With most of these malls still being under construction, 2019 will see the expected opening of five new malls in Qatar, and a number of other commercial enterprises. These include Katara Mall in Al Qassar, Doha Mall in Abu Hamour, Doha Souq in Al Mirqab, La Galleria in Msheireb and Northgate Mall (North Doha), reported the Qatar Peninsula.
In addition to these already opened malls, outdoor places in Doha like Souq Waqif, Katara Cultural Village, The Pearl Qatar, Porto Arabia and Medina Centrale, which are made up of a high number of food and beverage outlets are providing an additional 200,000 square metres of retail accommodation that is leasable.
DTZ/Cushman & Wakefield also mentioned in their review that ever since new retail commercial space, residential units and hotels have been added to the market combined with certain other factors, there has been a downward pressure in property rents and the revenues of the average room in the hotels in and around Doha. However, with time, these are now getting more and more stabilised.
It is expected that, with time, and as Doha’s main infrastructure projects near completion along with the Government’s programmes to accelerate the private sector, the economy will diversify and will not just be dependent on oil and gas, and the private sector will see a lot more growth and potential.