Mohamed Ghofrane, Chief Executive Officer of Retaj Real Estate
Doha: The real estate sector is poised to strengthen the economy of Qatar as 2023 is reportedly witnessing a boom in the infrastructure, construction, residential and retail market. The sectors forecast significant growth this year boosting the economy as many investments and projects unfold in Qatar.
In a telephonic interview with The Peninsula, Mohamed Ghofrane, Chief Executive Officer of Retaj Real Estate said: “It’s the core engine of economy of the country.” As the real estate market marks vital improvements, he said that the primary reasons include a lot of developments implemented by Government projects, entrepreneurs, competitive real estate organisations, and mainly investors. He continued by saying that “they directly attract expatriates, investors and organisations within Qatar whereby the country directly will be benefiting.”
With the national vision 2030, Qatar is en route to growing its market by inviting global investors to commence businesses and reside in the region. Mohamed accentuated that Qatar has a healthy and steady expansion plan to revitalise its economy.
Some of the biggest areas in the country include The Pearl, Lusail, and Qatiefan, highlighted Mohamed as he said that “this will always give investors an indication that the country has a big potential and healthy market”.
Having development stratagem in the competitive market, Retaj is carrying out projects enabling the economy to be stable and also to bring in more investors into the country by partnering with international organisations and countries including Georgia, Saudi Arabia, UAE, Algeria, and Bosnia in addition to other key areas in Qatar.
“We have a large portfolio at the moment and we have got a lot of projects in the pipeline, which we will be implementing during the second quarter of this year,” he said.
In comparison to 2020 and 2021, Retaj made a whopping transaction of over QR300m last year said Mohamed.
The firm made a stronger comeback after it was affected by COVID-19 in the previous years and the revenue increased by more than 50 percent in 2022.
Outlining the achievements made in the previous year, Mohamed lauded the company’s profit and contribution during the mega sporting event held in the Middle Eastern country for the first time. Mohamed said that the “World Cup was extremely beneficial for Retaj Group as a whole. We have succeeded in the target in terms of achievements during the tournament period.”
“This has generated and made us in a better position and enabled us to be more stable in taking a decision on investments and other projects. It was very beneficial and satisfied all the shareholders,” he added.
