmad Fakhroo, Executive Director of Engineering and Real Estate at Masraf Al Rayan, has
been appointed as the CEO of SEEF.
Seef Lusail is a 600,000 sqm multi-use development located at the waterfront of Lusail, a distinctive 21st century iconic
city which celebrates the special cultural and geographical heritage of Qatar and the Gulf Region
DP Architects is a leading architectural practice in Asia with over 1200 staff and 12 offices worldwide. It has been
operating in the Gulf region since 2005 and their key projects in the region include The Dubai Mall, the Address at Dubai
Marina, Doha Festival City, Dilmunia Health City in Bahrain and The Eighth Gate in Damascus. The firm was founded
with a deep concern for the built environment and the need to create architecture of excellence that enriches the human
experience and spirit.
Seef Lusail will feature an interactive 2.3 km waterfront promenade that will include multiple world class attractions
that will cater to various age groups and families. The developer, SEEF conducted a number of studies on waterfront
destinations worldwide in an effort to create an innovative design with a strong emphasis on creating themes throughout
Seef Lusail that reflect and compliment Qatars traditions and values. Seef Lusail will further add to Qatars appeal as an
international destination that rivals major global destinations.
The design will take into consideration the climate in Qatar, in order to have a lively and active waterfront all year long.
The hotels in Seef Lusail will cater to the family, business and luxury leisure segments. One of the hotels will be a fully
integrated resort and spa providing guests with a unique leisure experience. Discussions and negotiations are underway
with global hotels brands that will bring new concepts and ideas to Qatar.
7. Retail & Leisure

The GCC retail sector has undergone a paradigm shift over the past decade on the back of a robust macroeconomic
environment. The region has emerged as one of the most attractive destinations for retailers across the globe. Changing
consumer behavior and lifestyle, increasing influence of western culture, rising disposable income have led to phenomenal
growth in the retail sector. As a result, the retail sector in the GCC is contributing to the overall growth in the non-hydrocarbon
sector.
Shopping malls and organized retail stores have gained prominence in the region as they are regarded as one stop entertainment
shop for residents and tourists alike. Therefore, the total projects planned or underway for shopping malls in the region is
USD 11.1 bn. We believe that Qatar has the potential to attract a bigger share as it prepares for the World Cup 2022 and the
government thrust towards becoming a touristic hub in the region.
Exhibit 28: Gross leasable area (GLA) in 2010 (sqm 000s)
639
311
571
4,045
4,234
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
521
Source: Alpen Capital
Doha Festival City
The emergence of trade, restaurants and hotels sector as the fourth largest contributor to GDP in 2010 reflects the strong and
growing performance of Qatars retail industry in recent years. The contribution to GDP has increased from 4.4% in 2006
to reach 5.5% in 2010. The retail sector growth in Qatar has mirrored the economic growth in the country. Qatars rapid
economic growth has led to one of the highest GDP per capita in the world.
Qatars retail sector has evolved over the past few years on the back of rapid growth in population. The sector has benefitted
from the rising purchasing power of its residents in recent years. This has led to a shift from unorganized to organized
shopping, resulting in shopping malls and complexes. Shopping malls have become an important part of everyday life as they
constitute a good source of entertainment for both residents and tourists in the country.
Exhibit 29: Retail future supply 2012 2015

Project
Gulf Mall
Ezdan Mall
Doha Festival City
Northgate Mall
Mirqab Mall
Marina Mall
Barwa Commercial Avenue Mall
Barwa Al Doha
GLA (sqm) Completion Date Project Value

80,000
2012
USD 100 mn
40,000
2012
USD 50 mn
240,000
2014
USD 1.65 bn
100,000
2013
USD 327 mn
36,000
2013
USD 200 mn
60,000
56,600
55,000
2015
2012
2015
USD 275 mn
USD 1,100 mn
USD 824 mn
Developer
Business Trading Company
Ezdan Real Estate Company
Bawabat al-Shamal Real Estate
Equinox
H.E. Sheikh Hamad Bin Jassim
Al Jaboor Al Thani
Qatar Foundation
Barwa Real Estate Company
Barwa Al Doha (Developer)
Source: DTZ Research and MEED Projects
Although, shopping malls and commercial centers have entered the market during the past couple of years, the retail space
remained scarce in the country. This has resulted in speculative demand, which has prompted sub-letting at enormously high
prices. The prices of sub-letting can vary between QAR 100 to QAR 150 per sqm depending on the location. Surprisingly this
phenomenon has become highly common in Doha.
Qatars total retail stock was about 630,000 sqm (GLA) at the end of 2010, an increase of around 30% compared to 2009.
Based on planned developments, Qatar will add 626,000 sqm (GLA) of new organized retail space by the end of 2012, thus
doubling the existing retail capacity. The completion of 433,847 sqm (GLA) of Doha Festival City complex, which is being
developed by Al Futtaim will be completed by 2014. The Barwa Commercial Avenue is under construction, which will yield
1 mn sqm of built up area. The first phase of the project will yield around 0.5 mn sqm of GLA. The first phase is about 60%
complete and the rest is to be completed by the end of 2012. Both these projects will more than double Qatars current GLA
upon completion.
The total planned and projects underway in shopping mall are USD 3.1 bn. There are around 10 new malls being planned in
Qatar. The total number of projects awarded during the year 2011 is USD 523 mn. Around USD 2 bn worth of projects is to
be awarded in the year 2012 and 2013.
7.1 Doha Festival City (DFC)

DFC will be the largest mall in Qatar with a mixed use of shopping, entertainment and leisure. The project is owned and
developed by Bawabat Al Shamal Real Estate Company (BASREC). BASREC shareholders include Al-Futtaim Real Estate
Services, Qatar Islamic Bank (QIB) and private Qatari companies. DFC will be built on a 433,847 sqm plot with a GLA
of around 260,000 sqm, which is located around 15 km north of downtown Doha on Al Shamal Road. DFC will consist
of mall and entertainment complex, hospitality and offices and automotive showrooms. The retail section will have four
distinct interior zones, namely Water Concourse, Garden Promenade, Rainforest Boardwalk and Fashion Galleria. DFC
will be the home to IKEA, Toys R Us, Marks & Spencer and Inter-sport. The first phase of the project, which will include
the retail section, is likely to be completed by the fourth quarter of 2012. The remaining sections of the DFC are expected
to be completed by the end of fourth quarter of 2014.
7.2 Lagoona Mall

Lagoona Mall is a 127,000 sqm two level lifestyle shopping centre with 53,000 sqm of retail shopping, built at an
estimated cost of QAR 1.4 bn. Lagoona is developed by Dar Investment & Development and is leased and managed by
Darwish Holding for an initial period of 30 years. The main contractor was Al Seal Contracting & Trading Co and Hill
International (project Management) MZ & Partners (Design and Supervision) are the consultant. One of Lagoonas
unique features is a 20,000 sqm European piazza, featuring 5,000 sqm of fine dining which will be home to 20 restaurants
with outdoor patios. The shopping center comprises 170 retail stores. Similarly, it also provides parking for over 2,000
vehicles. The mall is the home to luxurious multi brand store, Fifty One East. The store covers an area of 13,000 sqm
which is the biggest in the Middle East region.
7.3 Katara
Katara is the Cultural Village of Qatar, where cutting edge activities of all fields show the cultural diversity of the world
in one single traditionally Qatari place. It is the largest and the most multidimensional cultural project of Qatar. It
covers an area of 1 mn sqm and is located between Dohas West Bay and the pearl. The approximate cost of the project is
USD 82 mn.
Katara hosts international, regional and local festivals, workshops, performances and exhibitions at its prestigious venues
such as theatres, libraries, art galleries, museums, an opera house, and a multi-purpose halland Roman-style amphi
theatre which is the largest in the Middle East. It also has traditional cafes/restaurants, marinas, handicrafts souq, mosques
and playing field for children. Katara has held various performances since its opening in October 2010 which includes
Qatar Philharmonic Orchestra, Doha Tribeca Film Festival, Photography Exhibitions (i.e. Our Time, Doharama) and
Cultural Performance during AFC Asian Cup Jan 2011.
KATARA - Cultural Village
7.4 Cinemas
Recently, Q media announced a deal to acquire 60% stake in Qatar Cinema and Film Distribution Company for nearly
QAR 2 bn. Q media and Qatar Cinema and Film Distribution Company plans to invest more than QAR 1 bn in the next
three years to open more than 50 state-of-the-art multiplex facilities.
Exhibit 30: Cinema screens in the region
17
13
38
14
Source: Various
Abu Dhabi
Dubai
Kuwait
Qatar
In the GCC, Qatar has the maximum number of cinemas. The total number of cinemas in Qatar stood at 38 compared
to around 30 in Dubai and Abu Dhabi.
Aspire Zone Foundation (AZF) opened the first women cinema in Qatar capital, Doha. All the films for this cinema are
provided by Qatar Cinema and Film Distribution Company. Qatar has also launched Doha Film Institute (DFI) to build
a strong film industry in Qatar along with strong links to the international film community. World Cinema Foundation
has signed a three-year cultural partnership with DFI to restore and preserve international films of cultural significance.
Doha has hosted international film festivals - Tribeca Film Festival Doha and Al Jazeera Documentary Film Festival in
the past. Qatar is moving in the right direction to become the main attraction and hosting big events in the coming years.
We remain optimistic on the prospects of the entertainment and believe that it will gradually emerge as one of the top
entertainment hubs in the GCC.

Timeline: Retail projects

Northgate Mall
GLA: 100,000 sqm
Mirqab Mall
GLA: 36,000 sqm
Lagoona Mall
GLA: 127,000 sqm
2011
2012
2013
2014
Gulf Mall
GLA: 80,000 sqm
Marina Mall
GLA: 57,605 sqm
Ezdan Mall
GLA: 40,000 sqm
Barwa Al Doha Mall

GLA: 271,000 sqm
Barwa Commercial
Avenue Mall
Project Value: USD 1,100 mn
NLA: 56,600 sqm
Doha Festival City

GLA: 260,000 sqm
2015
7.5 Hotels & Tourism

Qatar Tourism Authority (QTA) plays an important role in promoting Qatar as an evolving tourist destination. The
company organizes and supervises the development of the tourism industry in Qatar. According to the World Travel
and Tourism Council (WTTC), Qatar has one of the fastest growing tourism sectors in the world. The contribution of
the travel and tourism sector to GDP is expected to rise 6.4% per annum by 2021 from QAR 3.8 bn or 0.7% of total
GDP in 2011. These assumptions are on the back of significant planned investments in the sector and in line with the
governments thrust to become a major tourist destination.
QTA has done a commendable job in organizing and participating in conferences and exhibitions over the years, which
has transformed Qatar into a business destination within the region. The increase in the number of business travelers
due to the conferences and exhibitions is improving the hotel occupancy rates in Qatar. In terms of revenues, 4 star
hotel revenues increased to QAR 182.4 mn in the third quarter of 2011 to QAR 101.9 mn during the same period of
previous year. In terms of 5 star hotels, the revenue increased to QAR 385.6 mn in the third quarter of 2011 compared to
QAR 304.6 mn of the previous year.
St. Regis Hotels & Resorts is making a landmark entry

into the Middle East with The St. Regis Doha. The hotel
is part of Al Gassar Resort and is expected to open on
28 February 2012. The hotel is strategically located near
the Katara Cultural Village and Doha Exhibition Centre. It
will comprise of 336 guest rooms and suites, a cornucopia
of signature restaurants, a world-class Remede Spa, and a
1,850 sqm Grand Ballroom with a capacity of accommodating
1,200 guests.
According to the latest figures from QTA, the tourism sector
in Qatar is witnessing a steady growth. The report indicated
that the occupancy rates have increased by around 4% in the
third quarter compared to the same period of the previous
year.
St. Regis Hotel, Doha
The revenues from 4 and 5 star hotels witnessed an increase during the period, indicating strong domestic and regional
interest in the sector. This increase was due to the 24% increase in visitors from the GCC region, especially Saudi Arabia
as it accounts for around 60% of the total tourist within the region.
According to hotelier Middle East, Qatar has 17 five star and 13 four-star hotels at the end of January 2011. In total, Qatar
had around 66 hotels. According to QTA, the total number of hotels is expected to reach 240 by end of 2022. This is a
substantial increase in the number of hotels in the next ten years. According to QTA, about 90% of future supply will
provide four and five star accommodation.
The total planned and underway projects are USD 2.4 bn. As of now, USD 1.6 bn worth of projects has been awarded.
Currently, there are 10,000 hotel rooms and additional 5,500 will be come on stream by the end of this year. By the end
of 2013, the total hotel rooms will reach 30,000. Around 5,000 new rooms will come on stream each year through 2022.
Exhibit 31: Qatar growth in hotels (forecast till 2022)
240
250
No. of Hotels
200
150
100
50
51
58
2008
2009
66
0
2010
2022F
Source: Zawya
Qatar Museums Authority (QMA) has awarded a contract worth USD 434 mn to a South Korean construction firm
Hyundai Engineering & Construction to build the National Museum of Qatar designed by the French architect Jean
Nouvel over an area of 46,000 sqm in Doha. The construction of the museum is expected to be completed by 2014.
Qatars
National Museum will be an add-on to the Museum of Islamic Art in Doha designed by IM Pei, which opened in
December 2008, as well as the Arab Museum of Modern Art in Doha, which opened last December.
New National Museum of Qatar
The QMA has also announced to open a Museum of Islamic Art (MIA) park built upon an area of around 280,000 sqm
with no entrance fees for visitors. The park is designed by Pei Partnership Architects of New York. In addition, they will
also provide various facilities like music evenings, paddle boats, film screenings, sports events and art workshops. The
plans for building a new Museum of Photography designed by Santiago Calatrava are in progress.

Timeline: Hospitality projects

2011
2012
2013
2014
New Doha Hilton Hotel

Capacity: 320 rooms

Capacity: 220 seats
Crowne Plaza Doha:

The Business Park
Capacity: 265 rooms
Mandarin Oriental Hotel

Capacity: 160 rooms
St. Regis Hotel and

Residential Tower
Capacity: 320 rooms
Doha Regent Hotel
2015
Planet Hollywood Hotel

Entertainment City
Capacity: 300 rooms
Four Seasons Hotels and
Resorts
Capacity: 350 rooms
8. Social Infrastructure
Social infrastructure development becomes important in the midst of economic development. In addition, it is important in
attracting expatriates to work and live in Qatar. These are indirect ways of creating demand, which will support the countrys
National Vision 2030 of reaching their target population by the end of 2030. Investments in social infrastructure such as
hospitals and education is on the rise as providing adequate education for the growing young population is the backbone of
economic diversification. Both the healthcare and education is part of the governments human development programme.
8.1 Education
Education City
The education sector has undergone major transformation over the past two decades. The country has made major
investments in improving the quality of its education system. Qatar leads the GCC in terms of education reforms as
it ranks among the top five nations globally in terms of quality of primary education. The government established the
regulatory body, Supreme Education Council (SEC). The SEC comprises of three institutes, namely Education Institute
to develop curriculum and professional training for teachers and staff, Evaluation Institute to assess and monitor the
performance of schools and the Higher Education Institute to help outstanding students.
According to a recent study by Qatars permanent Population Committee, the number of students is rising by around
4.5% annually. The strong growth in student enrolment has led to reform of Qatars primary and secondary schools.
Currently, there are 165 independent schools serving around 80,000 students under the new system provided by the SEC.
We believe that there are opportunities for the primary and secondary schools due to the rising demand, however, the
main challenge would be the exorbitant prices of land. This would be lead to higher pricing structure for new schools,
which may be unfavorable when compared to the existing schools.
Exhibit 32: Universities in Qatar
University / College
Qatar University
Virginia Commonwealth University
Northwestern University
Weill Cornell Medical College
Georgetown University
Texas A&M University
Carnegie Mellon University
HEC Paris
University College London
Stenden University
University of Calgary
College of the North Atlantic
Country of Origin
Qatar
USA
USA
USA
USA
USA
USA
Europe
Europe
Netherlands
Canada
Canada
One of the most significant changes in the education sector was the establishment of Education City by the Qatar
Foundation. Due to the modernization and its world class facilities, it has attracted both universities and students from
around the region. Six American universities have opened branches in the Education City.
Apart from these international universities, Qatar University continues to remain the main attraction for local students.
The university also underwent series of reform between 2003 and 2007. The university offers 60 degrees from seven
different colleges. In addition, the main driver for Qatari people to enroll in the public university is to secure high paying
public sector jobs.
Hamad bin Khalifa University is an initiative of Qatar Foundation for Education, Science and Community Development
(QF) in honor of His Highness the Emir, HH Sheikh Hamad Bin Khalifa Al-Thani. This new multi-disciplinary university
will combine the learning, teaching and research being carried out at the branch campuses of the universities and other
academic centers at the Education City.
The total projects planned or underway in Qatar is USD 6.6 bn. Total projects awarded during the year 2011 reached
USD 1.2 bn, while it is expected that USD 620 mn worth of projects will be awarded during the fourth quarter of 2011. We
believe that the total investment is likely to surpass the USD 6 bn as the development in Qatar will induce more primary
and secondary schools and western universities to meet the rising demand in Qatar. Going forward, the government will
continue its investment program to further improve its education system, which is important for the overall development
of the country. The government intends to bring in modern educational curriculum, which will benefit the development
of local population. This is in line with the governments Vision 2030.
8.2 Healthcare
The government thrust on improving its healthcare system, makes in one of the largest spenders on healthcare in the
GCC region. The rapid increase in population during the past five years has resulted in serious shortages for healthcare
system in Qatar. Qatar has a total of 9 hospitals and 22 primary healthcare centers. On an average, the government
allocated around 10% of the total annual budget toward healthcare and related activities. In the countrys 2011/12
budget, the government has allocated QAR 8.8 bn (USD 2.4 bn) to the healthcare sector, which is around QAR 300 mn
higher compared to the previous year.
One of the key elements of human development of Qatar National Vision 2030 is health of the population. Qatar has
introduced its National Health Strategy (NHS) 2011-16, in order to align with the Qatars National Vision 2030 and its
ambition of becoming a regional centre for medical research. The strategy has 35 projects in plan over the next six years
which will improve the overall healthcare services and fulfill the needs of world class healthcare system.
Timeline: Healthcare projects

Sidra Medical City (Phase I)
Capacity: 380 Beds
2011
2012
Al Wakrah Hospital
Capacity: 280 beds
2013
2014
2015
Hamad Medical City Project

Value: USD 1.1 bn
Capacity: 1,340 Beds
Qatar spends around USD 137 mn per annum to send patients outside the country for treatment as it lacks quality
healthcare. In order to address this issue, the government is planning to spend USD 8 bn on hospital construction
projects by the end of 2016. The countrys public works ministry has approved plans to build eight new hospitals by
2016. The new hospitals will add 5,000 beds to the current capacity. One of the main challenges is attracting skilled
professionals to achieve quality healthcare system in the country.
The government has taken several initiatives to improve the quality and services of the healthcare system in Qatar.
The government has formed partnerships with various foreign universities, institutions and colleges like University of
Calagry Qatar and the Weill Cornell Medical College. The institutions have their campus in Qatar providing healthcare/
medical education and nursing training programmes. One of the most ambitious projects in the healthcare sector is the
USD 2.5 bn Sidra Medical and Research Centre, USD 1.5 bn Hamad Medical City, and USD 500 mn Al Wakhra Hospital.
Sidra Village: Mazaya Qatar Real Estate Development Company has awarded a $130m contract to Chinas Sinohydro
to deliver the Sidra Village project in 20 months. Sidra Village comprises 1,165 residential units, including 658 onebedroom and 507 two-bedroom apartments.
Sidra Medical and Research Centre is one of several
initiatives taken by HH Sheikha Mozah bint Nasser AlMissned. The aim is to become the leading centre for the
development of medical science in the Middle East. The
three essential missions behind the initiative are patient
care, medical education and biomedical research. Sidra
Medical and Research Center will be located in Education
City. It is owned and funded via a USD 7.9 bn endowment
from Qatar Foundation.
Sidra Medical and Research Centre will provide employment
to around 5,000 people including doctors, nurses,
technical staff, biomedical researchers, administrators and
support staff. The centre will also have parking facility for
approximately 2,000 vehicles and a residence for 350 nurses.
New Sidra Medical and Research Centre
The medical center will work closely with Weill Cornell Medical College in Qatar and Hamad Medical Corporation
in regard to all three missions, raising the standard of health care throughout the country and providing valuable
opportunities for training the medical students and clinician. It will also include research in the field of pregnancy health,
infertility, genetic abnormalities, the health needs of children, and diseases specific to women. It will be the first hospital
in Qatar to have a fully integrated clinical information system as well as the first academic medical center in the region
based on the North American model.
Total building area (sqf): Approx. 2,520,000 (hospital and clinic); Approx. 3,600,000 (including structured parking).
Phase I consists of 380 beds, not including labor and delivery rooms, and 53 high-risk/ICU obstetric beds. Phase II
is planned to expand hospital capacity to approximately 550 beds and double the sizes of the Outpatient Clinic and
research facilities.
Qatar Foundations Capital Projects Department is overseeing all elements of the design and construction of Sidra
Medical and Research Center.
Led by Engineer Saad Al Muhanadi, QF Vice President for Capital Projects, a world class team has been assembled that
includes the following entities:
Qatar Petroleum serves as the Client Representative on behalf of Qatar Foundation.
KEO International is the Program /Construction Manager, serving as the link between Qatar Foundation, Qatar
Petroleum, the Executive Architect, and all other parties.
Pelli Clarke Pelli, a US architectural firm, is the Design Architect and creator of the actual design of Sidra.
Kurt Salmon Associates is conducting the medical planning and space programming.
A $ 2.3 billion construction contract has been awarded to an international consortium including OHL and Contrack.
Legend
Site map: Sidra Medical and Research Center
Entry Road
Exit Road
Hospital Turnaround
Arrival Boulevard
Hospital Arrival Plaza
Sunken Garden
Ramps To Underground
Parking
Sculpture Garden
Fire Lane
10
Healing Gardens Inside

Atrium
11
Mosque Garden
12
Mosque Promenade
13
Gazebo & Stair Tower
14
Bus Stop
15
Historic House
16
Waterfall
17
Clinic Drop-Off
18
Clinic Gardens
19
Medical School Connector
20
North Clinic Drop-Off
21
VIP Entrance
22
Morgue Waiting Area
23
Ambulance Entrance
24
Emergency Drop-Off
25
OB / GYN Drop-Off
26
Helipad
27
Water Feature
9. Energy and Utilities

9.1 Energy
The gradual recovery in the global economies during the start of 2011 has resulted in steady flow of investments in the
hydrocarbons sector in GCC region. This recovery reassured the region to increase in its production capacity to meet the
growing demand. Energy sector plays an important role in the GCC region as it is main source of revenue.
The original planned investment in oil and gas sector within the GCC was around USD 420 bn till 2020. However, the
revised planned budget was 4% lower compared to the original planned investments. The revised planned investment
in the GCC is around USD 401 bn (refer exhibit 33). The drop in value is due to Kuwait, which has revised its budget
downwards by around 30%. Saudi Arabia, on the other hand, has increased its planned investment by around 10% to
USD 134.6 bn.
The change in revised investment plans can be attributed to the petrochemical sector, where the Saudi Arabia is
considering massive investments over the next decade. Qatar accounts for only 10% of the total planned investments in
the oil and gas sector in the GCC.
In the GCC, the amount of contracts awarded is about USD 156.4 bn, which is around 40% of the revised planned
investment in the oil and gas sector (refer to Exhibit 34). UAE and Saudi Arabia are by far the largest markets for the oil
and gas in the region. UAE has awarded USD 70.2 bn worth of projects, while Saudi Arabia has awarded USD 58.2 bn.
Saudi Arabia, the worlds largest producer of oil, has announced massive investments during the next five years as it wants
to capitalize on the rising oil prices. UAE, on the other hand, believes that focusing and investing in the oil and gas sector
would be the most appropriate to boost the overall economy, especially after the sharp correction in the real estate sector
on the back of global recession.

Exhibit 33: Value of planned investments in

oil and gas projects (USD bn)
140
Exhibit 34: Contracts awarded in

oil and gas projects
131.7
0.6
134.6
120
12.7
3.4
11.2
USD bn
100
80
64.1
60
70.2
37.1
40
24.9
20
0
8.9
Bahrain
Oman
Qatar
Kuwait
UAE
Saudi Arabia
Exhibit 35: Natural gas reserves (Tncf)

Russia
1,680
Iran
1,046
Qatar
896
Saudi Arabia
275
U.S.
273
Source: Oil and Gas journal 2011
58.3
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
The hydrocarbon sector is the main contributor to the robust growth witnessed during the past few years. In terms of gas
reserves, Qatar is the third-largest in the world behind Russia and Iran. It is the worlds largest global supplier of LNG
and will become the worlds largest exporter of Gas-to-Liquids (GTL). The government will continue investing further
to enhance its capacity to meet the rising demand in the gas sector. However, investments are likely to be much lower
compared to past levels.
Since 2006, Qatar has invested around USD 40 bn in the oil and gas sector. In Exhibit 36, majority of this was invested
during the year 2006 and 2007 in order to achieve the desired capacity as mentioned above. In the year 2011, total amount
of projects awarded in the energy sector was USD 2.9 bn, which is around 25% of the total projects awarded during the year.
Exhibit 36: Oil and gas projects awarded in Qatar
25
21.5
20
USD bn
15
11.0
10
5
0.4
3.1
2008
2009
7.9
2.9
2010
2011*
0
2006
2007
Source: Oil and Gas Directory ME-2011 till date
Qatar started operation of mega train-7 (capacity 7.8 mtpa) in July 2009 and had brought another five plants on-stream
(46.8 mtpa) till Feb 2011. Qatar transportation company has 52 LNG vessel out of which 9 conventional vessels (145,000
154,000 m3), 31Q-Flex vessels (210,000 216,000 m3), 14 Q-max Vessels (263,000 266,000 m3). In 2011, Qatar
achieved its target capacity of 77 mtpa for LNG.
The governments investment in the energy sector is through Qatar Petroleum (QP), which is the only state owned
petroleum company in Qatar. The company operates all oil and gas activities primarily including exploration,
production, refining, transport, and storage. It is also involved in sale of crude oil, NGL, LNG, GTL, refined products,
petrochemicals and fertilizers. QP accounts for about 50% of the countrys total crude oil output. Qatar petroleum has
allocated USD 30.7 bn (2010-2014) for project in crude oil, natural gas, GTL and petrochemicals. However, the budget
has been declining in gas sector as the expansion is nearing its completion.
Gas-to-liquids (GTL) projects have received significant attention in Qatar over the past several years. The government
had originally set a target of developing 400,000 bpd (64,000 m3/d) of GTL capacity by 2012.
The biggest GTL project in Qatar is Pearl GTL. In February 2007, the same week that Exxon Mobil decided to cancel
its GTL plans, Shell held a ground breaking ceremony for its Pearl GTL project. The Pearl plant is 51% owned by Qatar
Petroleum, though Shell will act as the operator of the project with a 49% stake.
ORYX GTL is a synthetic fuel plant based in Ras Laffan Industrial City, Qatar, which is a JV between by Qatar Petroleum
(51%) and Sasol (49%). The capacity of Oryx GTL is 34,000 bpd of oil.
The facility is expected to use 1.6 bn cubic feet or 45 mn cubic meters per day (m3/d) of natural gas feedstock to produce
3.1mbd (499,000 cmd) of GTL products as well as 120,000 bpd (19,000 cmd) of associated condensate and LPG. Initially,
the estimated cost of the project was USD 4 bn, which increased to between USD 12 and USD 18 bn. The Pearl GTL is
the first integrated GTL operation in the world, which will have upstream natural gas production integrated with the
onshore conversion plant. By 2012, Qatar is likely to have 177,000 barrels per day (28,100 cmd) of GTL capacity from
Oryx GTL and Pearl GTL.
Timeline: Energy projects

QEWC / KAHRAMAA Ras
Laffan IWPP Expansion
Capacity: 4,200 MW
2013
2014
Ras Laffan Polysilicon Plant

2015
2016
KAHRAMAA - Facility D IWPP

Capacity: 2,000 MW
2018
KAHRAMAA Solar Power Complex
Timeline: Oil and gas projects

QP - Al Shaheen Refinery
(On Hold)
2013
Barzan Gas Development Onshore (Phase I)
2015
Ras Laffan Olefins Complex

2016
Qatargas - Jetty Boil

Off Gas Recovery
Barzan Gas Development

2017
Barzan Gas Development Onshore (Phase II)

Oryx - Gas to Liquids Plant
(GTL) Phase II
Shell - Petrochemical
Complex
Govt of Qatar/Govt of Kuwait Petrochemical Complex
46 - Commercialbank capital - Construction Sector report
2021
9.2 Solar Energy

Winning the bid for FIFA World Cup 2022 has given a
further fillip to the solar energy sector in Qatar. In addition
to the existing investment in the sector, major investments
can be expected in the near term as the country prepares
itself for the World Cup 2022. The ideas and concepts
conceived from solar power are likely to ensure cooling and
power control within the stadiums, which is very essential
for the successful hosting of the event. As a result, Qatar is
expected to invest about USD 1 bn on alternative energy. As
of now, the country has awarded projects worth USD 0.7 bn.
Qatar plans to build 9 new solar powered open-air stadiums
designed by German Architects Albert Speer and Partner
GmbH (AS&P), and renovate 3 existing stadiums.
Prototype: Qatar Solar Power Stadium
Electricity to cool these stadiums will be generated with photovoltaic panels (PV) and solar thermal collectors installed
on the stadiums roofs and sides. Cool air will be pumped at spectators ankles, backs, and necks, and if permissible, the
retractable roof can provide additional shade. Similarly, scientists and engineers at Qatar University have also developed
a solar powered gas-filled cloud that will shade spectators and athletes from the roaring sun. In addition, the USD 0.5 mn
artificial clouds that can be positioned over any of the stadiums in Qatar and can be maneuvered with a remote control
from the ground to keep the passing sun off the field.
Qatar Science and Technology will develop a plant at Ras Laffan Industrial City, which will be one of the first operational
polysilicon plants in the region. The plant will produce well over 3,500 tons per annum and has been designed with
future expansion in mind.
The solar energy will play an important role in successfully hosting the World Cup 2022 as the world will focus on Qatars
to see if is able to deliver the cooling standards promised during the bidding stage.
9.3 Utilities
The GCC region is undergoing transformational changes in the utility sector due to rapid growth in population,
commercial and industrial growth in the region. The governments of the GCC countries with the exception of Kuwait
have embarked on a plan to restructure and privatize the sector.
One of the other major developments in the power sector was the establishment of Power Grid Authority known as the
GCC Interconnection Authority. The authority will be responsible for overlooking and monitoring of the GCC Power
grid. The Grids existing members are Saudi Arabia, the UAE, Kuwait, Bahrain and Qatar (for Phase 1) with Oman
joining the alliance for Phase 2. Saudi Arabia can give and receive 1,200 MW, while the UAE 900 MW and Qatar 750
MW to and/or from the grid. Members are expected to maintain a minimum reserve ratio level and negotiations for
power trading (which is to commence next year) have already begun. It is estimated that the grid would save USD 5 bn
in energy costs for member countries. All six countries have joined in the second phase of the USD 1.4 bn project which
was formally initiated in April 2011.

Exhibit 37: GCC desalination capacity (000 m3/d)

Country
Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman
2006
7,410
5,730
1,197
519
2,081
377
2011
12,564
9,030
1,676
1,183
3,466
1,140
2016
17,654
12,330
2,481
1,977
4,617
2,059
Source: MEED
The total revised value of investment in the power and water sector in the GCC is USD 221.5 bn compared with
USD 216.5 bn planned initially. According to Exhibit 38, the total value of planned investment in Saudi Arabia is
USD 96.9 bn, largest market within the GCC. UAE is second largest market with a total investment of USD 57.8 bn. Qatar
has a total planned investment of USD 16.8 bn.

Exhibit 38: Planned investment in power and water

100
97 97
USD bn
80
60
55
58
40
27 29
20
14
7
18 17
14
0
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Sum of Revised Budget
Sum of Original Budget
The total planned investment in the water sector is USD 42.9 bn. Saudi Arabia is the largest market with planned
investment of USD 16.9 bn. The country has awarded around USD 8.3 bn worth of projects, while the remaining is likely
to be awarded in the coming years. UAE has planned investment of USD 8.4 bn, while USD 5.2 bn worth of projects has
been awarded. Qatar is the third largest market in the GCC with planned investment of USD 6.9 bn.
In 2011 so far, the total value of projects awarded in utility was USD 18.3 bn in the GCC (refer to Exhibit 39). Out of
this, USD 10.8 bn worth of projects was awarded in Saudi Arabia, accounting for around 59% of the total value. Kuwait
awarded USD 2.7 bn worth of projects, while USD 2.1 bn in the UAE.
Exhibit 39: Projects awarded in 2011 (USD bn)
2.1
0.4
2.7
1.9
10.8
0.5
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
In the GCC, Qatar is well placed in terms of meeting the rising demand in the near future. The government is investing
in the power sector but in phases to ensure that the there is no excess capacity. Qatar as well as the other GCC nations
faces the problem of high consumption of electricity compared to the global averages. One of the main factors could be
the subsidies provided by the government of Qatar on the cost of power and water in the country. Electricity and water
is free of cost to the nationals, which accounts for around 13% of total population.
Qatar is among the top countries in GCC in promoting Public Private Partnerships (PPPs) in energy and utilities sector.
The drive to increase private-sector involvement in the country stepped up in 2000, with the formation of Qatar General
Electricity and Water Corporation (QEWC). In Qatar, the power sector plants are owned and operated by QEWC. The
company is also responsible for meeting the consumption needs of Qatar. The power-generation segment of QEWCs
business is privatized. However, it sells its products through long-term power and water purchase Agreements (PWPAs)
to Kahramaa, which is fully owned by the Qatari government. Kahramaa is the Qatari utilities regulator responsible for
transmission and distribution of electricity and water, development of policies and procedures for the management and
supervision of the water and electricity sectors in Qatar.
Qatar is planning to privatize the transmission and distribution segment, which would increase the transparency and
efficiency within the sector. In the past 20 years, QEWC has continued to expand its production capacity through fully and
jointly owned plants. In 3Q 11, the company reached electricity generation capacity of 5,578 MW and water-desalination
capacity of 265 million imperial gallons per day (MIGD), representing more than 60% and 70% of Qatars total power
and water production capacities, respectively.
In 2011, Qatar commissioned the USD 3.9 bn Ras Girtas power plant, which is expected to be one of the major power
generation plants in the country located in Ras Laffan Industrial City. The plant is expected to produce 2,730 MW of
electricity and 286,404 m3/d of desalinated water. Qatar holds 60% of the plant which is divided between QEWC (45%)
and Qatar Petroleum (15%) and rest 40% is being held by Ras Qatar Energy Company. It is a 25 year contract between
Ras Qatar and QEWC, according to which Ras Qatar will supply its production to QEWC which in turn will use it to
supply to the local network or externally in the context of the GCC Electricity Link-up System.
The total planned investment in power sector is around USD 9.0 bn. Total value of projects awarded was USD 3.7 bn
since 2008, out of which USD 3.1 bn was awarded in 2008 and 2009. In 2011, three projects were awarded with a total
value of USD 422 mn. The value of projects awarded accounted for around 6% of the total value of projects awarded in
Qatar. There were a total of 19 projects awarded in the power sector compared to 338 projects in Qatar.
Exhibit 40: Value of investment in power sector
1.8
1.7
1.5
1.4
USD bn
1.2
0.9
0.6
0.4
0.3
0.2
0.0
2006
2009
2010
2011
The total investment in the power sector during 2010 and 2011 (so far) has remained subdued especially as the major
capacity is expected to come online in 2011. Power sector investments will continue to remain subdued as Qatar is well
placed in terms of meeting the demand requirements. The expected investment in power sector is around USD 5 bn
in the next decade. As a result, the excess capacity is likely to sold to other members of the GCC through Kahramaa,
especially Sharjah and Kuwait as they are experiencing shortages. This process may be facilitated by the completion of
the GCC Interconnection Power Grid. Qatar has already completed the first phase of this project with the remaining two
phases set to conclude this year.
In Qatar, more than 75% of the water requirement is dependent on the supply of desalinated water. The average per
capita consumption is estimated at 310 liters per person per day. Construction activity (preparation for World cup 2022)
and the agricultural sector accounted for more than 70% of water demand in Qatar. Qatar has minimal groundwater
reserves with an average rainfall of about 75 millimeters a year. Therefore, it is more than 99% reliant on desalination to
meet its domestic demand. The desalination capacity in the region is expected to increase by 24% from current levels to
reach 325 MIGD by the end of 2012.

Exhibit 41: Investment in Qatar water sector

1.6
1.5
1.4
1.2
USD bn
1.2
1.0
0.8
0.6
0.6
0.4
0.4
0.2
0.1
0.0
2007
2008
2009
2010
2011
The Kahramaa has invested in water storage construction activity, undertaking a USD 2.75 bn reservoir project capable
of holding seven days worth of fresh water as a backup for desalinated water supply. The 1.9 bn gallon facility will
include a network of reservoirs connected by a 183 km, 2.5 m-wide pipeline linking the Ras Laffan desalination facility
in the countrys north and the Ras Abu Fonts plant in the south. Treated wastewater contribution to the water supply is
expected to rise from 0.05 bn cubic meters per year in 2011 to 0.065 bn cubic meters per year by 2015. Ensuring that more
and more water in the country is re-used, the government of Qatar has formed a joint venture with Singapores Darco
Water Technologies to build a USD 5 bn wastewater recycling plant for serving the small towns and villages of Qatar. The
Public Works Authority (PWA) is responsible for the waste water and drainage projects in the country.
The total planned investment in water sector is around USD 6.9 bn, which has been revised upwards from USD 5.2 bn.
Total value of projects awarded was USD 3.8 bn since 2008. In 2011, three projects were awarded with a total value of
USD 362 mn. The expected investment in water sector is around USD 3 bn in the next decade.
Kahramaa has allocated USD 4.3 bn for two main pilot projects. The first, a water production technology independent
of power expected to be operational by 2012, will add 0.05 mn m3/d capacity to the system. The second is for a reservoir
with 8,000 meter cube holding capacity to service the West Bay and Airport area in Doha.
Timeline: Utilities projects

QEWC / KAHRAMAA RasLaffan IWPP Expansion
Capacity: 235 mmgpd
2012
Qatar Transmission Phase VIII
Qatar Transmission Phase IX
Qatar Transmission Phase IX:
Substation Package
2013
2014
2015
2016
KAHRAMAA - Facility D IWPP

Capacity: 60 mmgpd
KAHRAMAA - Water Security
Mega Reservoirs
Doha North Wastewater

Treatment Plant
Doha and Rayyan Sewerage
Commercialbank capital - Construction Sector report - 51
10. Building Materials

10.1 Cement
The cement industry has undergone significant expansion during the past few years on the back of massive investments
in the construction sector. The cement sector is the biggest beneficiary of the construction spending in general and the
real estate sector in particular. The demand for cement in the GCC countries has given an entry option to new players
in the region. In 2005, the region produced 48 mt of cement which further increased to 85 mt in 2010.

Exhibit 42: World cement production

3,500
3,000
2,610
2,850
2,810
2.6%
2.6%
MT
2,500
2.2%
2,000
2.2%
1,500
1,000
3.0%
3,300
3,040
1.8%
1.9%
1.8%
1.8%
1.4%
500
0
2006
2007
2008
World Production
2009
1.0%
2010
GCC Production as % of World
Source: USGS and Commercialbank Capital Research
The two major cement producers in the region are Saudi Arabia and UAE. The UAE registered a CAGR growth of
16.6% from 11 mt in 2006 to 20.3 mt in 2010 (refer to Exhibit 43), which is the highest in the region. The countrys
strong growth in production was driven by massive investment in construction during 2003 to 2008. Since then the
country has witnessed the highest number of projects on hold or cancelled due to the overall liquidity crisis, which was
led by the global recession. Saudi Arabia is the largest producer of cement in the GCC.
During 2006 and 2010, cement production grew at a CAGR of 17.0% to 50.8 mt (refer to Exhibit 43). This healthy
growth in production was on the back of massive public spending in the construction sector, especially the real estate
sector.

Exhibit 43: Cement production in the GCC

54.0
50.8
45.0
40.0
36.0
MT
27.0
20.3
18.0
16.0
9.0
0
0.8 1.0
2.0 2.5
Bahrain
Kuwait
4.2 5.3
4.0 5.1
Oman
2009
Saudi Arabia
2010
UAE
Qatar
Qatar is the third largest cement market in the GCC in terms of both consumption and production capacity.
Historically, the cement production in Qatar was below the consumption and the excess demand was accommodated
by importing from Saudi Arabia. Qatar National Cement Company (43% owned by Government of Qatar) was the
only cement company in Qatar up until 2010, which enjoyed the monopoly in the market. But since 2010, two new
companies entered the cement market due to capitalize on the construction activity, namely Al Khalij and Al Jaber
Cement Industries.
Exhibit 44: Qatar cement production
6.2
6.4
5.6
5.3
4.8
4.2
MT
4.0
3.5
3.2
2.4
2.5
1.6
0.8
0.0
2007
2008
2009
2010
Current
The production of cement has increased over the years as the companies gear up for the ongoing construction activity.
Currently, the companies are planning to further expand their production to prepare for the massive investment in
construction sector. Majority of the construction will come from infrastructure and real estate sector, where cement
sector is the direct beneficiary.
Qatars contribution to GCC production has increased from 4.9% in 2007 to 6.2% in 2010. We believe that this is likely
to increase further as the companies gear to meet the rising demand in the next five years. Qatars current production
capacity stands at 6.2 mt.
Qatar National Cement Company (QNCC) is the largest cement producer with a production capacity of 4.4 mt and
a market share of around 70%. QNCC also announced that it is going to increase it cement capacity by 0.93 mtpa to
5.36 mtpa in the coming years. Al Khalij and Al Jaber have a market share of 24% and 5% respectively in the domestic
market.
Cement prices have been volatile in the GCC, especially in the UAE. However, the cement price in Qatar has been
cement as it is controlled by the government. Going forward, we do not expect any volatility in the cement price and
believe that it will continue to remain stable at current levels.
The current production capacity of cement in Qatar is enough to absorb the demand. Going forward, we believe that
cement consumption will grow at a CAGR of around 12% from 2011 to 2015 (refer to Exhibit 45). In our view, majority
of the projects that are under construction or planned will be completed by the end of 2015.
Exhibit 45: Qatar cement consumption forecast
16.0
15.3
14.2
12.2
MT
12.0
8.0
5.5
5.5
2011
2012
4.0
0.0
2013
2014
2015
Source: Commercialbank Capital Research, ConstructionWeek
Based on that assumption, we have forecasted the cement consumption in Qatar. We believe that the consumption will
be at its peak in the years 2013 and 2014. Qatari cement companies are unlikely to match this demand, which means
that the excess demand will be imported from Saudi Arabia and UAE. The outlook on cement sector in Qatar is positive
on the massive investment in the construction sector backed by strong macroeconomic fundamentals.
10.2 Steel
The global steel industry has witnessed a boom and bust cycle in past few years. In past five years, world steel production
grew at a CAGR of 2.1%, while the GCC grew by 9% in 2010. The contribution of GCC to the world has remained same
for the past four years (refer to Exhibit 46), indicating that the regions capacity expansion is line with global standards.
In the GCC, there are 18 steel companies, engaged in production of raw steel and finished steel products. Steel
consumption across the GCC region has increased underpinned by significant investment in the construction sector.

Exhibit 46: GCC steel production (000 MT)

1,500
1,347
1,247
1.0%
1,417
1,329
1,232
1,200
1,136
0.8%
900
600
0.6%
0.4%
0.5%
0.5%
0.4%
0.5%
0.5%
0.4%
300
0.2%
0
2006
2007
2008
World
2009
2010
Sep -11
0.0%
GCC as % of World
Source: World Steel Association
Exhibit 47: GCC steel production (000 MT)

6,000
4,690
3,959
4,000
2,000
5,015
1,970
1,448
1,503
90 90 90
Qatar
Saudi Arabia
2009
2010
UAE
Sep -11
Saudi Arabia is the largest market in not only GCC but the MENA region. Saudi Arabias Hadeed is the worlds
40th largest producer of steel with a production of around 5.0 mt.GCC countries will continue to remain a major
consumer of steel products, which constitute 60.0% of the estimated demand as these countries continue to invest in
its infrastructure and petrochemical sector to sustain economic growth.
In the GCC, Qatar is witnessing the fastest growth in steel production during the past four years. The steel production
capacity in Qatar grew at a CAGR of 15%, while it grew by 5.9% in the GCC (UAE, Saudi Arabia and UAE as shown
in Exhibit 48). Qatar is increasing its production capacity to meet the rising demand underpinned by the planned
investments in the next decade.

Exhibit 48: Steel production in Qatar (000 MT)

1,970
2,000
1,600
1,200
1,503
1,448
1,406
27.8%
1,147
27.1%
30%
25%
23.2%
22.8%
800
35%
20%
19.5%
400
15%
0
2007
2008
2009
Qatar
2010
Sep -11
10%
Qatar % of GCC
Qatar Steel, which is a wholly owned subsidiary of Industr ies Qatar (70% owned by the Government of Qatar), has
emerged as one of the biggest players in MENA region with an annual production capacity of 2 mt per year. It is the
second largest steel producer in the GCC, after Saudi Arabia Hadeed.
Qatar Steel plans to enter new markets such as Egypt, Yemen and the Far East (Korea, China, and Indonesia). The
company has decided to expand its steel making capacity by 1.1 mt per annum through a plant adjacent to its existing
plant in Mesaieed. The plant is expected to start operations from first quarter of 2013.
10.3 Aluminum

Exhibit 49: GCC aluminum smelters
Country
Bahrain
Qatar
Saudi Arabia
Saudi Arabia
UAE
Company
Alba
Qatalum
Maaden (Phase I)
Maaden (Phase II)
Emal
Current Capacity (mt) Future Capacity (mt) Completion Year

0.87
1.4
2014
0.58
1.2
0.7
2013
0.72
2.4
2016
0.75
1.5
2014
Source: Gulf Aluminum Council
The GCC aluminum sector has become a major non-oil industry sector and contributor to economic growth. Currently,
the GCC produces 7% of the worlds global production of aluminum (refer to Exhibit 50). The addition of new smelters
and expansions in the pipeline, the regions production could reach 9 mn metric tons or 13% of global supply by the
year 2020. Currently, the GCC building and construction industry consumes up to 400,000 tons of aluminum annually,
making it one of the biggest markets for aluminum products in the region.
Exhibit 50: Aluminum production in GCC (000 MT)

36,856
45,000
38,044
36,000
8.0%
40,752
39,584
7.0%
6.9%
33,864
6.0%
6.0%
27,000
5.0%
5.1%
4.6%
4.7%
4.0%
18,000
3.0%
2.0%
9,000
1.0%
0
2006
2007
World Production
2008
2009
2010
0.0%
GCC % of World GCC
Source: USGS
The total production of aluminum is likely to increase by 8.4% annually till 2014, which will take the total production
to 4.2 mt. The demand for aluminum products in the construction sector is expected to increase at a CAGR of 9%,
which means that GCC will continue to import to meet the excess demand on the back of massive investment plans in
the construction sector.
Qatar accounts for about 15% of the total production in the GCC. Qatar is expected to grow at a CAGR of 12% between
2010 and 2014, the fastest in the GCC region. We remain optimistic on Qatar Aluminum sector and believe that it will
continue to witness strong demand on the back of massive investment plans in Qatar as it prepares for the World Cup
2022.
Qatar Aluminum (Qatalum) is a 50-50 joint venture between Qatar Petroleum and the Norwegian company Hydro
Aluminum. The plant has a production capacity of 585,000 mt per year. Qatalums complex facilities include a carbon
plant, port and storage facilities, as well as a captive power plant. The company is planning to increase the production
capacity and export to all countries as company does not have a specific quota.
Dubai Aluminum Company Limited (DUBAL) is one of the largest industrial companies in the UAE, located in Jebel
Ali. The company was established by Investment Corporation of Dubai in 1975. DUBAL is currently ranked as the 7th
largest global producer in the industry with a current production capacity of 980,000 tons per annum by the end of
2010.
Emirate Aluminum (EMAL) is a 50-50 JV between DUBAL and Mubadala Development Company. EMAL is a greenfield smelter development at Al Taweelah, Abu Dhabi. Commissioning of EMAL Phase 1 began in December 2009 and
was completed by December 2010. The companys current production capacity is 750,000 tons per year. The company
has USD 4.5 bn expansion plans, which will almost double its capacity to 1.3 mt per year.
11. Methodology and Assumptions

Methodology

Step 1: Economic indicators was sourced from Qatar Statistics Authority and IMF (Forecast)
Step 2: Initially, the list of projects ongoing and planned was compiled from various relevant sources. We decided to take
data from one source due to the inconsistency from various sources.
Step 3: Project data was further analyzed and categorized as follows:

The data was re-classified based on the sectors that are being discussed and analyzed in this report. The residential
project data was also re-classified in to residential, commercial, hotel and tourism based on description of each
project under this category
-
We have analyzed the start and end date for each project and calculated the remaining days left on each project. The
number of days was divided by 90 to arrive at the remaining quarters left on each project
The project value was appropriated based on project life. The allocation was done on per quarter basis. For example,
if a USD 200 mn project started in Q3-09 and is set for completion in Q3-11, USD 25 mn is allocated per quarter.
2009 project value would be USD 25 mn, 2010 USD 100 mn and allocation for 2011 will be USD 75 mn
Step 4: We have taken the existing projects in the above format. We have added future investments to the existing projects
based on the USD 225 bn announced by NDS.
Step 5: Based on this assumption, we have created three scenarios, which are Base, Worst and Best case scenarios.
Step 6: In each scenario, we have assumed a % of GDP based two growth stages. The forecasted GDP is taken from IMF
until 2016, thereafter a 5% growth in GDP is assumed till 2020. The first growth stage would be from 2013 to 2017, while
the second growth stage would be 2018 to 2020
Total Construction size = planned/underway projects + planned by NDS + additional investments as a % of GDP
Scenario Assumption
In order to arrive at the total market size, we have added the contributions from three approaches as described above. This
methodology was adopted to build three scenarios in our analysis to arrive at a market size. In each scenario, the base of
USD 225 bn remains the same while following assumptions are made for each scenario:

Base case: The optimum Scenario

No projects cancellation or on hold is assumed during the projection period
We have assumed additional investments as a % of GDP in two growth stages. The first is between 2013 and 2017 and the
second is between 2018 and 2020
Worse case: Slowdown to impact the overall projects planned

We have assumed a 15% drop in planned investments by the government due to the adverse effect of global slowdown
No additional investments as a % of GDP
Best case: Optimistic based on new sporting events

No projects cancellation or on hold is assumed during the projection period
We have assumed additional investments as a % of GDP in two growth stages. The first is between 2013 and 2017
and the second is between 2018 and 2020
Data Limitations

Data discrepancies were witnessed for various projects. Therefore, we have taken the data from what we perceived as the
most reliable source, which has been referred as the source throughout the report
Since GDP estimates by IMF were available till 2016, we have taken a conservative growth rate of 5% per year until 2020.
The Commercial Bank of Qatar (Q.S.C.)
Construction Sector Report

Company Profiles
Public Companies
Arabtec Holding Company
60
Atkins WS PLC
61
62
Chiyoda 63
Drake & Skull International
64
65
Galfar Engineering
66
Hochtief 67
Hyundai Engineering and Construction Co.
68
Hyundai Heavy Engineering
69
JGC Corporation
70
Mazaya Qatar Real Estate Development Co.
71
Qatar Electricity and Water Company
72
Qatar Investor Group
73
Qatar National Cement Company
74
Private Companies
75
Al-Bader Construction Steel Works
Al Jaber Engineering
75
Ashghal 76
Bechtel 76
China Harbour Engineering Company
77
Consolidated Construction Company
77
Habtoor Leighton
78
MIDMAC Contracting Company.
78
Msheireb Properties
79
79
Qatar Diar Real Estate Investment Company
80
Qatari Diar Vinci Construction Company
80
Qatari Engineering and Construction Company 81
Qatar Foundation
81
Qatar Investment and Project Development
Holding Company
82
Q. Mobility
82
Qatar Steel Company
83
Rabban Readymix
83
Saudi Binladin Group
84
Six Construct Qatar Ltd.
84
TAV 84
Arabtec Holding PJSC
Reuters/Bloomberg code:
Company Overview
Arabtec Holding is one of the major construction companies in the GCC region. It
was established in 1975 in the UAE, and has 17 operational subsidiaries as of now.
The company was primarily focused on the Dubai market, but the recession led to
cancellations and delays, which resulted in a change in its strategy. As a result, the
company now operates in Abu Dhabi, Jordan, Qatar, Russia, Saudi Arabia and Syria.
Strategic partnerships are playing a key role in Arabtecs global expansion strategy.
In Qatar, Arabtec has partnered with Nasser Bin Khaled Al-Thani & Sons Holding
Company for the development of Al Waab City
Business Description
Arabtec operates in four business segments namely Building construction, Precast
and Concrete production, Drainage and Electromechanical corks and Marine
construction.
Recent Developments
The joint venture of Arabtec and Raheja Ltd was awarded a project of AED 750 mn
to construct three mixed use projects in New Delhi and Gurgaon.
In June 2011, the company signs a deal to build Qatar Trade Centre in Doha.
The company awarded project of Al Waab City for AED 2.5 bn in Doha.
AED mn unless otherwise mentioned
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (AED)
Book Value
Per Share (AED)
Dividend Per
Share (AED)
Market Data
Cmp (aED)
Shares outstanding (mn)
market cap (aED mn)
market cap (uSD mn)
52-week range H/l (aED)
1.6
1,495.0
2,421.9
659.4
1.8/0.5
Foreign Ownership (%)

limit allowed (%)
Current Exposure
49.0%
23.0%
Shareholding Pattern
Riad Burhan 5%
Const. Holding
Co. 5%
Other Investor
35%
Public 55%
Chairman / V.Chairman / MD
mr. Ibrahim Belselah Chairman
Management
mr. riad kamal Board member and
management, CEo
Company Financials
Particulars
arTC.Du/arTC DB
Y-O-Y CAGR (%)

(%) (2008-10)
Key Ratios
3,542.1
8,338.0
3,179.0
567.4
-13.8
-9.7
5.3
-34.1
-25.0
-4.2
21.0
-23.4
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
580.7
-3.2
-11.9
2008
2009
2010
9M-11
9,721.7
9,459.7
2,117.9
1,255.5
7,664.7
9,110.5
2,728.0
956.9
5,463.7
8,680.1
3,102.3
737.1
757.4
634.1
588.1
16.2
0.9
na
Price Performance
4
11.0
61.0
13.4
0.6
8.0
23.1
5.3
0.3
7.8
12.1
3.5
0.2
3.9
3.0
1.1
0.1
-63.5
-43.0
1.3
1.6
1.8
1.9
5.6
19.4
NA
NM
0.0
300
200
2
100
1
0
0
Jan-09
Feb-10
Price AED
Mar-11
Volume mn
Segmental Revenues in 2010
Precast 1%
* PE&P 1%
Drainage &
Scanff. 4%
Contact 94%
* Plant, Equipment & Electricals
Atkins WS PLC
Company Overview
Atkins is one of the worlds leading engineering and design consultancies, and
was established in 1938 by Sir William Atkins in London. It provides services to
companies in more than 20 different sectors. It has five segments: United Kingdom,
North America, Middle East, Asia Pacific and Europe and Energy. The company has
over 300 offices around the world and employee strength of 17,700.
The companys area of expertise lies in infrastructure such as buildings, transport
and utilities (including energy and water). It works for national and local
governments, and other industrial clients.
Atkins designs intellectual capital such as management systems and business
processes. It also designs physical structures such as office towers, schools, bridges
and highways. It also helps in cost and risk planning, feasibility studies and logistics.
aTkWl./aTk ln
Market Data
Cmp (GBp)
market cap (GBp mn)
market cap (uSD mn)
52-week range H/l (GBp)
limit allowed (%)
Current Exposure
Company Financials
Black Rock Inc 10%

Schroders pic 10%
Newton
Investment 6%
Others 74%
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (GBP)
Book Value Per
Share (GBP)
Dividend Per
Share (GBP)
allan E Cook Chairman
Management
peter michael Williams mD
uwe krueger CEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
9.5
11.4
3.8
pEG (x)
GBP mn unless otherwise mentioned

Particulars
na
na
Recent Developments
In January 2012, Qatars Municipality and Urban Planning Ministry appointed
Atkins to help establish and run its Central Planning Office (CPO). The new body
will coordinate current and planned, road, metro and other major infrastructure
schemes that will underpin Dohas 2030 vision. The contract will run for three
years, with an option to extend to seven years, and is worth about USD 108 mn.
A team of 100 consultants from Atkins will join the new government body.
In November 2011, Atkins announced a five-year contract worth circa GBP 65 mn
to help transform the roads and drainage systems in the Qatari capital, Doha.
Atkins registered a 27% revenue growth in first half of 2012. Similarly, it reported
a net profit growth of 19% in the same period.
759
104.4
795.4
1,251.7
831/480.7
Y-O-Y CAGR(%)
(%) (2009-11)
2009
2010
2011
6M-12
1487.2
828.7
-43.5
17.1
1387.9
875.6
-84.9
11.4
1564.3
997.8
16.3
53
842.9
1049.7
69.7
112.1
26.9
7.6
-165.3
-13.4
2.6
9.7
NA
76.1
78.1
260.3
121.5
138
-60.7
24.7
0.9
Price Performance
1000
750
500
1
250
0
0
Jan-09
Jan-10
Price GBP
7.0
NA
11.1
0.9
8.2
NA
12.0
1.1
6.9
NA
7.7
0.7
NA
NA
7.7
0.36
20.0
-7.1
-0.4
-0.8
0.2
0.67
-165.7
NA
0.3
0.3
0.3
0.1
NA
5.6
Jan-11
Feb-12
Volume mn
Energy 6%
UK 58%
North America 17%
Middle East 9%
Asia Pacific &
Europe 10%
Company Overview
Founded in November 2005, Barwa Real Estate Company (Barwa), is a leading real
estate and investment company in Qatar with the aim of contributing towards the
development of the country in tandem with the Qatari governments development
plan, the Qatar Vision 2030. The company is headquartered in Doha, and has a
presence in Qatar, the UK, North Africa and other GCC and European countries.
BrES Qa/BrES QD
Market Data
Cmp (Qar)
market cap (Qar mn)
market cap (uSD mn)
52-week range H/l (Qar)
29.6
389.1
11,654.3
3,200.6
39.2/27.2
Barwa is engaged in investing, developing and managing domestic as well as
international real estate projects
Barwas flagship projects include Barwa Financial District, Barwa Commercial
Avenue, Barwa Al Sadd, Barwa Village, Barwa City, Masaken Al Sailiyah and
Musaimeer
The company has over 40 investments in five segments Real Estate Qatar,
International, Business Services, Infrastructural Services and Financial Services.
Barwa is engaged in hotel ownership and management, banking, project financing,
advisory, advertising and brokerage services

limit allowed (%)
Current Exposure
25.0%
5.1%
Recent Developments
In November 2011, Barwa signed a lease agreement with Chinese company Dragon
Mart to open a market for Chinese products in Barwas Commercial Avenue
project.
In October 2011, Barwa Real Estate Co. saw third-quarter net profit fall 71% to
QAR 80.5 mn (USD 22.1 mn), as debt and obligations soared.
USD 658.9 mn Barwa Al Sadd project is over 99% completed and is expected to be
ready for handover during Q2, 2012.
Barwa contracted with Qatar National Broadband Company to build a nationwide
high-speed fiber broadband network, as per which, the latter will install Fiber-toHome (FTTH) network at Barwa projects through a network of underground
telecom ducts and lease it to operators to offer retail telecom services.
Hitmi ali khalifa al Hitmi Chairman
mr. mohammed abd al aziz Saad al Saad
V. Chairman
Company Financials

2008
Qatari Diar 45%

Public 55%
Management
abdulla abdulaziz al Subaie Board
member and GCEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
13.2
2.5
na
na
Price Performance
QAR mn unless otherwise mentioned

Particulars

2009

2010

9M-11
Revenue
1,346.9 1,363.2 1,564.1 2705.1
Total Assets
24,317.1 34,892.8 73,982.2 65,806.1
Shareholders Equity 4,772.5 5,763.1 13,100.7 11645.0
Total Debt
12,476.4 20,050.8 24,179.0 28,569.5
Cash & Cash
Equivalents
538.8 1928.0 12,983.1 3,439.2
Net Operating
Margin (%)
24.0
-66.5
-278.2
37.9
ROE (%)
8.3
15.9
17.1
13.6
ROA (%)
1.5
2.6
2.6
2.3
EPS (QAR)
1.5
2.9
4.0
2.2
Book Value Per
Share (QAR)
16.9
19.7
28.9
29.9
Dividend Per
Share (QAR)
0.0
2.0
NA
NA
Y-O-Y CAGR (%)

(%) (2008-10)
0.2
1.3
13.3
-35.6
7.8
74.4
65.7
39.2
-72.1
390.9
-9.1
66.3
13.3
30.6
NM
NM
60
8
6
40
4
20
0
Jan-09
Jan-10
Price QAR
Jan-11
Feb-12
Volume mn
Investing
Activities 2%
Real Estate 98%
Chiyoda
Company Overview
Chiyoda Corporation is an integrated contractor company established in 1948, with
a paid up capital of yen 43,396 mn. The company has had its presence in Qatar since
1982. Chiyoda formed a joint venture with Technip for the development of RasGas
III-Onshore Package. The company has built various plants and executed numerous
projects in over 40 countries in different sectors, including petroleum and natural
gas, chemical and petrochemical, pharmaceuticals, environmental conservation and
general industries. The company is headquartered in Yokohama, Japan.
Chiyoda primarily provides services in the field of engineering, procurement and
construction for gas processing, refineries and other industrial plant projects,
particularly for Gas Value Chain Projects. It is also involved in painting and
insulation works as well as operation, maintenance and engineering consultancy
services.
6366.T/ 6366Jp
Market Data
Cmp (JpY)
787.0
259.1
market cap (JpY mn)
201,491.2
market cap (uSD mn)
2,626.0
52-week range H/l (JpY) 1036.0/566.0
limit allowed (%)
Current Exposure
na
na
Mitsubishi Co.
33%
Master Trust
Bank 5%
Others 62%
Recent Developments
In September 2010, Chiyoda awarded an EPC contract Helium Extraction Unit
Facilities for RasGas Trains 6/7 and Helium 2 Project Utilities.
The JV of Chiyoda and Technip has won EPC for the RasGas III-Onshore Package
for QAR 4.3 bn and expected to be completed by Q2-13.
Chairman / Vice Chairman / MD

mr. Yoichi kanno Executive Vice
president
Company Financials
Management
mr. Takashi kubota president and CEo
JPY mn unless otherwise mentioned

Particulars

2009

2010

2011

9M-12
Revenue
446,438.0 312,985.0 247,082.0 172,578.0
Total Assets
357,816.0 32,8174.0 353,392.0 339256.0
Shareholders Equity 145,917.0 149,253.0 155,758.0 159,891.0
Total Debt
10,058.0 10,039.0 10,233.0 10,195.0
Cash & Cash
Equivalents
38,747.0 43,002.0 33,855.0 27,627.0
Net Operating
Margin (%)
1.6
0.5
7.1
9.2
ROE (%)
5.7
2.0
5.3
5.7
ROA (%)
1.8
0.9
2.3
2.6
EPS (JPY)
25.6
11.4
30.8
33.3
Book Value Per
Share (JPY)
561.1
573.6
599.2
614.9
Dividend Per
Share (JPY)
7.5
3.5
11.0
NA
Y-O-Y CAGR (%)

(%) (2009-11)
-6.4
2.3
4.5
-0.2
-25.6
-0.6
3.3
0.9
30.4
-6.5
59.3
9.7
6.2
3.3
NM
21.1%
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
24.3
1.3
na
1.0
Price Performance
1200
1000
800
600
400
200
Jan-09
18
15
12
9
6
3
0
Mar-10
Price JPY
May-11
Volume mn
Others 6%
Engineering 94%
Drake & Scull International PJSC
Company Overview
Drake & Scull International (DSI) is a leading construction company in the GCC
region and was established in 1966 in Abu Dhabi. DSI was listed on the Dubai
Financial Market in 2009. The company has horizontal as well as vertical integration.
Under its vertical integration, DSI established Drake and Scull Water and Power and
developed telecommunication infrastructure while under horizontal integration,
the company established Drake and Scull for Electrical Contracting Kuwait, DSI
Jordan, DSI Libya, DSI Thailand and Drake and Scull Contracting.
DSI is primarily engaged in contracting work related to the construction industry,
such as electrical, plumbing, air-conditioning and sanitation work.
The company operates in three major business segments, namely Mechanical,
Electrical and Plumbing (MEP), Water and Power solutions and Civil Contracting.
DSI operates in sectors including aviation, rail, healthcare, education, hospitality
and district cooling.
Recent Developments
DSI has secured a series of Civil, MEP and W&P projects in Oman, Egypt, Kuwait,
Saudi Arabia, UAE, Asia and Europe for a combined value of AED 3.4 bn and its
backlog stood at AED 7.5 bn at the end of second half of 2011.
In April 2011, the company acquired the International Centre for Contracting Co.
(ICC) For SAR 128 mn in Saudi Arabia.
The company recently won a MEP contract for AED 170 mn for Danat Al
Emarat (Women and Childrens Hospital) as well infrastructure contract for the
construction of a sewerage project for AED 75 mn.
In June 2011, DSC won a MEP contract for a private residential facility for
AED 100 mn in Qatar.
DSI Du/ DSI uH

Market Data
Cmp (aED)
market cap (aED mn)
market cap (uSD mn)
week range H/l (aED)
0.8
2,177.7
1,720.4
468.4
1.2/0.7

limit allowed (%)
Current Exposure
49.0%
8.0%
KRT2 9%
KRT3 9%
Kahldon Rashid 8%
HSBC 6%
Public 67%
mr. majedSaif al Ghurair Chairman
Management
mr. khaldoun rashid Tabari CEo and
Vice Chairman
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
10.9
0.7
na
na
Company Financials
Price Performance
AED mn unless otherwise mentioned

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (AED)
Book Value Per
Share (AED)
Dividend Per
Share (AED)

2008

2009

2010

9M-11
Y-O-Y CAGR (%)

(%) (2008-10)
1,425.4
1,449.8
310.9
261.9
2,211.7
4,400.6
2,515.4
663.4
1,854.6
4,870.6
2,541.8
789.4
2,230.5
5,586.3
2,678.3
732.8
81.3
29.8
7.8
9.8
14.1
83.3
185.9
73.6
162.3
1,160.3
705.2
621.2
-7.5
108.4
9.8
69.3
12.7
NA
9.0
24.1
11.4
0.2
6.3
6.3
3.3
0.1
6.2
5.8
2.8
0.1
29.5
NA
NA
1.1
1.1
1.2
8.5
NA
0.0
0.1
0.0
NA
NM
NM
1.5
600
1.0
400
0.5
200
0.0
0
Mar-09
May-10
Price AED
Jul-11
Volume mn
Civil Works 22%

MEP 54%
IWP 24%
Company Overview
Doha-based Ezdan Real Estate Company (Ezdan) was established in 1960 as Thani
Bin Abdulla Housing Group; subsequently, it was transformed into a limited liability
company. In 2006, Ezdans real estate investments were transferred to a new entity
Iskan Real Estate Company (renamed as Ezdan Real Estate Company). Ezdan was
listed on the Qatar Stock Exchange in 2008. The company operates directly and
through its subsidiaries Ezdan Trading and Contracting Company, Ezdan Hotel
and Suites and Ezdan Real Estate Investment in Qatar.
Ezdan contributes to infrastructure development in Qatar by complying with
Islamic Shariah guidelines.
The company is primarily involved in real estate property investment, development
and management. Also, Ezdan offers real estate brokerage and business consulting
services. The companys primary focus is on shopping malls and residential
properties.
Ezdans key projects include Ezdan Mall 1, Ezdan Mall 2 and Ezdan International
School
Ezdan Trading and Contracting Company contracts for buildings, road paving,
trading building materials, electricity work and maintenance. Ezdan Hotel and
Suites Company offers management services for hotels, suites and restaurants,
while Ezdan Real Estate Investment is involved in real estate development.
Recent Developments
In June 2011, Ezdan sold two labor lodgings for QAR 516 mn. One at Al Sailiyyah
and other at Al Mesaimeer.
In April 2011, Ezdan announced the commencement of construction of its first
commercial center, Ezdan Mall 1 in Al Gharafa, on an area of nearly 66,000 sqm.
The company also announced plans to construct the tallest tower worldwide,
subject to the procurement of land.
In March 2011, Ezdan was in the process of selling a local real estate portfolio to a
Malaysian investment fund for a consideration of QAR 1 bn.
Company Financials
Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (QAR)
Book Value Per
Share (QAR)
Dividend Per
Share (QAR)
2008
2009
2010
9M-11
379.3
472.2
467.6
437.2
6,921.1 30,060.2 31,924.4 32,853.1
6,487.1 27,284.6 27,402.8 27,604.5
366.0 2,042.6 3,531.4 4,414.4
Y-O-Y CAGR (%)

(%) (2008-10)
33.5
4.5
0.5
45.5
11.0
114.8
105.5
210.6
164.9
121.0
674.5
863.7
35.4
102.2
74.6
23.4
22.4
1.4
64.6
51.4
47.0
2.5
37.4
0.4
0.4
0.0
44.6
0.7
0.6
0.1
14.3
-81.8
6.6
4.8
10.3
10.4
0.5
25.1
0.0
0.0
0.0
NA
NM
0.0
ErES.Qa/ErES QD
Market Data
Cmp (Qar)
market cap (Qar mn)
market cap (uSD mn)
week range H/l (Qar)
22.1
2,652.5
59,256.8
16,273.5
31.2/21.3

limit allowed (%)
Current Exposure
22.5%
0.0%
Public 23%
Al-Tadawul
Holding 77%
H. E. Sheikh Thani Bin abdulla Bin
Thani al Thani Chairman
Management
Eng. Hesham al-Sahtari mD
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
400.1
2.1
na
na
Price Performance
50
40
400
300
30
20
10
0
Jan-09
200
100
0
Feb-10
Price QAR
Mar-11
Volume mn
Investment Pro. 20%

Hotels 12%
Contracting 68%
Galfar Engineering
Company Overview
Galfar Engineering & Contracting SAOG (Galfar) is Omans largest construction
company established in 1972. It was listed on the Muscat Securities Market (MSM)
in 2007. Galfar has had successful partnerships with international design and
construction firms like Petrofac, Snamprogetti, Bechtel, Daewoo etc. for the execution
of large scaled projects. Galfar also has operations in Kuwait, India and Libya and has
associates in Qatar and Abu Dhabi.
Galfar Engineering provides engineering, procurement and construction services
for oil and gas sector. The company also provides electrical, mechanical and
civil contracting for infrastructure, environmental, residential and commercial
buildings, and leases construction equipment, through a subsidiary.
Recent Developments
Galfar awarded the contract for construction of bridge from the Ministry of
Regional Municipalities and Water Resources which has a budgeted value of
OMR 1.2 mn.
In June 2011, the company won a contract to build a pipeline that will link the
refinery complex of Oman Oil Refineries and Petrochemical Industries (Oman Oil
RPI) with the methanol scheme of Oman Methanol Company (OMC).
In 2010, the company successfully brought on line the Marmul, an expansion
project for the Petroleum Development Oman.
In March 2010, Galfar Engineering has won two healthcare contracts with a
combined value of SAR 50.5 mn.
Galfar recently awarded projects, including the Development of Salalah
International Airport, Ras Al Hadd Airport, the Design, Build, Operation and
Maintenance of the New Darsait Sewage Treatment Plant.
Company Financials
OMR mn unless otherwise mentioned

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (OMR)
Book Value Per
Share (OMR)
Dividend Per
Share (OMR)

2008

2009

2010

9M-11
Y-O-Y CAGR (%)

(%) (2008-10)
363.0
371.1
84.1
107.6
410.3
368.3
82.7
98.5
367.4
420.7
85.7
116.7
239.4
391.4
85.7
118.8
-10.0
2.7
3.1
10.2
0.6
6.5
1.0
4.2
1.9
1.8
1.7
2.0
137.3
-4.8
7.7
31.3
7.3
0.1
1.7
4.6
1.0
0.0
3.2
7.2
1.5
0.0
3.3
3.9
0.8
0.0
19.8
-3.3
-35.3
-49.2
0.3
0.3
0.3
0.3
4.0
1.0
0.02
0.01
0.01
NA
NA
-18.9
GECS.mSm/GECS.om
Market Data
Cmp (omr)
market cap (omr mn)
market cap (uSD mn)
52 week range H/l (omr)
0.34
330.0
123.5
320.7
0.6/0.3

limit allowed (%)
Current Exposure
70.0%
24.0%
Salim Hamad 18%
Al Siraj Invest. 13%
Aimmar United 12%
Others 18%
Public 40%
Sheikh Dr. Salim Said Hamad al Fannah
al-araimi - Chairman
Management
Dr p. mohamed ali - Vice Chairman and
managing Director
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
19.1
1.3
na
na
Price Performance
0.8
0.6
0.4
0.2
0.0
Jan-09
0
Jan-10
Price OMR
Jan-11
Jan-12
Volume mn
Construction 99%
Hochtief
Company Overview
HOCHTIEF is one of the leading international providers of construction-related
services. The company has been listed on the Dow Jones Sustainability Index since
2006. The major shareholders are the Spanish Group ACS with 50.16% and Qatar
Holding LLC with more than 10%. The Group has had a presence in Qatar since
2006 and has established five subsidiaries namely as Hochtief ViCon, Hochtief
Construction, Streif Baulogistik, Hochtief Facility Management and Hochtief Global
Trade.
The Group offer services in the fields of development, construction, concessions
and operation covering the entire life cycle of infrastructure projects, real estate
and facilities.
Recent Developments
In April 2010, Hochtief Construction formed a joint venture with Lusail Real
Estate Development Company, a subsidiary of Qatari Diar.
The JV of Qatari Diar and Hochtief Construction won the contract for development
of Lusail City.
The company in which the Hochtief subsidiary Leighton has a 45% share won new
contracts in Qatar and Oman for a combined total of EUR 432.7 mn includes two
projects - a shopping mall with office space and a highway
The company is providing service to a number of project in Qatar such that
Barwa Commercial Avenue, Qatar Bahrain Causeway, water supply, Dubai TowerDoha etc.
Company Financials
EUR mn unless otherwise mentioned
Particulars
2008
2009
2010
9M-11
Revenue
18,703.1 18,166.1 20,159.3 15,756.9
Total Assets
12,064.1 12,502.5 14,986.1 15,108.6
Total Debt
2,926.8 2,843.5 3,222.7 3,346.3
Cash & Cash
Equivalents
1,787.7 1,769.6 2,451.1 2,058.5
Net Operating
Margin (%)
0.5
2.8
3.6
2.8
ROE (%)
7.4
9.4
11.2
-1.4
ROA (%)
1.4
1.6
2.1
-0.4
EPS (EUR)
2.3
2.9
4.3
-0.8
Book Value Per
Share (EUR)
27.6
30.9
40.3
34.9
Dividend Per
Share (EUR)
1.4
1.5
2.0
NA
Y-O-Y CAGR (%)

(%) (2008-10)
10.9
7.8
12.4
-5.0
12.2
3.8
11.5
22.8
4.9
17.1
HoTG.DE/HoT Gr
Market Data
Cmp (Eur)
market cap (Eur mn)
market cap (uSD mn)
52 week range H/l (Eur)
limit allowed (%)
Current Exposure
38.1
0.3
20.9
NM
19.5
n/a
n/a
Public 37%
ACS 53%
Qatar Holfing
Leuxembourg 62%
manfred Wennemer Chairman
Management
Dr. Jur. Frank Stieler - CEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
33.0
1.3
na
4.5
Price Performance
80
5
4
3
60
40
20
0
Jan-09
1
0
Jan-10
Price EUR
-138.0
46.3
73.6
3,556.6
4,600.5
76.9/19.3
Jan-11
Jan-12
Volume mn
Services 3%
Americas 29%
Asia Pacific 55%
Europe 11%
Real Estate 2%
Hyundai Engineering and Construction Company
Company Overview
Hyundai Engineering and Construction Company (HECC) was the former parent of
Hyundai Group established in 1947, Koreas largest conglomerate which was broken
up under government orders. The company is based in Seoul, South Korea.
HECC engages in the construction of hydrocarbon processing plants, such
as gas processing plants and gas field developments, oil refineries and oil field
developments, petrochemical plants, fertilizer and chemical plants, oil and
gas pipelines, terminals and storage tanks, and liquefied natural gas (LNG)
liquefaction plants; and industrial plants, including LNG receiving terminals and
supply pipelines, multipurpose water gate facilities, and integrated steel works.
The company is also involved in the construction of power and desalination
plants, and nuclear power plants, as well as other power projects consisting of
transmission, substation, and industrial electricity
In addition, it engages in the real estate leasing operations.
000720.kS/000720 kS
Market Data
Cmp (krW 000)
market cap (krW bn)
market cap (uSD mn)
52 week range H/l
(krW 000)
81.9
111.4
9,120.0
8098.6
92.9/49.6

limit allowed (%)
Current Exposure
n/a
n/a
Korea Finance
Company 11.1%
Korea Exchange
Bank 8.7%
Woori Bank 7.5%
Others 72.7%
Recent Developments
HECC completes the GTL unit in Qatar which has a capacity of 1.6 bn cubic feet a
day of converting natural gas into sulfur-free liquid fuel.
In Dec 2010, Company awarded the project for construction of Hamad Medical
City.
In 2011, the company won contract to build a national museum at Qatar. The
estimated cost of project is USD 434 mn.
kin Jang Su Corporate Director
& Board member
Company Financials
Key Ratios
KWR mn unless otherwise mentioned

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash Equivalents
Net Operating Margin (%)
ROE (%)
ROA (%)
EPS (KWR)
Book Value Per Share (KWR)
Dividend Per Share (KWR)

2008

2009
7,271,096.8
8,143,809.6
2,893,093.5
1,304,800.7
698,344.2
6.6
14.4
5.0
3,366.0
26,059.8
500.0
9,278,579.5
8,091,281.4
3,025,699.6
972,657.6
1,047,545.5
4.5
15.4
5.6
4,110.0
27,167.0
600.0

2010

2011
10,004,557.7 10,104,551.9
8,992,579.6
NA
3,555,900.6
NA
955,529.6
NA
1,413,286.0
NA
5.8
NA
16.1
NA
6.2
NA
4,763.0
NA
31,928.4
NA
700.0
NA
Y-O-Y CAGR (%)

(%) (2008-10)
1.0
NA
NA
NA
NA
NA
NA
NA
17.3
5.1
10.9
-14.4
42.3
19.0
10.7
18.3
Management
Son Hyo-Won- Vice president
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
18.4
2.6
0.9
na
Price Performance
20
100,000
80,000
60,000
15
10
40,000
20,000
0
5
0
Jan-09
Jan-10
Price KRW
Jan-11
Jan-12
Volume mn
Nuclear 2%
Plant 24%
Power 21%
Civil 21%
Building 32%
Hyundai Heavy Industries co. ltd.
Company Overview
Hyundai Heavy Industries Co. Ltd. (HHI) is the world largest shipbuilding company
established in 1972. The company is primarily engaged in heavy industries sector. It is
a subsidiary of Hyundai Heavy Industries Group. HHI operates through its affiliates
named as Hyundai Samho Heavy Industries, Hyundai Mipo Dockyard, Hyundai
Venture Investment, and Hyundai Futures.HHI primarily operates in Korea and has
operations across the globe. The company is headquartered at Ulsan, South Korea.
HHIs shipbuilding division (15% global market share) builds containerships,
tankers, bulk/petrochemical carriers, drill ships, and speciality vessels
HHI also offers offshore construction and exploration services, and has expanded
into robotic systems and large industrial pumps and presses.
HHI makes diesel engines and engine parts for industrial and marine applications
Other HHI offerings include electric systems (circuit breakers, switchgear,
transformers) and construction equipment (excavators, forklifts, and loaders).
Recent Developments
In 2011, HHI awarded the contract to execute the offshore part of Barzan Gas
Project in Qatar for USD 900 mn.
Company Financials
KRW mn unless otherwise mentioned
Particulars
2008
2009
2010
2011
Revenue
19,957,080.9 21,142,196.7 22,405,181.3 25,019,600.0
Total Assets
25,280,400.9 24,872,583.5 28,888,131.1 29,920,500.0
Shareholders Equity
5,595,219.5 9,808,401.2 13,819,032.5 14,719,300.0
Total Debt
3,314.6 889,556.5 3,447,283.7 3,962,700.0
667,492.2 632,578.2 624,479.5
N/A
11.1
10.5
15.4
N/A
ROE (%)
40.7
27.9
31.8
N/A
ROA (%)
10.7
8.6
14.0
N/A
EPS (KRW)
37,340.0
35,705.0
61,807.0
N/A
Book Value Per Share (KRW)
93,357.2 161,798.2 225,475.4
N/A
Dividend Per Share (KRW)
5,000.0
3,500.0
7,000.0
N/A
Y-O-Y CAGR (%)

(%) (2008-10)
11.7
3.6
6.5
15.0
N/A
N/A
N/A
N/A
6.0
6.9
57.2
NM
-3.3
14.3
28.7
55.4
009540.kS/009540 kS
Market Data
Cmp(krW 000)
325.0
76.0
market cap (krW bn)
24,700.0
market cap (uSD mn)
21,933.6
52 week range
H/l (krW 000)
554.0/235.5
limit allowed (%)
Current Exposure
n/a
n/a
Mong-Joon Chung
10.8%
Hyundai Mipo 8.0%
KCC 6.7%
Others 74.5%
min Gye-Sik Chairman
Management
oi-Hyun kim CEo
Jai-Seon lee president & CEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
6.8
1.5
2.2
1.5
Price Performance
600,000
500,000
400,000
300,000
200,000
100,000
0
Jan-09
4
3
2
1
0
Jan-10
Price KWR
Jan-11
Jan-12
Volume mn

Others 1%
Shipbuilding 35%
Offshore & Eng. 15%
Industrial Plants &
Eng. 12%
Engine &
Machinery 13%
Electro System 14%
Constrauction
Equipment 10%
JGC Corporation
Company Overview
JGC Corporation (JGC) established in 1928 and has developed into a globally
recognized world leading engineering contractor. Currently the company has a place
in one of four largest specialists in LNG projects. The company has the accumulated
experience gained from over 20,000 projects performed in approximately 70
countries. JGC maintains a global network of satellite engineering centers to assure
successful project execution anywhere in the world.
The company major activities includes Consulting, planning, basic and detailed
design, materials and equipment procurement, construction, commissioning,
operation and maintenance services for various plant and facilities
Investment in oil and gas field development projects and utility business
Technology development services
Recent Developments
In 2011, The Company awarded EPC contract to build the gas processing facility
for the Barzan Onshore Project in Qatar.
In 2011, The Company acquired 40% participating interest in Shale gas project
from Nexen Inc.
Company Financials
JPY mn unless otherwise mentioned

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
ROE (%)
ROA (%)
EPS (JPY)
123.2
Book Value Per Share (JPY)
Dividend Per Share (JPY)

2009

2010

2011

9M-12
450,911.0
480,279.0
224,488.0
24,176.0
117,781.0
11.5
14.6
6.7
124.8
188.2%
885.6
30.0
414,257.0
430,176.0
246,140.0
23,678.0
83,308.0
10.1
11.5
6.0
107.3
-10.1%
972.5
21.0
447,222.0
468,502.0
264,483.0
21,640.0
131,894.0
14.2
10.0
5.7
100.8
389,361.0
501,118.0
280,535.0
8,637.0
172,780.0
12.0
11.1
6.2
1,045.4
30.0
1,109.1
NA
Y-O-Y CAGR (%)

(%) (2009-11)
-36.2%
9.2%
11.5%
-59.1%
47.5%
-
11.5%
NM
-0.4%
-1.2%
8.5%
-5.4%
5.8%
-
8.6%
0.0
1963.T/1963 Jp
Market Data
Cmp (JpY)
market cap (JpY mn)
market cap (uSD mn)
52 week range H/l (JpY)
2,508.0/1,460.0
2,189
259.1
567.1
7.1

limit allowed (%)
Current Exposure
n/a
n/a
Japan Trustee 9%
Master Trust Bank
of Japan 8%
JGC Trading 5%
Others 79%
Yoshihiro Shigehisa Chairman Emeritus
keisuke Takeuchi - Chairman& CEo
Management
koichi kawana president and Coo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
16.1
2.0
na
1.9
Price Performance
15
3000
10
2000
1000
0
Jan-09
0
Jan-10
Price JPY
Jan-11
Jan-12
Volume mn

Catalyst and fine
product8%
Others 3%
Engineering 89%
Mazaya Qatar Real Estate Development
Company Overview
Mazaya Qatar Real Estate Development (Mazaya Qatar) develops, sells/purchases,
rents and manages real estate properties in Qatar. The company was established in
2008 and was listed on the Qatar Exchange in October 2010. Mazaya Qatar undertakes
real estate investment and development in accordance with the provisions of the
Islamic law in the Middle East.
Mazaya Qatar develops residential, commercial and industrial projects. The
companys service and operations include:
Real estate development
Project management and consultancy
Property valuation
Strategic partnership
Real estate brokerage
Master developments
Assets and facility management
Marketing management and consultancy
Real estate portfolio and fund management
Real estate market research
Mazaya Qatar has also been involved in projects covering architecture, professional
building and engineering. Its flagship projects include: Housing Complex for Qatar
National Convention Centres employees, Sidra Residential Compound (Sidra
Medical and Research Center), and Marina Mall Shopping Center.
Recent Developments
In June 2011, the company announced that it has joined the list of founding
members of the Qatar Green Buildings Council.
In October 2011, the company received the Best Real Estate Investment Strategy
award at the 2011 Arabian Business Achievement Awards in Qatar
Company Financials

Particulars

2008

2009

2010

2011
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (QAR)
Book Value Per
Share (QAR)
Dividend Per
Share (QAR)
NA
NA
NA
NA
36.4
527.8
515.6
29.5
1,181.7
1030.3
138.0
20.1
1101.4
1077.9
0.0
Y-O-Y CAGR (%)

(%) (2009-11)
-31.9
-6.8
4.6
-100.0
-25.7
44.5
NM
-100.0
NA
241.2
678.2
332.1
-51.0
17.3
NA
NA
NA
NA
67.3
7.1
6.9
0.3
50.9
2.9
2.5
0.2
-29.8
4.6
4.3
0.5
206.3
25.7
NA
NA
10.3
10.8
4.9
NA
NA
NA
NA
NA
NA
NA
mrDS.Qa/mrDS QD
Market Data
Cmp (Qar)
market cap (Qar mn)
market cap (uSD mn)
52 week range H/l (Qar)
7.7
100.0
782.0
214.8
10.5/7.4

limit allowed (%)
Current Exposure
24.9%
23.3%
Others 27%
Qatar Foundation
21%
Qatar Investment
17%
Al Mazaya Holding
CO. 5%
Public 30%
rashid Fahadal naimi Chairman
Management
SerajSalehal Baker CEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
na
0.8
na
na
Price Performance
12
11
10
9
8
7
5
4
3
2
1
0
Oct-10
Price QAR
Apr-11
Oct-11
Volume mn
Others Income 17%

Rental Income 2%
Financing Activities
81%
Qatar Electricity and Water Company
Company Overview
Doha-based Qatar Electricity and Water Company (QEWC) is an electricity
and water company. Established in 1990, the company owns and manages power
generation plants and water desalination stations to provide electricity and water in
the State of Qatar. The Qatari government owns a 43% stake in the company, while
the remaining is held by institutions and private individuals. Currently, QEWCs
operations are limited to Qatar; however, the company intends to extend its footprint
in other regional markets.
QEWC is primarily engaged in the production of electricity and water. The
companys power plants and desalination stations have the capability to meet the
countrys requirement for electricity and water.
QEWC has consistently increased its production capacity over the past two
decades by establishing new plants and enhancing output of existing projects.
The companys projects include major ventures such as Mesaieed A Power Station
(2,007 MW) and Ras Girtas (2,730 MW).
Following the completion of ongoing projects, the companys contribution to total
power generation and water desalination capacity in Qatar is expected to increase
to more than 60% and 70%, respectively.
Recent Developments
In October 2011, QEWC posted a 10% drop in third quarter net profit to
QAR 328.2 mn (USD 90.1 mn) compared with QAR 364.8 mn posted in the year
earlier period.
In August 2011, QEWC was assigned a rating of A1 by Moodys.
In July 2011, the company signed an agreement with Oman Power and Water
Procurement Company to start the construction of the Sur Independent Power
Project in Oman. Once completed, the project would have a total capacity of
2,000 MW.
Company Financials
2008
Market Data
Cmp (Qar)
141.3
100.0
market cap (Qar mn)
14,180.0
market cap (uSD mn)
3,894.2
52-week range H/l (Qar) 154.9/116.0
limit allowed (%)
Current Exposure
25.0%
0.0%
Govt. of Qatar 43%
QP 11%
QNB 6%
QIC 1%
Public 39%
mr. abdullah bin Hamad al-attiyah
Chairman
Management
mr. Fahad Hamad al-mohannadi
General manager
mr. abdul Sattar al-rasheed CEo
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
10.3
4.1
4.3
0.8
Price Performance

Particular
QEWC.Qa/QEWS QD
2009
2010
9M-11
Revenue
2,272.9 2,650.9 3,430.2 3,209.3
Total Assets
13,587.6 18,048.0 22,123.4 21816.9
Total Debt
8,289.9 12,054.8 14,416.7 14,229.1
Cash & Cash
Equivalents
1,614.9 2,307.0 2,074.2 2,185.6
Net Operating
Margin (%)
33.4
35.9
40.0
44.8
ROE (%)
30.2
38.6
31.6
45.8
ROA (%)
6.6
6.0
5.8
6.6
EPS (QAR)
7.6
9.5
11.6
10.0
Book Value Per
Share (QAR)
13.1
35.9
37.6
34.8
Dividend Per
Share (QAR)
4.5
5.0
6.0
6.0
Y-O-Y CAGR (%)

(%) (2008-10)
53.1.
13.6
42.7
8.2
22.8
27.6
73.5
31.9
200
150
0.5
100
50
0
Jan-09
Feb-10
Price QAR
-9.5
13.3
48.8
23.9
37.9
69.6
20.0
15.5
Mar-11
Volume mn
Lease Income 15%

Electricity 53%
Water 32%
Qatar Investor Group
Company Overview
Qatar Investor Group formerly known as Gulf Holding Company (Q.S.C.), is
primarily engaged in the production and sale of cement. The company is also involved
in building factories, importing/exporting cement, investing in shares and real estate,
and installing and maintaining solutions for mechanical, electrical and electronic
security equipment. Incorporated in May 2006, the company has diversified its
business into various new sectors across the Gulf. Al-Khalij operates through its
affiliate Qatari Investors Group that owns 19 entities (as of June 30, 2011).
Al-Khalijs industrial and investment operations are managed through its affiliate
Qatari Investors Group. The company reports revenues under two operating
segments: cement (accounted for 82.3% of total revenues in 1H 2011) and contract
and service income (17.1%). The companys product portfolio includes ordinary
portland cement, sulphate resistance cement, portland slag cement and building
material. Under its Green Field Cement Project, the company has a clinkerisation
unit that has a guaranteed daily capacity of 5,000 metric tons (production is
based on modern rotary kiln technology that adopts nature friendly environment
protection strategies).
Recent Developments
Al-Khalij Cement Co., Al-Khalij Holdings subsidiary, obtained a conformity
certificate with specified requirements of the Qatar Construction Specification
from the Ministry of Environment, Quality and Conformity Department.
In May 2011, the company obtained a conformity certificate for technical
requirements in the fields of construction and building products manufacturer/
supplier.
Company Financials

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (QAR)
Book Value Per
Share (QAR)
Dividend Per
Share (QAR)

2008

2009

2010

2011
Y-O-Y CAGR (%)

(%) (2009-11)
11.0
1,674.8
874.2
571.2
26.6
2,667.9
1,852.3
679.9
158.9
3,489.3
1928.4
1410.8
194.2
3056.1
1935.8
986.6
22.3
-12.4
0.4
-30.1
170.1
7.0
2.2
20.5
507.7
150.5
708.6
115.9
-83.7
-12.2
-149.1
3.9
2.7
0.4
-20.8
5.3
3.3
0.6
12.1
3.8
2.3
0.6
10.8
3.8
2.3
0.6
5.3
1.7
10.9
14.9
15.5
15.6
0.4
2.2
0.0
0.0
0.5
0.5
0.0
NM
kHCD.Qa/kHCD QD
Market Data
Cmp (Qar)
market cap (Qar mn)
market cap (uSD mn)
52 week range H/l (Qar)
15.2
124.3
1,889.7
519.0
18.9/13.0

limit allowed (%)
Current Exposure
23.3%
6.4%
Others 23%
Public 77%
HE abdulla nasser al-misnad
Chairman and mD
H.E. Sh. Hamad Bin Faisal al-Thani
Vice Chairman
Management
HE abdulla nasser al-misnad Chairman
and mD
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
23.8
1.0
3.3
na
Price Performance
25
20
15
10
0
Jan-09
Jan-10
Price QAR
Jan-11
Jan-12
Vol mn
Contract &
Service 23%
Cement 77%
Company Overview
Established in 1965, Qatar National Cement Company (QNCC) is a Qatar-based
public shareholding company operating in the construction materials sector.
Headquartered in Doha, QNCC has setup manufacturing units at Umm Bab and
Mekenis in Qatar. The company was established to produce ordinary Portland
cement in the country. Subsequently, the company began production of:
Sulphate resistant cement
Calcined and hydrated lime and
Washed sand
In 1969, QNCC commenced commercial cement operations from the first
production line based on Semi Dry Process with a capacity of 100,000 tpa.
The second and third lines, with the same capacities each, were set-up and
commercialized in 1974 and 1976, respectively. Through the years, the company
has ramped up three additional cement plants in Qatar. In 1978 and 1985, the
company diversified into Calcined Lime and Hydrated Lime, respectively. In 2003,
QNCC purchased a washed sand plant and is periodically upgraded / expanded.
Recent Developments
The company commenced trial operations at its QAR 22 mn calcium carbonate
plant based in Umm Bab. The plant would specialize in producing calcium
carbonate for usage in water treatment operations and have a production capacity
of 250 tons per day. QNCC signed an agreement with Kahramaa to purchase
calcium carbonate for 25 years.
QNCC signed an agreement with Stream Industrial Engineering Company to
construct a calcium carbonate plant on turn-key basis. The Ras Girtas power
station at Ras Laffan would be one of the supporting stations for the plant.
Company Financials

Particulars
Revenue
Total Assets
Shareholders Equity
Total Debt
Cash & Cash
Equivalents
Net Operating
Margin (%)
ROE (%)
ROA (%)
EPS (QAR)
Book Value Per
Share (QAR)
Dividend Per
Share (QAR)

2008

2009

2010

2011
Y-O-Y CAGR (%)

(%) (2009-11)
1,413.0
2,853.1
1,642.5
874.4
1,519.1
2,526.2
1,922.9
489.5
1,090.2
2,607.8
2,159.7
324.1
989.6
2618.8
2315.0
163.9
-9.2
0.4
7.2
-49.4
-19.3
1.8
9.7
-42.1
4.6
54.3
99.8
254.6
155.1
116.6
17.3
25.2
16.6
8.4
20.7
23.4
15.5
8.5
41.5
22.9
18.2
9.5
42.7
19.9
17.0
9.1
-4.3
3.5
33.5
39.2
44.0
47.2
7.3
9.8
2.9
5.5
5.5
6.0
10.0
4.9
QanC.Qa/QnCD QD
Market Data
Cmp (Qar)
market cap (Qar mn)
market cap (uSD mn)
52-week range H/l (Qar)
112.0
49.1
5499.0
1483.3
118.0/95.5

limit allowed (%)
Current Exposure
14.2%
2.1%
Govt. of Qatar 43%
Public 57%
Salem Bin Butti al-naimi Chairman
and mD
mr. Sulaiman khalid al mana Vice
Chairman
Management
mohammad ali al Sulaity General
manager
Key Ratios
p/E (x)
p/BV (x)
Dividend Yield (%)
pEG (x)
13.2
2.5
4.9
0.6
Price Performance
150
250
200
150
100
100
50
0
50
0
Jan-09
Jan-10
Price QAR
Jan-11
Jan-12
Volume mn
Cement 100%
Al-Bader Construction Steel Works

Company Description
Al-Bader forms an integral part of the Al Aafaq Group of Companies. Established in 1997, Al-Bader Construction & Steel Works
is a Civil Engineering Contractor and supplier of fabricated structural steel. The Company provides construction services for
residential, commercial and industrial requirements and also experts in steel construction business particularly in pre-engineered
building.
Projects
Project Name
Description
Al Shaqab Academy
The company got the contract for Design, Supply

and Installation of Standing Seam Roof System and
Ceiling Soffit in the Academy. The budgeted cost of
QAR 114 mn.
Logistic Village Qatar
Key Personnel
The company awarded the contract for Design Supply

& Erection of three warehouses including civil, structural
& finishing works. The estimated cost of project is
QAR 53 mn.
Board of Directors
ahmed E. Seddiqi al Emadi Chairman
Management
peter Ward - General manager
AlJaber Engineering (JEC)

Company Description
AlJaber Engineering (JEC) is a leading general contractor established in 1995 in Qatar. JEC has executed several large-scale turnkey
projects in different sectors including Highways, Roads and Infrastructure, Oil and Gas, Petrochemical and Industrial, Power
Generation, Sewage Treatment Plants and Pumping Stations. The companys primary activities are Civil and electromechanical
contracting for industrial, petrochemical, oil and gas, infrastructure and building projects etc., engineering and business
consultancy services and construction machinery and equipment.
Projects
Project Name
Description
Key Personnel
Barwa Financial District It is a joint venture project with Bouygues and Midmac
Contracting situated in Dohas new business district in
West Bay with approximately built up area of 700,000
sqm. The project cost is USD 1.3 bn and will be
completed by March 2013.
Public Works Authority The project includes refurbishment and upgrading
(Ashghal)
works for various foul and storm water pumping stations
including civil, mechanical, and electrical and HVAC
works. The project cost is USD 53.2 mn and it will be
completed by January 2014.
Board of Directors
mohammed Sultan alJaber Chairman
Hisham Hadid Director
Jaber Sultan alJaber Director
Management
osama Hadid managing Director
amr nadim Executive manager,
Construction
alex Calfat Executive manager,
Engineering
Ashghal
Company Description
Ashghal was established in 2004 on the basis of the Emiri Decree No.1 issued by HH the Emir Sheikh Hamad Bin Khalifa
Al-Thani to supervise all infrastructures related projects as well as public amenities in the State. The Emiri Decree focused on
quality and perfection of projects as per international specifications and standards. There has been a rapid increase in construction
projects in the last few years, such as the Olympics Village, Doha International airport, Al Asiri Interchange, Gharafa Interchange,
Salwa International highway.
Projects
Project Name
Description
Ashghal-Doha and
Rayyan Sewerage
ASHGHAL plans to expand the sewerage system in

Doha. The extension of the facility in Doha will
manage the flow from approx. 500,000 people in Ain
Khalid, Musaimeer, HBK and West Abu Hamour areas
enhancing the local urban environment. The budgeted
value of project is USD 500 mn and will be completed in
Q2-2012.
Ashghal Doha, Lusail The project will construct a 450 km long highway,
and Dukhan Expressway 53 interchanges and 12 intersections. Construction will
start in Q2/2012 and is expected to complete in Q4/2015.
The estimated budget for project is USD 1,000 mn.
Ashghal-Hamad
Medical City
The project will cover an area of 450,000 sqm and will

comprise three hospital, a National Health Authority
office building, residential buildings, educations center,
and recreational facilities. The estimated budget for the
project is USD 200 mn and it is expected to be completed
by Q2/2013.
Key Personnel
Management
nasser ali abdullah mawlawi president
and General manager
Saad ahmad al-misnad Director,
Infrastructure affairs
mohammad ali Darwish Director,
asset affairs
khaled mohammed al Emadi Quality,
Safety and Environment manager
abdulhamid ali radwani acting
manager, Building affairs
Jamal Shareeda al kaabi acting
manager, Drainage and road Design
Zayed mansour al khayarin CEo
Bechtel
Company Description
Bechtel is an engineering, construction and project management company. The company has executed 23,000 projects in 140
countries since its inception. The companys primary activities include engineering, procurement and construction for oil and
gas, infrastructure, buildings, petrochemical, mining and metals, power and utilities projects and engineering consultancy
services. The company earned USD 27.9 bn revenue in 2010 and had an order book of USD 21.3 bn.
Projects
Project Name
Description
New Doha International Bechtel is the leading consultant and advisor for the
Airport (NDIA), Qatar project. The company also won EPC and PMC contract.
The airport will have capacity of 50 mn passengers, 2 mt
of cargo and 320,000 aircrafts per year. The estimated
cost of the project is USD 11 bn and is expected to be
complete in Q1-15.
QRDC - Qatar Integrated The company is the PMC bidder. The project will
Rail Project, Qatar
include construction of a 345 km long railway line and
associated facilities. The EPC will be awarded in Q1-13
and expected to be completed in Q2-20. The estimated
cost of the project is USD 20.6 bn.
Key Personnel
Board of Directors
riley Bechtel Chairman and CEo
adrian Zaccaria Vice Chairman
andy Greig Director
Steve Bechtel Director
Bill Dudley Director
Scott ogilvie Director
peter Dawson Director
John mcDonald Director
mike adams Director
michael Balley Director
Jack Futcher Director
China Harbour Engineering Company Ltd.

Company Description
China Harbour Engineering Company Ltd. (CHEC) is a world-renowned international contractor that is a subsidiary of
China Communications Construction Company Ltd (CCCC).CHEC is focused on basic infrastructure construction, such as
Marine Engineering, Dredging and Reclamation, Road and Bridge, Railways, Airports, Complete Plant, and other works. CHEC
Headquarters are located in Beijing, China and has 40 overseas branches. The company provides services in five core areas
named as survey and design, marine engineering, road and bridge construction, dredging and reclamation, and port machinery
manufacturing.
Projects
Project Name
Description
New Doha Port
The company awarded the project of New Doha Port

have a budgeted value of USD 879 mn and expected
to complete in Q-23. The first phase will give the port
a capacity of two million 20-foot equivalent units
(containers) per year for 2014.
Key Personnel
Board of Directors
Sun Ziyu Chairman
Wang Jiayin Board of member
Sun Guoqiang Board of member
Zong Yuanyuan Board of member
Zhu lixiang Board of member
Management
mo Wenhe president
Wang Jiayin Vice president
Wang Bo Vice president and Chief
Economist
lin Yichong Vice president
Consolidated Construction Company

Company Description
Consolidated Contractors Company (CCC) was established in 1952 and is ranked as the largest contractor in the Middle East.
The (CCC) provides services for oil and gas, and petrochemical segment, pipelines, building and civil engineering segment,
marine segment, and roads. It specializes in providing EPC solutions such as project development, start up, and operation and
maintenance. In addition CCC offers services to industries, government ministries, national oil companies, and private clients.
The operations of the company are spread across several countries in the Middle East, Africa, Europe, Asia, Caribbean, South and
Central America. The company is headquartered in Athens, Greece.
Projects
Project Name
Description
NDIA - Doha
International Airport
The new airport will have capacity of 50 mn passengers,

2 mt of cargo and 320,000 aircraft landings and takeoffs
each year. It will be three times the size of the existing
airport in Doha and will cover an area in excess of 22
square km. The EPC contract is awarded to CCC
along with several contractors including JEC, Al jJaber
Trasport, Arabian Benmco contracting co, Bechtel co,
CAT International, CCM, FKI Logistex, Gulf Contracting
co.etc. The budgted cost of project is USD 2.8 bn and will
complete in Q4-12.
QP - Ras Laffan Port

Expansion - Berths and
Port Infrastructure
The company won an EPC contract for the project

along with other contractors. The project will expand
capcity to facilitate export of about 77 mn tons of LNG
and will have capacity of 5,000 ships.The estimated value
of project is USD 1.9 bn and expected to complete in
Q1-12.
Key Personnel
Board of Directors
Said T. khoury Chairman and
president
Tawc S. khoury Director, Executive
Vice president
Samer S. khoury Director, Executive
Vice president, operations
Suheil H. Sabbagh Director, Group
Human resources
mahmoud Zeibak advisor & Board
Director
mohammed Seoudi advisor & Board
Director
Habtoor Leighton
Company Description
The Habtoor Leighton Group (HLG) is one of the leading diversified international contractors in the MENA region and was
formed in 2007 following the merger of Al Habtoor Engineering with Gulf Leighton. HLG focus on five major sectors namely
Infrastructure, Building, Rail, Oil and Gas and Mining. Habtoor Leighton operates through three separate business units: United
Arab Emirates, Qatar and Bahrain, and New Markets and each business unit comprise a number of divisions. The company
major activity includes civil contracting for buildings and infrastructure projects, electromechanical, engineering consultancy
and offshore contracting for the oil and gas sector, mining, and real estate property management. In 2009, Al Habtoor Leighton
established Al Habtoor GETTCO Qatar, a holding company with subsidiaries in civil contracting, electromechanical and
plumbing services. Leighton Holdings holds 45% stake, Al Habtoor Group 27.5% and Riad Toufic 27.5% in the Group.
Projects
Project Name
Description
Duhail and Umm Qarn

Reservoirs
The Duhail Water Station project covers construction

of six concrete reservoirs, a pump house, associated
buildings, road works and installation of a 15.9 km water
distribution pipeline. The Umm Qarn Water Station
project includes the construction of three concrete
reservoirs, a pump house, associated buildings, road
works, landscaping and installation of 700 meter water
distribution pipeline.
Doha City Centre

Expansion
The project includes the construction of five towers

with a direct link to the existing Doha City Centre. The
project is divided into three phases and has a total builtup area of around 330,000 sqm. The budgeted value of
the project is USD 325 mn.
Key Personnel
Board of Directors
raid T. Sadik Chairman
laurie Voyer CEo & managing
Director
mohammed al Habtoor Director
Hamish Tyrwhitt Director
Tony Saadie Executive General
manager
Suheil al rayes General manager,
Building
Dale Burtenshaw General manager
Infrastructure
MIDMAC
Company Description
MIDMAC Contracting Co. W.L.L. (MIDMAC) is one of the largest Qatari contracting organizations established in 1975.The
company operated as a wholly owned subsidiary of Qatar Investment and Project Development Company as QIPCO acquired
major stock in 2005.The company major activity includes civil and electromechanical contracting for buildings, infrastructure,
oil and gas, water and petrochemical projects; production of asphalt and concrete blocks; manufacture of reinforced steel bars;
leasing of construction equipment; interior and landscape design services. The company has an annual turnover approximately
USD 350 mn.
Projects
Project Name
Description
Qatar Foundation
Headquarter
The project will cover an area of about 29000 sqm

which consist a 14-story building and three-four story
study center. The estimated cost of project is USD 275
mn and expected to complete in Q3-13.
NDIASC - Expansion of The project include construction of a five-storey

NDIA - Phase 3
passenger terminal consist of gross floor area of 127,000
sqm, 100 room hotel, two-track people moving system
and a commercial area etc. The estimated cost of project
is USD 687 mn and expected to complete in Q2-13.
Key Personnel
Board of Directors
Chairman - HE Sheikh Hamad Bin
abdullah Bin khalifa al-Thani
mohamed ali m.k. al-kubaisi Board
manager
raghib H. kublawi Director
Management
mohammed ali mohammed
managing Director khamis al-kubaisi
ragheb H kublawi General manager
Msheireb Properties
Company Description
Msheireb Properties is a subsidiary of Qatar Foundation for Education, Science and Community Development. The company
was set up in April 2007 and it was formerly known as Doha Land. Msheireb primarily activities include Real estate property
investment, development and management and management of hotels. Msheireb Properties is a supporter of Qatar Foundations
objectives and ideals which will create leading edge urban living concepts that build on traditional Arabian architecture and
design and contribute to the social and cultural heritage of Doha. The company is working with some of the worlds leading
master planners, architects, engineers and designers to create and regenerate cities to serve the immediate needs of communities
and in the future.
Projects
Project Name
Description
Msheireb Properties
- Musheireb
The project will spread over 750,000 sqm consist of

226 buildings, 13,700 parking lots, retail, cultural and
entertainment areas. The project will provide home
to 27,637 residents. Mshereib properties and Turner
International Middle East formed a joint venture, TIME
Qatar, which will be an independent project management
company. The estimated value of project is USD 5.5 bn
and expected to complete in Q4-16.
Board of Directors
HH Sheikha moza bint nasser
Chairperson
HE abdullha al-kubaisi Vice
Chairperson
rashid al-naimi Director
Saad al muhannadi Director
norman lyle non - Executive Director
Msheireb Properties
- Old Doha Facelift
The project will include demolition of old structure

in area like Al Bida, Wadi sail, Jaidah tower etc. and
construction of new villas and towers (18 storey). The
construction project will be awarded in Q3-12 and
expected to complete in Q2-15. The estimated cost of
project is USD 270 mn.
Management
Issa m. al mohannadi CEo
C S Chandrasekaran CFo
John rose Development Director
mohammed masoud al-marri projects
Director
Key Personnel

Company Description
Qatar Building Company was founded in 1971 as a general civil engineering and building contractor. The company major
activities includes civil contracting for infrastructure, building sand heavy industries, manufacture of asphalt and concrete
products; distribution, leasing and maintenance of heavy construction equipments and spare parts; manufacture of precast
pipes and pipelines installation. The company has a capacity of 400 cubic meter of concrete per hour and 800 tonnes of asphalts
pavements per hour.
Projects
Project Name
Description
GFH - Energy City

Qatar- Phase 1
The company awarded the EPC contract for Energy

City which includes the construction of ECQ
headquarters, Infrastructure & installation works,
Education centre, Shipping centre, Oil and gas producers
centre etc. The estimated cost of the project is USD 58
Key Personnel
Primary Routes Project: The company awarded EPC contract for the
Doha Expressway:
construction of 3.5 km long road which is the part of
Package 6
Doha expressway. The budgeted cost of the project is
USD 200 mn and expected to complete in Q4-2013.
Board of Director
mohammed Tayyeb Hashim mustafawi
Chairman
abdulhamid mohammed Tayyeb
Hashim mustafawi Vice Chairman
abdulhakim mohammed Tayyeb
Hashim mustafawi Director
khaled mohammed Tayyeb Hashim
mustafawi Director
adel mohammed Tayyeb Hashim
mustafawi Director
ahmad mohammed Tayyeb Hashim
mustafawi Director
Management
ali mohammed Tayyeb Hashim
mustafawi managing Director
Qatari Diar Real Estate Investment Co.

Company Description
Qatari Diar Real Estate Investment Company (QDREIC), a real estate company established in 2005, is a wholly owned subsidiary
of Qatar investment Authority. It is also involved in some of the states largest infrastructure schemes, including Qatars national
rail network and the Friendship Bridge, a causeway linking Qatar with Bahrain. Qatari Diar also enters into a joint venture with
Vinci, France named as Qatari Diar Vinci Construction to develop schemes. Qatari Diar major activities include Real estate
property investment, development, management and brokerage services, ownership and management of hotels and resorts,
design and construction management, conventional and Islamic direct investment in various sectors including real estate,
investment banking services, initial public offerings and underwriting and offer advertising.
Projects
Project Name
Description
Qatari Diar Real Estate

Investment Company
(QDREIC) - Lusail
Development
Lusail Devalopment is a megaproject divided into

thirteen district. The project include residential,
spaces, parks, beaches and recreational areas. The
value of poject USD 45 bn and expected to complete in
Q4-15.
QRDC - Qatar
Integrated Rail Project
QDREIC (51%) formed a joint venture with Deutsche

Bahn (49%) namely Qatar Railway Development
Company to develop the railway system in Qatar. The
projects estimated cost is USD 21 bn and is expected
to be completed in Q2-20. The bidders for the PMC
are Bechtel Corporation, Fluor Corporation, Parsons
Brinckerhoff International.
Key Personnel
Board of Directors
HE Youssef Hussein kamal
Chairperson
HE khaled mohammad abdullah al
attiyah Vice Chairperson
rashid al-naimi Director
Saad al mohannadi Director
norman lyle non Executive Director
Management
mohammed ali al-Hedfa CEo
Ghanem Bin Saad al-Saad managing
Director
Waleed Bangash CFo
Qatari Diar Vinci Construction

Company Description
Qatari Diar Vinci Construction (QDVC) is a joint venture with 51% held by Qatari Diar Real Estate Investment Company
(QDRIC) and 49% by Vinci Construction Grands Projects established in 2007 in France. The main objective is contracting and
construction work along with any associated services related to large selected design and build projects. The company primary
activities include civil contracting for infrastructure, buildings and heavy projects; marine and electromechanical contracting;
engineering consultancy and landscaping services.
Projects
Project Name
Description
Lusail Light Rail

The company won EPC contract for Light Rail Transit
Network- Underground System (LRT) construction project in Lusail City which
Stations (8 nos.)
will cover civil engineering work in eight underground
stations. The budgeted value of the project is USD 725
Doha North Sewerage
Treatment and
Associated Works PS 70
and Pumping Main
CP 682/2
QDVC won EPC contract in the joint venture with Vinci

Construction Grand Projects (40%) and Entrepose
(30%). The pumping station will have a capacity of
900,000 (m3/d).The estimated cost of project is USD 500
Sheraton
The contract includes design construction of an

underground two level car park have a capacity of 1,986
cars, a 66 kv sub-station for Kahramaa, two 11 kv sub
stations and a tunnel. The estimated cost of project is
USD 335 mn and expected to complete in Q3-13.
Key Personnel
Board of Directors
Youssef ahmad al Hammadi
Chairperson
Serge moulene Vice Chairperson
raoul Dessaigne Director
alain Bonnot Director
Ghanim Hassan al-Ibrahim Director
Hassan al Derham Director
Management
Yanick Garillon CEo
Thibaut peniguet CFo
Hamad al-Bishri Deputy CEo
Stephan Van Dyk Human resources
Director
Claude michas Head of procurement
and logistics
Qatar Engineering and Construction Company

Company Description
Qatar Engineering & Construction Company (Qcon) is the leading National EPC & Maintenance Contractor in the Oil & Gas,
Petrochemical, Fertilizer and Power industries. Formally known as MECON, the company was established in 1975. The company
major activities includes EPC Projects, construction, pre-commissioning, commissioning, start-up services, Medium and Heavy
Steel Fabrication, Fabrication offshore structures, including topside production facility etc.
Qcon operates through its three divisions:
Industrial Projects
Maintenance Services
Mechanical Fabrication
Projects
Project Name
Description
Key Personnel
Qatargas - Jetty Boil-off The company awarded the Qatar gas, a recovery project
Gas Recovery
to recover and collect boil off gas at each port berth.
This project will recover the equivalent of some 0.6 mn
tonnes a year of LNG, which is enough natural gas to
power more than 40000 home. The budgeted value of
the project is USD 1,000 mn and expected to complete
in Q4-13.
Board of Directors
HH Sheikh ahmad Bin Jabor Bin
mohammed al Thani Chairman
Management
mazen abu nabaa managing Director
raque ahmed DGm operations
Hossam abdelmajeed DGm projects
Haitham Elsaka manager,
maintenance & logistics
Qatar Foundation
Company Description
The Qatar Foundation is a privately owned organization that invests in the countrys education, scientific research and
community development through joint ventures and partnerships. Foundation established the Qatar Science and Technology
Park to enhance scientific research capabilities. The Park is a free zone for technology-based companies involved in aircraft
operations, oil and gas, petrochemicals, ICT and water. The Foundation also established, the Qatar National Research Fund,
which provides financial support to researchers in the public, academic or corporate fields. The Qatar Foundation developed the
Qatar National Convention Center to provide space for exhibition.
Projects
Project Name
Description
Qatar foundation
- Education City
The Qatar Foundation for Education, Science &

Community Development will cover an area of
45 hectares. The project also consist a number of sub
projects. The estimated cost of the project is USD 6.6 bn
and it is estimated to complete in Q2-12.
Qatar Foundation
- Aerospace City
Qatar Foundation is planning to construct an

Aerospace City in Al Khor which will cover an area of
40,000 sqm. The project will include expertise from
NASA, and will also include a research facility keen to
satellite and space sciences. The estimated cost of project
is USD 3.3 bn and expected to complete in Q2-17.
Key Personnel
Board of Directors
HH Sheikha mozah bint nasser
al-missned Chairperson
Saif ali al-Hajari Vice Chairperson
HH Sheikh Dr. Hamad Bin nasser
al-Thani Director
HE abdullah Hussain al kubaisi
Director
Dr. mohammad FathySaoud Director
Hassan al-Derham Director
HE Sheikhabint abdulla al- misnad
Director
Dr. Jordan J Cohen Director
ahmed Zewail Director
Qatar Investment and Projects Development Holding Company

Company Description
Qatar Investment and Projects Development Holding Company (QIPCO) invest in
companies that operate in real estate, construction, oil and gas, trading, financial
services, health care, electrical engineering and electronics manufacturing, and
industrial systems solutions. The company formed a joint venture named as
Investment house with Qatar National Bank to access financial sector. QIPCO has
also established Joint Venture Companies with renowned International Partners like
Siemens, ThyssenKrupp and Emcor. The company has a number of subsidiaries in
different segment as follow:
Real Estate Sector: Torando Company, Villagio Mall, Al Bustan Real Estate
Company, Asas Real Estate Company.
Contracting Sector: Midmac Contracting Co., Black Cat Engineering &
Construction Co.
Trading and Service Sector: Manani Corporation
Finance Sector: Investment House
Key Personnel
Board of Directors
HH Sheikh abdulla Bin khalifa al-Thani
Chairperson
HH Sheikh Suhaim abdulla al-Thani
Director
raoul Dessaigne Director
HH Sheikh Hamad Bin abdulla Bin
khalifa al-Thani CEo
HH Sheikh Fahad Bin abdulla al-Thani
Director
mohammed ali mohammed khamis
al-kubaisi Director
QIPCO has strategic shareholding in following companies:

Qatar Airways
International Bank Of Qatar
Mazaya Qatar
Qatar Finance House
Qatar National Bank
Q. Mobility
Company Description
Q. Mobility is the first infrastructure solution provider established in 2010 in Qatar. The company is a semi-government
organization, focused on development of transportation, airport, rail, metro, road, pedestrian, and beautification solutions for
all nations in the Middle East. The infrastructure investments in the Middle East are expected to exceed two trillion dollars in
the next ten years. The company major business lines includes Infrastructure solution, Airports, Metro train, Bike system, Urban
Planning and City Development, Street Furniture, Street Way finding and Signage and Intelligent Traffic System.
Projects
Project Name
Description
Lusail project
Q. Mobility has signed an agreement with Qatari Diar

to provide high quality street fixture elements, bicycle
racks, benches, lights poles, intelligent transportation
management systems, guard rails, safety barriers, noise
barriers and rail furniture etc. for Lusail projects
Education City
The company is in the process of signing a corporate

agreement with Education City for the design,
manufacture, installation, and maintenance the street
furniture of the city.
Key Personnel
Management
anas Ismael al keilani managing
Director
amit kumar Singh Deputy CFo
Ibrahim almalki Executive Director of
International projects
Tareq addasi Senior International
Business Development Director
Qatar Steel Company

Company Description
Qatar Steel Company (QS) was established in 1974 as a joint venture between Government of Qatar and two Japanese companies,
Kobe Steel (20%) and Tokyo Boeki (10%). Later on, the company was fully acquired by Industries Qatar in 2003, which is
70% owned by Qatar Petroleum, while the remaining is public. The company is involved in manufacturing and distribution of
iron and stainless steel products. Its manufacturing plant is in Mesaieed and sales and marketing office is located in Doha. It
also operates a UAE based subsidiary - Qatar Steel Company FZE Dubai and has stake in four associates, Qatar Metal Coating
Company (50%), United Stainless Steel Company (25%), Gulf Industrial Investment Company (25%) and South Steel Company
(20%). The company has production capacity of 800,000 tons annually.
Projects
Project Name
Description
QASCO - Meltshop
Upgrade
The project include construction of Rolling mills,

Electric arc furnace, Ladle furnace, De-dusting system
etc. which will expand the capacity of 1,100,000 tpa.
M.N. Dastur & Company on PMC contract for the
project.The estimated value of project is USD 1 bn and
expected to complete in Q1-13.
Key Personnel
QASCO/Essar - Mesaieed The project will be executed in two phases. The

Steel Plant
first is scheduled to result in the commissioning of an
HBI plant by the first half of 2008, the second to yield
flat rolled steel products at a later stage. The project is
currently on hold. The estimated value of USD 1.3 bn.
Board of Directors
HE Youssef Hussein kamal
Chairperson
HE Dr mohammed Saleh al-Sada Vice
Chairperson
abdulrahman ahmad al-Shaibi
Director
nasser mubarak Sha al-Sha Director
ali Hasan al muraikhi Director
mohammed Hitmi ahmed al-Hitmi
Director
Fahed Hamad al mohannadi Director
Idris Gamil Director
Rabban Readymix
Company Description
Rabban Readymix is a leading ready mixed Concrete company based in Doha. The company was founded by Mr. Khalid Al
Rabban. The company product portfolio includes ready mix concrete and ready mix mortars and plasters. The company provide
ready mix product in the construction of well-known building such that Gulf mall, Villagio, Landmark, Barwa City Buildings,
Doha Airport, Al Fardan Towers etc.
Projects
Project Name
Description
Al Udeid Air Base
The project includes construction of runway measures

15,000 long along with shelters that can accommodate
100 aircraft. The company will provide ready mix
concrete in the construction of Al Udeid Air Base.
Doha Airport
The company currently supplying the ready mix concrete

in the construction of 12 new departure terminals at
Doha International Airport.
Shell GTL Project at

Ras Laffan
The Joint Venture of Rabban Readymix and

Medgulf have supplied over 750,000 cubic mt. into
the project from the Site based facility established at
Ras Laffan.
Key Personnel
Board of Directors
khaled bin mohammed al rabban
Chairperson
Hamad khaled al rabban Director
nasser Bin khaled al rabban Director
mohammed khalid al rabban Director
khalifa khaled al rabban Director
Management
Clive Cash CEo
Fred Greger General manager
Saudi Binladin Group

Company Description
Saudi Binladin is a contractor company established in 1931 by Mohammed Binladin. The company major activities includes Civil
and electromechanical contractors for buildings, infrastructure and heavy industries projects, production of cement, steel, marble,
granite, ready mix and precast concrete etc., distribution and leasing of heavy equipment, real estate investment, domestic and
international transportation of goods. SBG services also include turnkey consultation, solution, and implementation in the field
of network and software and hardware systems. The company has played a key role in developing Saudi Arabia infrastructure
and operates one of the largest fleet in of heavy machinery in the world. The company has constructed more than 5,000 km road
throughout the kingdom. Bakr Mohammed Awad Binladin hold 23.58% stock and Omar Sheikh Mohammed bin Awad bin
Laden hold 10.23% stake in the company.
Projects
Project Name
Description
SAGIA - Jazan
Economic City
JEC will cover an area of 40,000 sqm and will be divided

into four distinct area named as Heavy Industries,
Secondary industries, Human capital (Education area,
mosque etc.) and lifestyle (Hotel, Marina etc.). The
budgeted value of project is USD 27 bn.
PPA - King Abdullah

Financial District
The project will cover an area of 3,300,000 sqm which

includes retail financial, residential and cultural facilities.
The budgeted value of project is USD 7.8 bn.
Key Personnel
Board of Directors
Bakr Bin mohammed Binladin
Chairperson
Yehia mohammed awad Binladin Vice
Chairman
mutaz al Sawwaf Director
Henry Serkissian Director
abu Bakr Salim al Hamid Director
ahmed mohammed awad Binladin
Director
Six Construct Qatar Ltd.

Company Description
Six Construct Qatar Ltd. operates as a subsidiary of BESIX Group. Six Construct Qatar Ltd. engages in construction of convention
center and tower. The company is based in Doha, Qatar.
Projects
Project Name
Description
Doha Convention Centre The company has been awarded a contract to build phase
and Tower in Qatar
IIB of the Doha Convention Centre and Tower in Qatar
in a joint venture with Midmac Contracting Co. The
share of Six Construct for this contract is approximately
USD 338 mn. The project is expected to complete in end
2012.
Airport (NDIA)
Passenger Terminal
Complex
The company has been awarded a contract to build

Phase III of the New Doha International Airport (NDIA)
Passenger Terminal Complex in joint venture with the
Midmac Contracting Co. Six constructs share for this
contract is approximately USD 375 mn. The project is
expected to complete in Q4-12.
Key Personnel
Management
arshad ali Faizi Head of personnel
pierre Sironval project Director
Johan Vindevogel Faade and roof
manager - Head of Envelope
Tanghy Vandestraete project manager
TAV Construction
Company Description
TAV construction is a joint venture of Tepe Construction and Akfen Construction. The company was founded in 1997 to execute
the Build-Operate-Transfer Project of the Istanbul Ataturk International Airport and the Multi-Storey Car Park. The company is
specialized in the construction of airports, passenger terminals, highly competent in installation of all high-tech systems within
these structures. The company has seven branches and two subsidiaries named as TAV Muscat LLC and TAV Qatar LLC outside
of Turkey. The company has a project portfolio of approximately 10.5 bn.
Projects
Project Name
Description

Airport Terminal
Building And
Concourses (A-B-C)
TAV Construction entered into a joint venture with

the Taisei - Japan-based construction company to
build three concourses in the New Doha International
Airport terminal and the expansion package. The project
includes total built-up area of 5.4 mn sqf and is expected
to handle 24 mn passengers per year.
Key Personnel
Board of Directors
ali Haydar kurtdarcan Chairperson
Hamdi akin Vice Chairman
mustafa Sani Sener Director
13. Abbreviations
AED
AFC
ASHGHAL
AZF
Bn
BOT
Bpd
CAGR
CEO
cmd
COMCAP
CP
DFC
DFI
EPC
EUR
FDI
GBP
GCC
GDP
GLA
GTL
IATA
IMF
IWPP
JPY
JV
KAHRAMAA
km
KRW
LNG
LRT
MENA
MEP
MIA
MIGD
mn
mmgpd
MOU
MSM
mt
mtpa
MW
m3
m3/d
United Arab Emirates Dirham

Asian Football Confederation
Public Works Authority
Aspire Zone Foundation
Billion
Build, Operate and Transfer
Barrels Per Day
Compound Annual Growth Rate
Chief Executive Officer
Cubic Meters Per Day
Construction Package
Doha Festival City
Doha Film Institute
Engineering, Procurement and Construction
European Union Currency
Foreign Direct Investment
Pound Sterling
Gulf Cooperation Council
Gross Domestic Product
Gross Leasable Area
Gas to Liquid
International Air Transport Association
International Monetary Fund
Independent Water and Power Project
Japanese Yen
Joint Venture
Qatar General Electricity & Water Corporation
Kilometer
South Korean Won
Liquefied Natural Gas
Light Rail Transit
Middle East and North Africa
Mechanical, Electrical & Plumbing
Museum of Islamic Art
Million Imperial Gallons Per Day
Million
Million gallons per day
Memorandum of Understanding
Muscat Securities Market
Million Tons
Million Tons Per Annum
Mega Watt
Cubic Meters
Cubic Meters Per Day
NASA
NDIA
NDS
NGL
NHS
NLA
OMR
PMC
PPP
PV
PWA
PWPA
QAR
QDREIC
QEWC
QF
QIA
QMA
QNCC
QP
Qrail
QRDC
QTA
Qtel
SEC
STW
sqf
sqm
TEU
tn
tpa
TSW
UAE
USD
WTTC
National Aeronautics and Space Administration

New Doha International Airport
National Development Strategy
Natural Gas Liquid
National Health Strategy
Net Leasable Area
Omani Riyal
Project Management Company
Public Private Partnership
Photovoltaic Panels
Public Works Authority
Power and Water Purchase Agreements
Qatari Riyal
Qatari Diar Real Estate Investment Company
Qatar Electricity and Water Corporation
Science and Community Development
Qatar Investment Authority
Qatar Museum Authority
Qatar Petroleum
Qatar Railways Company
Qatar Railways Development Company
Qatar Tourism Authority
Qatar Telecom
Supreme Education Council
Sewerage Treatment Works
Square Feet
Square Meter
20-foot Equivalent Units
Tons
Tons Per Annum
Treated Sewer Effluent
United Arab Emirates
United States Dollar
World Travel and Tourism Council
14. Disclaimer
Commercial Bank (referred to hereinafter as we), Commercial
Registration No. 49621, a single-person company regulated by the
laws of Qatar, has issued this Document. This Document does not
constitute an offer or invitation to subscribe for or sell or purchase any
securities, and this Document shall not form the basis of any contract
or commitment whatsoever. We may, from time to time, to the extent
permitted by law, participate or invest in any other transactions with
the issuers of the securities, perform services for or solicit business
there from, and/or make transactions in the securities or options
therewith. We may, to the extent permitted by the relevant applicable
laws or regulations, make transactions in the securities before this
Document is published to recipients on our website. Information and
opinions contained herein have been compiled or arrived by us from
sources believed to be reliable, but we have not independently verified
the contents of this Document. Accordingly, no representation or
warranty, express or implied, is made by us as to fairness, accuracy,
completeness or correctness or correctness of the information and
opinions contained herein. We accept no liability for any losses or
damages arising from reliance on or use of this Documenting making
any securities transactions. This Document shall not be relied upon
or used in substitution for the exercise of independent judgment.
We shall have no liability whatsoever in respect of any inaccuracy in
or omission from this Document or any other relevant document
prepared by us for, or sent by us to, any person, and any such person
shall be solely responsible for conducting their own investigation and
analysis of the information contained or referred to in this Document
and of evaluating the merits and risks involved in the securities
forming the subject matter of this Document or any other relevant
document. It is understood that information, opinions and estimates
set out in this Document or any other relevant document, constitute
our own judgment and may be subject to change at any time without
prior notice. Past performance is not indicative of future results. This
Document is being furnished to you solely for your information
and may not be sent to any other person. This Document or any
other relevant document may not be distributed in any jurisdiction
outside Qatar where its distribution may be restricted by law in
such jurisdiction. This Disclaimer is unconditional and it does not
require any consent from any recipient and all limitations mentioned
hereinabove shall automatically apply to any possible recipient who
receives this Document or any other relevant document.

) (
. 49621

.

. /

.

.

.

.
.

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.

.

.
Data and pictures have been taken from the following source:
MEED projects, website and Magazine
ConstructionWeek Magazine
Oxford Business Group Qatar 2011
Websites of companies profiled. Reuters/Bloomberg/Zawya
About Commercialbank Capital (Comcap)

Organisation Chart
COMCAP
Advisory
Placing/
Distribution
Capital Markets
Merchant
Banking
Asset
Management
Local
Brokerage
Research
Company Lifestyle
Growth
Lifecycle
IPO/Further Expansion
LBOs/ Acquisitions
Equity Carve-outs
Take Private
Restructuring
Expansion
Early Stage/ Start ups

VC/ Early
Stage
Private
Equity/
Mezzanine
88 - Commercialbank capital - Construction Sector report
Asset Management/
Capital Markets
Investment
Banking
Inspired by Qatar, we believe ever ything is possible
www.cbq.qa

Qatar Construction Sector

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The Commercial Bank of Qatar (Q.S.C.

Qatar Construction Sector

Inspired by Qatar, we believe ever ything is possible

Alex Carre de Malberg

Dr. Abdulaziz A Al-Ghorairi

We are inspired by Qatar and the entrepreneurial

The Commercial Bank of Qatar (Q.S.C.)

Rajat Gupta, CFA

4 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

Exhibit 1: Key Projects

Doha Cultural Village

New Doha Port (Phase I)

Doha Festival City

Qatar National Museum

Sidra Medical and

New Doha Intl Airport

Source: Commercialbank Capital Research

CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 5

Exhibit 1.1: Key Projects in Doha

Source: Commercialbank Capital Research

6 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

1. Qatar National Convention

Exhibit 2: Segmentation of Construction Sector

Energy & Gas

Oil & Gas

1.1 Growth Drivers

Robust macroeconomic environment

Diversification at full stream

FIFA World Cup 2022 The Game Changer

Well regulated and capitalized banking sector

CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 7

Exhibit 3: Key projects timeline

Sidra Medical Research

Solar Power Complex

Qatar National Railway

Water Recycling Plant

Qatar Entertainment City

Doha Festival City

Qatar National Museum

New Doha Port (Phase I)

Oil & Gas

Source: Commercialbank Capital Research

8 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

2. FIFA World Cup 2022: The Game Changer

Source: Qatar Tourism Authority

CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 9

Aspire: Venue for Asian Games in 2006

10 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

Qatars World Cup stadiums

1. Lusail Iconic Stadium

6. Doha Port Stadium

7. Education City Stadium

8. Qatar University Stadium

10. Sports City Stadium

11. Khalifa International

12. Umm Salal Stadium

CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT - 11

3. Challenges and Market size

3.2 Construction Sector: Mapping market size under three scenarios

12 - CommErCIalBank CapITal - ConSTruCTIon SECTor rEporT

In this case, we have assumed a higher percentage of GDP that will be

In this case, we have assumed a lower percentage of GDP that will be

Exhibit 5: Spending patterns based on different scenarios forecast (USD bn)

Source: NDS and Commercialbank Capital Research