The global spotlight on Qatar during the FIFA World Cup has transformed the small Gulf state into a focal point for business, investment, and development. Thousands of fans from the United States, Canada, and beyond descended on Doha, turning the event into a premier platform for new ventures. For many Spanish firms, Qatar has long been a strategic base, especially in sectors like construction, engineering, and water management. Companies such as ACS, Iberdrola, Técnicas Reunidas, Acciona, Ecisa, Sacyr, Ferrovial, and Aguas de Valencia have secured concessions totaling several billions of euros, often through collaborations with regional consortia. This pattern mirrors a broader model of European and Middle Eastern cooperation that continues to shape the market today (citation: European-Spanish-Qatar business ties, 2023-2024).
New infrastructure projects have been crucial to improving living standards for a population adapted to desert conditions and extreme heat for much of the year. Water management remains a core challenge and a major driver of investment from Spanish and other international players, as do the broader utilities and public services that support urban life in Doha and other cities.
Qatar’s modernizing drive has deep roots. While the land has hosted human activity since ancient times, formation of a modern, diversified economy accelerated after the discovery of oil in 1939 and natural gas in 1971, which significantly bolstered national wealth. Although fossil fuels still account for a large share of exports, the economy has been steadily diversifying since the early 2000s, expanding into construction, logistics, and services that attract global firms. The choice of Qatar to host the World Cup in 2022 accelerated this momentum, drawing major Spanish and international construction groups into the market. Firms like Ferrovial, ACS, Técnicas Reunidas, Ecisa, and others have continued to operate in the emirate, contributing to large-scale projects and long-term maintenance contracts. Other major players in the sector include Cobra Group, Acciona Engineering, Ceinsa, Copasa, Urbaser, and Toscana Venture.
Beyond building sites, the emirate’s service economy has grown to include sewer networks, hospitality, and entertainment venues. Spanish firms such as Acciona Agua and Aguas de Valencia have managed water and sanitation services for government bodies. The culinary scene has also attracted attention, with notable openings like the BIBO restaurant by chef Dani García in 2020, and Lobito de Mar, which established itself in Doha recently. Tatel, a restaurant concept backed by athletes such as Rafa Nadal, Cristiano Ronaldo, and Pau Gasol, forms part of the city’s evolving dining landscape.
Education and sports facilities have expanded as well. SEK operates an international school in Doha that began welcoming students in 2013, while Pádel Qatar offers facilities for enthusiasts of this popular sport. The rapid modernization has included the Doha Metro project, with Ferrovial and its partners playing pivotal roles in design and construction, alongside other major tenders in energy and public works. Iberdrola has pursued energy-related opportunities, including a large-scale combined-cycle plant concession, illustrating the breadth of Spanish participation in the emirate.
Construction companies
ACS has maintained a long-standing presence in Qatar, with its first major concession dating back to the mid-2000s and a notable foothold established through projects such as the Doha tram and the New Orbital Highway, each valued in the hundreds of millions of euros. Leighton, a subsidiary within the ACS ecosystem, has secured contracts totaling hundreds of millions of euros, spanning sewer infrastructure, residential towers, and roadwork completed by successive years.
Ecisa, based in Alicante, arrived amid a real estate surge in 2007 and has delivered nearly 700 million euros in projects, including luxury hotel towers and other skyline-building works. The company also contributed to the emirate’s iconic World Cup celebrations through design and construction elements. Sacyr entered Qatar around 2013 and has since won multiple contracts valued at hundreds of millions, including road and sewer projects, reinforcing its ongoing activity in the market. Técnicas Reunidas has recently secured concessions approaching a billion euros, underscoring the scale of government-backed energy and industrial ventures in the region.
water management
Acciona stands out for securing key water-related contracts, including desalination plants and integrated water services that support urban and healthcare infrastructure. The firm has also coordinated with partner groups to manage water systems, hospitals, and emergency services across different municipalities. Aguas de Valencia has likewise played a significant role, contributing to water management and public service initiatives valued at several million euros for government programs.
Business of the emirate in Spain
Qatar maintains a growing footprint as an investor in Spain, spanning civil aviation, construction, distribution, services, finance, energy, and communications. Qatar Airways’ stake in IAG and ownership interests in Iberdrola, Prisa, and other assets reflect the breadth of the relationship. The QIA sovereign wealth fund has investments in Spanish real estate and hospitality chains, illustrating a diversified portfolio worth billions of euros. Overall, Qatar’s positions in Spain approach the ten-billion-euro mark, highlighting the strategic alignment between the two economies.
The last official visits and ongoing talks between Spanish and Qatari leadership have focused on expanding investment across sectors from energy to infrastructure, aiming to deepen trade and capital flows. Projections suggest continued growth in bilateral investments, with the aim of strengthening economic ties and creating opportunities for joint ventures in the years ahead (citation: Spain-Qatar investment outlook, 2024).