Qatar Facility Management Market Overview
The Qatar facility management market is estimated to attain a size of $2,679.4 million in 2017 and is projected to reach $4,386.5 million in 2023, witnessing a CAGR of 8.7% during 2018-2023. The growing application of facility management in commercial buildings, residential construction projects, infrastructure projects, and industrial projects is driving the growth of the market in the country.
QATAR FACILITY MANAGEMENT MARKET, BY SERVICE, $M (2013 - 2023)
The facility management market in Qatar is staring at a promising future due to increasing investment in the infrastructure sector, owing to the upcoming mega events in the country, such as FIFA World Cup 2022, Gulf Expo, and others. For instance, more than $200 billion is being invested for infrastructure development in the country which includes new rail lines, new international airport and port, highways, hotels, and various others, to host the FIFA World Cup 2022. Also, under the Qatar National Vision 2030, rapid expansion of tourism, education, and real estate sectors will contribute toward the economic growth of the country and result in demand of facility maintenance services.
On the basis of service, the Qatar facility management market is segmented into property services, cleaning services, security services, catering services, support services, environmental management services, and other services. The other services include reception staffing, utility management, furniture supplies, and contract management. In the facility management market of Qatar, the fastest growth during the forecast period is expected to be experienced by catering services.
Qatar Facility Management Market Dynamics
Increasing awareness regarding protection of investments in assets is the key trend observed in the Qatar facility management market.
The major trend observed in the Qatar facility management market is the increasing awareness regarding protection of assets. For any organisation, its facilities are its assets that support its primary business. Companies are becoming aware about the importance of asset protection as it involves a huge investment, thus encouraging them to invest in these services. It involves achieving investor’s profitability objectives as well as minimising assets’ capital expenditure. Currently, facility management companies which are managing multiple assets are focusing on integrating the sustainable environment, infrastructure, technology, real estate, and people to achieve the maximum efficiency.
The upcoming FIFA World Cup 2022 and ‘Qatar National Vision 2030’ are the major drivers expected to propel the growth of the facility management market in Qatar.
Qatar National Vision 2030’ was launched in 2008 by the country’s government to boost its economic growth. It is based on the four key pillars of human development, social development, economic development, and environment development. The national vision aims to develop the country by reducing its economic dependency on the oil and gas industry and develop the other sectors such as infrastructure and tourism. The vision is laying foundation for rapid infrastructure development and investment to achieve its aim. The vision will offer wide areas of opportunities for the development and growth of the facility management market in the country.
The stringent staffing policies and labor laws of the country act as the major restraint in the growth of the Qatar facility management market. Some of the essential points of the Qatari labor law include overtime dues, mandatory benefits such as annual leave, sick leave, gender equality, end of service benefits, health insurance, end of employment, and others. The companies are also facing problems in obtaining visas for staff, finding staff accommodation, and others.
Qatar Facility Management Market Competitive Landscape
Some of the major players operating in the facility management industry are Mosanada Facilities Management Services, Cofely Besix Facility Management, Al-Asmakh Management WLL, COMO Facilities Management Services, OCS Qatar LLC, CBM Qatar LLC, Elegancia Hospitality & Facility Management Services, Al Tamyoz Business Group, Conservo Facility Management Co. W.L.L., Confident Enterprises WLL, and ASTAD.