JEDDAH – The Saudi $624 billion construction market is attracting international players, with the Saudi imports of furniture alone “currently worth $2.2 billion… and this is forecast to grow steadily as more projects near the fit-out stage,” said Naomi Barton, International Sales & Marketing Director, Reed Sunaidi Exhibitions – co-organizer of the upcoming fifth Decofair 2013 that will run on Nov. 29 to Dec. 2 at the Jeddah Centre for Forums & Events. “Saudi Arabia is witnessing a phenomenal expansion and development program. Upcoming mega-projects such as King Abdullah Economic City, Kingdom City and Jazan Economic City are well underway and positively impacting the local interiors market,” she said. Decofair 2013 will be a source of innovation and inspiration with the exhibition showcasing everything from furniture, furnishings, accessories, flooring and lighting, to textiles, outdoor items and design services. “Decofair offers the world's best design brands the only high-end platform in the Kingdom where they can meet the country's key design professionals,” she added. More than 110 global interiors brands will look to tap into Saudi Arabia's $624 billion construction market. Decofair 2013 has seen a sevenfold increase in international exhibitor participation since 2012 as Saudi Arabia's spending on furniture items is expected to grow at a CAGR of 13.7 percent over the next five years. The Saudi Arabian furniture industry has come up as one of the most vibrant segments of the retail industry over the past few years. Despite the 2008 economic turmoil, the Saudi furniture industry witnessed remarkable growth opportunities and became one of the fastest growing industries in the Middle East region. With the entry of a number of real estate developers and increasing demand for residential property, the housing industry has witnessed tremendous growth in the past. Over a period of time, young population-base, government funding, a booming economy, together with other secondary factors provided the preferred platform to the furniture industry for developing new horizons. According to a new report, “Saudi Arabia Furniture Market Analysis”, the furniture consumption in Saudi Arabia has rapidly expanded over the past few years on the back of rising affluence, influence of western culture, and tourism developments. Despite the economic slowdown, the industry sustained its growth rate and achieved positive year-on-year growth. Moreover, the furniture consumption is anticipated to grow at a CAGR of around 12 percent during 2011-2013, making the Kingdom one of the most attractive furniture markets in the Middle East. Currently, the Saudi Arabia hotel industry has emerged as one of the flexible pillars of economic development. Despite, challenges of oversupply in the short to medium term, investors in the hotel industry are optimistic about future prospects with a paradigm shift from development to investment-led market. Institutional Investors are increasingly focusing on stable, secure, and more predictable income streams as opposed to short-term capital gains which favor the hotel sector that offers them a range of income producing assets. This year's event sees the addition of Decofair Office & Commercial. With Saudi Arabia investing heavily in retail, hospital and education infrastructure, the segment will be an important sourcing channel for designers, buyers, specifiers, agents and project managers involved in these key projects. Also running alongside the main exhibition is Decofair Kitchen & Bathroom. Following the announcement by the Saudi Commission for Tourism and Antiquities' that 214 hotels will be built across Saudi Arabia in the next two years, the segment is expected to attract a lot of interest from hotel designers. The Decofair Hosted Buyer Program will also help connect the Kingdom's most important design buyers with the best international design brands. Decofair 2013 will showcase top brands from Italy, Scandinavia, the US, Germany and the Far East. Among the world-renowned brands confirmed to exhibit are Swiss furniture company Vitra, French designer Kenzo Maison and Danish manufacturer BoConcept, as well as an inspirational pavilion showcasing design excellence from Asdi Sedia, Italian Chair District. Organized by Reed Sunaidi Exhibitions, a joint venture between the world's largest event company Reed Exhibitions—a co-organizer of global design show Maison et Objet—and Sunaidi Expo, a division of Alfadl Group, Decofair 2013 is expected to attract more than 15,000 professionals from across Saudi Arabia's architecture and design community. – SG
