What inspired you to establish Innotech, and how has the company evolved since its inception?
The inception of Innotech was driven by our deep-rooted passion for robotics and automation, which stemmed from our background in Mechatronics engineering. While working in the oil and gas sector, we realized that our true interest lay elsewhere—specifically in the untapped potential of concrete 3D printing. Recognising a significant opportunity in this emerging technology, we made the bold decision to pivot towards revolutionising the construction industry with automation. Our ambition was clear from the start: to position Innotech as the leading concrete 3D printing company in the MENA region.

Our journey began with a small-scale pilot project in our first year. However, our determination and innovative approach quickly propelled us forward. By our second year, we had successfully constructed 30 buildings using our proprietary 3D printing technology. This rapid growth not only validated our vision but also attracted the attention of investors. Today, we are proud to have secured investment from three prominent venture capital firms across three different countries, further solidifying our position in the market.

How does Innotech leverage 3D printing technology to address key challenges in the construction and manufacturing sectors?
One of the most pressing challenges in the construction industry is the high cost and lengthy timelines associated with traditional building methods. At Innotech, we have successfully mitigated these issues by leveraging automation through concrete 3D printing. This technology allows us to significantly reduce construction costs while expediting project completion times.

Beyond cost and speed, another major concern in modern construction is energy efficiency. We have actively worked on addressing this by innovating with sustainable construction materials that enhance thermal insulation and reduce energy consumption in buildings. By continuously refining our 3D printing processes and materials, we ensure that our solutions contribute to a more sustainable and cost-effective construction ecosystem.

What unique value does Innotech bring to Oman’s technology ecosystem, particularly in automation and sustainability?
Innotech’s core mission aligns closely with Oman’s Vision 2050, which aims to transform the nation into a net-zero carbon economy. One of the primary ways we contribute to this vision is by significantly reducing the carbon footprint of construction projects. Traditional construction methods rely heavily on cement, a major contributor to CO₂ emissions. Our 3D printing technology optimizes material usage, reducing the need for cement while maintaining structural integrity.

Moreover, by automating construction processes, we help minimize labour-intensive practices, which not only cuts costs but also enhances safety and efficiency. Our innovations in automation and sustainability position us as a key player in Oman’s technological transformation, making construction more eco-friendly and cost-effective.

Can you share examples of how Innotech’s solutions have successfully improved efficiency and reduced environmental damage in projects?
One of our most successful projects involved reducing construction costs for a client by 8% through the implementation of our 3D printing technology. This cost efficiency was achieved by minimizing material waste and streamlining labour requirements. Additionally, we have made substantial progress in reducing environmental impact. Our 3D printing solutions use 15% less Portland cement than conventional construction methods, which significantly reduces CO₂ emissions.

By integrating smart construction materials and sustainable design principles, we continue to set benchmarks in environmentally responsible building practices. Our commitment to sustainability ensures that every project we undertake benefits our clients and contributes positively to the environment.

In the field of educational technology, what role does Innotech play in preparing the next generation for the Fourth Industrial Revolution?
Beyond our contributions to construction, Innotech is deeply invested in the educational sector. We believe that the future of Oman’s technology ecosystem depends on equipping the next generation with essential skills in automation and robotics. To support this, we have established a mobile educational lab, funded by BP Oman and operated in collaboration with the Ministry of Education.

This mobile lab travels across the country, introducing students to the fundamentals of robotics and automation through hands-on training. To date, we have provided practical training to over 1,200 students, inspiring a new wave of young engineers and innovators. By nurturing this talent pipeline, we are helping Oman transition into a knowledge-based economy.

What challenges have you faced in scaling your business and adopting advanced technologies in the region?
Scaling a business that introduces disruptive technology comes with significant hurdles. One of our biggest challenges has been navigating regulatory frameworks to secure permits for our innovative construction techniques. Since 3D printing in construction is still a relatively new concept in the region, obtaining approvals has been a time-consuming process.

Additionally, securing venture capital (VC) funding for hardware startups in the GCC has been another challenge. Unlike software startups, which generally require lower initial investments, hardware-focused companies demand substantial capital for research, development, and scaling. Despite these obstacles, our persistence and strategic partnerships have enabled us to overcome these barriers and continue our growth trajectory.

How does Innotech balance innovation with maintaining cost-efficiency for its clients in competitive industries like construction and manufacturing?
We believe that the key to making advanced technology affordable lies in vertical integration. Unlike traditional companies that outsource various aspects of their production, we made the unconventional decision to manage everything in-house. This includes research and development, material production, and manufacturing. While it was a bold and resource-intensive move, it has allowed us to drive down costs and ensure full control over quality and innovation.

By keeping all operations under one roof, we can rapidly iterate on our technology, reduce dependency on external suppliers, and pass on cost savings directly to our clients. This approach has been instrumental in making our 3D printing solutions accessible to a broader market.

What are your long-term goals for Innotech, and how do you envision its role in shaping Oman’s technological and educational future?
At Innotech, our long-term vision is to fully automate construction processes, making homeownership more affordable and environmentally sustainable. We envision a future where advanced robotics and AI-driven automation will significantly reduce the cost of building homes, making sustainable housing accessible to everyone.

Moreover, we aim to expand our educational initiatives, ensuring that future generations are equipped with the skills required to lead Oman’s technological revolution. By fostering innovation in both construction and education, we hope to play a crucial role in shaping the nation’s future as a leader in automation, sustainability, and technological advancement.

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Established in 2020, Opteam was founded by Dr. Tarek Hegazy, a seasoned professor and researcher with 20 years of experience in advanced computational project management for construction, and his son Ahmed Hegazy, a record-breaking software sales executive with large global companies. Over the course of two decades of research in infrastructure management, Dr. Tarek saw a critical need for a solution that could bridge the gap between project complexity and efficiency. Opteam was designed to do just that, helping construction teams overcome long-standing challenges and realize their full potential in the ever-evolving construction world.

“We are thrilled to partner with Plus VC! Having them on board rounds off our extremely strategic group of investors, spanning key players in the construction industry the MENA region, and the startup ecosystem,” said Ahmed Hegazy, Co-founder and CEO of Opteam. “Plus VC has a strong reputation in the startup world, known for backing and investing in disruptive companies, and we are proud to be one of them. They will be a key player in our mission to penetrate this massive industry and change how companies approach project management. Our strategy is to accelerate our growth as the sole platform for generative scheduling in construction. We are very excited to ramp up our activities and make something truly special.”

The new capital will be deployed to deepen Opteam’s AI capabilities, expand its team and establish its market presence in the UAE and Saudi Arabia. As the construction industry deals with increasingly complex projects with more resource limitations, contractors and consultants are faced with enormous pressure to embrace the benefits of digitization. Opteam’s strategy is to develop AI software that is extremely easy to use and consumable to take advantage of the construction industry’s need to adopt technology that is simple and non-intrusive.

Dr. Tarek Hegazy, Co-founder and CIO at Opteam said: “Opteam is a tool that will finally automate so many of the manual tasks in construction. The Middle East suffers from the highest amount of time and cost overruns than anywhere else globally and is desperate for a solution. We believe that Opteam is perfectly suited to take on this challenge because we are intimately aware of the processes in construction and of the adoption challenges of technology.”

Commenting on the fundraising announcement, Hasan Haider, Managing Partner at +VC said: “Opteam is breaking new ground in construction technology, addressing some of the industry’s most persistent challenges with innovative solutions. It’s a transformative tool for the construction industry, setting new benchmarks for unmatched efficiency and profitability. We are excited to collaborate with Ahmed and his team as they scale and establish themselves as pioneers in the construction tech space.”

Faysal Shair, Co-Founder and Director of Dar Ventures said: “For nearly 70 years, Dar has been part of the architecture, engineering, and construction industry. Opteam has developed a strong business case by disrupting project management on construction sites, to facilitate progress and deliver better outcomes. We truly believe in Opteam’s disruptive and pioneering technology and its ability to successfully manage complex schedules and resources during the construction phase of projects”

Opteam is a first-of-its-kind solution, designed to improve how construction companies manage their data and reduce the time it takes to strategise from weeks to minutes. The software combines advanced data analytics, mobile progress tracking, and automation to support construction teams in optimizing resources, reducing delays, and managing complex schedules. Ultimately, Opteam’s goal is to use this technology to reduce the amount of resources needed for infrastructure by 30%. With a focus on real-time insights and data-driven decision-making, Opteam enables construction teams to automate a large amount of manual tasks, monitor the site with accurate updates, give real-time reporting and intelligently recover project delays.

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Titled “Saudi Construction Boom: Building a Future of Growth and Prosperity,” this guidebook represents a significant milestone as it is the first of its kind to provide businesses with a comprehensive resource that outlines the Saudi market expansion roadmap.

Mapping a total of 30+ regulations, licenses, and stakeholders, it offers a complete overview of the key players shaping the sector and detailed guidance on acquiring essential permits and licenses for high-growth businesses to enter the construction sector in Saudi Arabia.

The guidebook was meticulously curated based on the extensive expertise of the AstroLabs team in expanding over 100 global & regional industry leaders to Saudi Arabia and its work with a wide array of public and private entities. Among these are CPG Corporation from Singapore, Waagner Biro Steel and Glass from Austria, and Grankraft from the UAE.

It comes within the framework of AstroLabs’ sector-building efforts to facilitate global companies’ access to information and necessary resources that support global companies in starting their ventures and exploring new horizons in the Saudi market.

The guide features an exclusive opportunity matchmaking blueprint tailored for businesses eager to explore the vast potential of the Red Sea project, spanning a wide array of sub-sectors under construction.

Across the country as many as 5,200 projects are currently underway across the Kingdom, with a total value of $819 billion. With a total pipeline of construction projects set to be $1.5 trillion, the sector has untapped significant potential for innovation and growth.

To date, the business expansion platform has facilitated the expansion of over 650 high-growth companies to Saudi Arabia across various industries, including construction. Click here to download the full guidebook. 

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One platform for construction operations
WakeCap solutions are used by job sites employing tens of thousands of workers, with over 70 million worker hours completed. WakeCap has established a high level of trust and integrity with its customers, and as a result is delivering several solutions needed on site. Alongside WakeCap’s existing lineup of connected worker, time and progress measurement, and safety incident prevention and management, the merged company will provide owners and contractors the most comprehensive suite of tools available to date.

Crews by Core’s AI-powered project delivery platform gives WakeCap the ability to offer customers immediate ways to quantify and mitigate jobsite inefficiencies. WakeCap’s IoT network for people, equipment, and vehicles provides rich automated data on the jobsite, saving thousands of hours and 20% of labor costs or more in addition to keeping workers safer. Now they will add lookahead scheduling, communication, and financial risk assessment and mitigation. 

Construction’s opportunity: more efficient processes with unified solutions
The global construction industry is valued at more than $12 trillion and employs 200 million people globally, yet notoriously relies on offline and inefficient processes. Miscommunication, poor collaboration, and worker shortages lead to crews wasting hours per week on non-productive tasks. This is a longstanding industry-wide problem that WakeCap has been tackling with their IoT platform, as has Crews by Core with their AI-powered project delivery platform.

“Hassan has built a rocketship. It’s rare to see so much traction in construction tech, let alone any tech startup, and we’re excited to accelerate our mission with this partnership,” stated Di-Ann Eisnor, CEO and founder of Crews by Core. “Saudi Arabia has some of the largest projects anywhere in the world and it’s the perfect place to deploy our project delivery platform.” 

“Di-Ann’s team has incredible knowledge and deep technical skill. We’re thrilled to bring the two companies together,” explained Dr. Hassan Albalawi, CEO and Founder of WakeCap. “Their team is world class and has built some of the most important companies in Silicon Valley including Paypal, Waze, Google Chrome, and Palantir. They know how to scale technology platforms.”

The two companies’ technologies are already deployed across large sites and megaprojects in the United States, Saudi Arabia, UAE, and Japan, managing tens of thousands of workers performing millions of hours of labor each year. Customers include Saudi Aramco, Jeddah Central Development Co., Kajima, Takenaka, and Apex Building Group. The acquisition price is not being disclosed.

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Construction Startup Competition promotes innovation, collaboration, and technology adoption with solutions that fall under the competition’s 4 focus areas: Green Construction (sustainability), Enhanced Productivity (efficiency), Construction Supply Chain (on time), Future of Construction (disruptive). It is also an invaluable tool for startups to network with potential clients and partners, earn capital, pilot in global markets, and pitch to active industry investors and potential business partners. This year, 3 winners will receive cash prizes at Pitch Day, the final competition milestone, held at Trimble Dimensions User Conference on November 11-13, 2024.

Over the last 7 years, Construction Startup Competition has been a launching pad for almost 3,000 startups to facilitate fundraising and gain recognition. The competition has named 36 winners, which have collectively raised more than US$396M in financing. More than one third of winners have received investment from and/or are working with one or more of the competition hosts, and 3 Contech acceleration programs use the competition as a qualified pipeline to build their cohorts.

“Every year we receive hundreds of applications from Contech and Cleantech startups, some of which have gone on to become big names in the industry, receive hundreds of million dollars in investment, and commercialize and expand their companies,” said Gonzalo Galindo, Head of Cemex Ventures.

As the construction sector demands change, the biggest innovators are saying to startups, “Let’s build something bigger together!” Contech & Cleantech startups looking to showcase their solution can take the next step and apply today: https://www.cemexventures.com/constructionstartupcompetition

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What was the inspiration behind viAct?
Accidents and fatalities, non-transparency, and lack of communication led to 98% of projects getting delayed, which are a few of the major challenges the construction industry faces. An industry that is vital in providing shelter to all of us. To address these critical challenges, Hugo Cheuk and I founded viAct to revolutionize this sector by leveraging AI technology for affordable, real-time monitoring of safety and productivity.

How difficult or easy was raising the funding to start the company?
Initially, investors were cautious due to the perceived risks of entering the construction technology market. However, investor interest grew as we showcased our innovative AI solutions and demonstrated a clear market need beyond construction to other risk-prone industries like manufacturing, mining, and oil and gas. Persistence, a strong vision, and a compelling business case were crucial in securing the needed funding.

What were the major challenges you faced when you started this venture, and how did you overcome them?
At the start, we faced challenges like a lack of awareness in the construction industry and fear of job loss due to AI. Educating stakeholders on AI’s benefits helped us tackle this. We also emphasized user-friendly AI integration. Other hurdles included assembling a skilled team and staying competitive. We overcame these by recruiting talented individuals worldwide through our remote-first culture and fostering innovation.

Can you explain how your AI technology enhances worksite safety and security for workers?
viAct’s AI technology enhances worksite safety and security by providing real-time monitoring and alerts for potential hazards. Using computer vision, it detects unsafe behaviours such as not wearing protective gear or working in restricted areas. Alerts are sent to supervisors, enabling quick intervention, which helps to reduce accidents, improve safety compliance, and ultimately create a safer working environment for workers.

What specific features or capabilities does your software offer to improve productivity in work environments?
viAct’s software offers features to enhance productivity by providing real-time monitoring for progress tracking, identifying bottlenecks, and optimising workflows. The AI technology detects safety issues that may affect productivity, enabling quick intervention. viAct’s solutions streamline operations, reduce downtime, and improve overall efficiency in diverse work environments by bringing transparency through its automated recordkeeping dashboard. 

How do you ensure that your AI solutions are tailored to meet the unique needs and challenges of different industries and worksites?
After extensive market research, viAct has developed over 100 AI modules tailored to the unique needs of different industries and worksites. These modules cover various scenarios, such as confined space work monitoring and work at height safety monitoring. The modules have been rigorously trained over seven years to ensure they accurately detect and respond to the specific challenges each industry and worksite may face. 

Can you share any success stories or case studies where your software has significantly impacted worksite safety, security, and productivity?
viAct fosters Good Manufacturing Practices (GMP) in the Food and Beverage Industry to enhance overall efficiency, quality, and compliance by reducing 80% of accidents and enhancing compliance up to 10x than previous records. Also, viAct reduces inspection time from 30 minutes to 3 minutes in any large construction worksites, which helps to improve productivity by preventing 75% of project delays.

How do you address data privacy and security concerns when implementing AI technology in work environments?
viAct implements several measures to address data privacy and security concerns. It blurs faces and other identifiable features in videos to protect workers’ identities. Data is encrypted both in transit and at rest to prevent unauthorized access. Additionally, viAct offers the option for on-premises AI deployment, ensuring that sensitive data remains within the organization’s infrastructure and under its control. 

What measures do you take to ensure that your AI algorithms are accurate, reliable, and continually improving?
viAct ensures AI algorithm accuracy and reliability through rigorous testing and validation against real-world scenarios. Continuous improvement is achieved by incorporating Generative AI, which generates synthetic data to augment existing datasets, enhancing algorithm performance. Regular updates and feedback loops from users and domain experts further refine the algorithms, ensuring they remain effective and adaptive to evolving work environments. 

How do you collaborate with companies and organizations to integrate your software into their existing systems and workflows?
viAct works closely with construction, oil & gas, and mining companies to integrate AI into their existing CCTV systems via an RTSP link. After understanding the client’s needs, viAct presents scenario-based AI modules developed by AI experts. Sales and AI engineers support the integration process, with post-deployment feedback loops ensuring effective utilization of viAct’s solution. 

What challenges have you faced in developing and deploying AI solutions for worksite safety and security?
Developing and deploying AI solutions for worksite safety and security has posed challenges such as ensuring the accuracy and reliability of algorithms in diverse environments, addressing data privacy concerns, and integrating with existing systems. Additionally, educating stakeholders and overcoming resistance to adopting new technologies have been ongoing challenges. 

In what ways do you see AI technology evolving to further enhance worksite safety, security, and productivity in the future?
AI technology is evolving to enhance worksite safety, security, and productivity through advancements like Generative AI, which augments existing datasets for more accurate algorithms. Digital twins, virtual replicas of physical assets, enable predictive maintenance and real-time monitoring. These innovations promise to revolutionize how we prevent accidents, mitigate risks, and optimize productivity in work environments.

How do you prioritize user experience and usability when designing your software solutions for workers and managers?
viAct prioritizes user experience by conducting user research, gathering feedback, and iterating on designs to ensure they meet the needs and preferences of the end users. The onboarding process, solution integration, and dashboard UI are all set in a user-friendly manner, focusing on providing clear and actionable insights to enhance decision-making and improve overall user satisfaction. 

What role do you believe AI-powered software solutions will play in shaping the future of workplace safety and productivity?
AI-powered software solutions are poised to revolutionize workplace safety and productivity by enabling proactive risk management and optimizing operational efficiencies. These solutions leverage advanced algorithms and real-time data analytics to predict and prevent accidents, streamline workflows, and enhance decision-making. By automating mundane tasks and providing actionable insights, AI will empower organizations to create safer, more efficient, and productive work environments.

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The funding round was co-led by 9900 and BECO Capital, with participation from Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures. With this series A funding round, BRKZ has now raised $13.55m in total. BRKZ’s seed round ($5.55m) was led by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors.

BRKZ was launched in 2022 and founded by Ibrahim Manna, a three-time logistics founder and former Careem executive, to address critical challenges in the construction industry such as fragmented supply chains, operational inefficiencies, and lack of access to finances. The company aims to leverage technology to ensure equitable access to the best market prices for all contractors and is on a mission to build a tech-enabled ecosystem to revolutionize the MENA construction industry.

For buyers of building materials, BRKZ offers access to the best prices across a wide pool of suppliers and materials along with multiple delivery and payment options. And importantly, a quick and easy Request for Quotes via WhatsApp or website. Suppliers engage with BRKZ to benefit from access to a wide customer base. The simplified portal for suppliers enables them to customize prices by size, location, and delivery options. To date, BRKZ has facilitated over $170m quotations across nearly 1,200 products from more than 350 suppliers.

Ibrahim Manna, Founder of BRKZ, commented: “The investment underscores BRKZ’s commitment to digitizing buying and selling building materials, promoting transparency, and fostering efficient contractor financing. It comes at a pivotal moment for BRKZ, enabling us to grow further within the $100billion construction market here in KSA. We’re set to drive significant change, through tech, across every single touchpoint relevant to how building materials are sourced and supplied in a sector crucial to our economic landscape.”

With this new funding, BRKZ is set to deepen its proprietary capabilities, getting closer to being a one-stop-shop for the construction industry, and expand its footprint across Saudi Arabia and beyond. Thus, contributing to the growth and efficiency of the construction sector in the Kingdom of Saudi Arabia and the MENA region.

Dany Farha from BECO Capital said: “The MENA construction market is full of substantial opportunities both for investors and contractors. BRKZ is well placed and capitalized to be the catalyst to boost development. The investment aligns with Saudi Arabia’s Vision 2030, attracting foreign investors and founders to a flourishing construction sector. BRKZ’s strategic initiatives are aligned perfectly with our investment philosophy at BECO Capital. We’re excited to be part of their journey.”

Chris Corbishley, Managing Partner at 9900 added: “At 9900, we focus on ‘big problems’, identifying extraordinary founders solving for externalities across a range of sectors, globally. Nowhere is this more evident than in the construction sector – an industry marred by inefficiencies resulting in an estimated $1.6 trillion in annual losses to economic actors, as well as 5.7 billion metric tonnes of CO2 each year, which accounts for ~26% of global emissions. With their best-in-class procurement platform delivered through the power of technology, we’re excited to be backing Ibrahim and the BRKZ team towards driving positive change for this important economic sector within the MENA region”

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The 2022 edition reunites previous partners Dysruptek by Haskell, Ferrovial, GS Futures, Hilti, VINCI Group’s Leonard, and NOVA by Saint-Gobain, and welcomes Black & Veatch, a global engineering, construction, and consulting leader, Procore Technologies, leading US cloud-based construction software, and Zacua Ventures, a fund focused solely on the construction sector.

The global challenge is open for startups in their early stages up to their commercialization phase who have developed innovative solutions that help solve the industry’s main challenges. All participants will be able to apply under four categories: Green Construction, Enhanced Productivity, Construction’s Supply Chain, and Construction Future is Now. The application phase of the competition will remain open until Sept. 4, 2022.

Construction Startup Competition serves as a shortcut for all entrepreneurs who wish to knock on the doors of potential business partners that can help develop their solutions. “Participants can expect to engage with any of the host companies even before the competition comes to an end, going as far as receiving investment or setting up agreements in the months following their application,” said Gonzalo Galindo, Head of CEMEX Ventures. “This competition has served as a shortcut for many startups to connect with top industry investors and begin their successful collaborations, and this year´s lineup guarantees it will be no exception.”

The ten companies will thoroughly evaluate the applications before choosing the winners that will participate in a final Pitchday event in November 2022. The entrepreneurs will get the opportunity to showcase their solution to the competition’s jurors, as well as leading companies and investors from the construction and technology industry.

Construction Startup Competition has seen over 2,000 startups from more than 80 countries participate since its first edition. With more partners joining CEMEX Ventures in the call to disrupt the construction industry, and with investment blooming in the Contech ecosystem, the 2022 edition is calling for all startups in the sector to take on the challenge and participate by applying at www.cemexventures.com/constructionstartupcompetition.

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In the past few years, the Kurdistan Region has undergone great economic growth as international sanctions were lifted, including UN-imposed international sanctions on Iraq and Iraqi sanctions on the Kurdistan Region. With an abundant amount of proven natural resources and a tremendous labor force, the Kurdistan Region has the potential to become an emerging market offering excellent opportunities and thus a regional economic powerhouse.

The Kurdistan Regional Government has been taking steps to facilitate opportunities, and has passed laws and regulations and promotes foreign venture by providing numerous incentives and legal guarantees to protect investment in the Kurdistan region. H.E. Minister Falah Mustafa Bakir, Minister and Head of Department of Foreign Relations, Kurdistan Regional Government, commented, “Despite the regional challenges, I would like to reassure everyone that the Kurdistan Region remains safe, stable, and open for business. The outstanding international support for our region in its fight against terrorism and caring for the internally displaced people and the refugees demonstrates an investment in the future of Kurdistan and its people.”

Bakir added, “The Kurdistan Regional Government remains committed to provide the best possible business environment for foreign companies. An attractive investment law, stable business environment, and sizable foreign direct investment enabled Kurdistan to achieve remarkable economic developments in the past ten years. We truly believe that the Kurdistan Region can serve as the gateway to the rest of Iraq.”

One of the key features of the event is the Ministers Roundtable, which elaborates on unlocking investment opportunities, and will be joined by Kurdistan Regional Government Ministers, such as the Minister of Interior, Minister of Natural Resources, Minister of Housing and Construction, Minister of Planning and the Head of the Department of Foreign Relations.

The 1st Kurdistan Investment Conference is organized by Fleming, and is held under the patronage of Kurdistan Regional Government; the event will bring together the Kurdistan Regional Government, business and innovators together to discuss and explore business opportunities with the local private sectors. The conference will also enable its visitors to have a much better understanding about the business environment and abundant investment opportunities in Kurdistan.

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The hydrocarbon sector, which consists of crude oil and raw gas production, perked up and expanded to a better-than-expected 1.8% year-on-year in Q3 2013 owing to higher production of natural gas due to LNG facilities coming back to full operational capacity after some downtime for maintenance over the last year.

The non-hydrocarbon sector grew 9.5% year-on-year in Q3 2013, driven by a strong growth in services. Transport and communication was the fastest growing sector (13.9% year-on-year), owing to the Ramadan period of festivity which boosted travel and tourism, as well as higher mobile subscribers which is a key characteristic of the stronger growth in private consumption boosted by the larger population.

The financial, real estate, and business services sector grew rapidly (10.5% year-on-year), as real estate services were boosted by the growing population. The non-hydrocarbon sector was further boosted by the construction sector, which accelerated to 13.0% year-on-year as Qatar’s infrastructure development program is gathering momentum.

This large infrastructure investment program will have a direct effect on GDP growth through higher investment spending and an indirect effect through population growth. A new wave of expatriate workers is coming into Qatar in response to higher labor demand for infrastructure projects. Indeed, population continued its double-digit growth (11.4% year-on-year) in the year to the end of December 2013, driven by the large ramp up in infrastructure spending.

The larger population will continue to drive economic growth by boosting domestic demand, services as well as investment in housing and other infrastructure. Accordingly, small and medium-sized enterprises, such as hotels, education, medical services, retail and restaurants are expected to flourish in order to cater to the growing population.

There are some concerns of economic overheating arising from the infrastructure program. Those concerns can be alleviated by considering the latest GDP data for the construction sector which indicates that pricing for building materials are falling. This leads to the conclusion that there is no excess demand for building materials and no shortage in supply that could lead to potential bottlenecks in the implementation of those programs.

Overall, QNB Group expects real GDP growth to accelerate further to 6.8% in 2014, as highlighted in QNB Group’s latest Qatar Economic Insight report, owing to the implementation of additional large infrastructure projects, like the Lusail real estate development, the new Doha Port, the new Hamad International Airport and the Doha Metro Rail project. The key driver of growth will therefore continue to be the non-hydrocarbon sector which is expected to grow from 42% of nominal GDP in 2012 to more than 50% by 2015.

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