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GCC fit-out market surges 87% to $9.4b
Published in The Saudi Gazette on 18 - 07 - 2012

DUBAI – The overall GCC interior contracting and fit-out market will increase by 87 percent in value this year, the highest increase since 2008, from $5 billion in 2011 to $9.4 billion, according to new research by Ventures ME commissioned by dmg events, the organizing team behind the Index International Design Exhibition, the Middle East and North Africa's largest and longest established Interiors and Design Exhibition.
Data released Tuesday showed that the UAE remains the GCC's largest interiors market, with forecast spending in interior contracting and fit-out across residential, commercial, hospitality and retail segments totaling $3.73 billion for 2012, up 62 percent on 2011 figures.
Despite this strong growth, the UAE's dominance is now being challenged, with Saudi Arabia's interiors and fit-out sector growing twice as quickly over the year and more than doubling in value - up 125 percent from $1.55 billion to $3.48 billion, and buoyed by significant government investment in housing, healthcare, education and other infrastructure projects.
The interiors sector in Qatar and Oman also records significant growth for the year, up 91 percent to $1.15 billion and 125 percent to $0.27 billion in 2012 respectively. Kuwait records the highest GCC market growth, from $0.19 billion in 2011 to $0.65 billion in 2012 - a rise of 242 percent. This is spurred largely by the retail segment, as Phase III of the Avenues mall nears completion, and sees Kuwait clock the highest retail fit-out spend in the GCC for 2012.
Bahrain was the only GCC market not to record any growth, remaining flat at a forecast value of $0.28 billion.
Fit out and interiors spend across all segments in 2012 - residential, commercial, hospitality and retail - show significant growth from 2011 figures. The GCC's residential segment still accounts for the largest spend on interiors, set to increase in value from $2.5 billion in 2011 to $3.7 billion in 2012 (up 48 percent), and accounting for 39 percent of the overall GCC interior contracting and fit-out market.
Naomi Barton, Index Event Director, said: "The opportunities for business and employment generation are exceptional and pretty much unrivalled anywhere else on the globe. Given the huge regional market growth and potential, Index International Design Exhibition 2012 responds to the keen demand we're seeing from the interiors and construction industries for access to the latest designs and trends." – SG

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