GCC to invest $900m in fitout projects
Dubai, September 24, 2012
The Gulf countries led by Qatar and Saudi Arabia will pump more than $900 million into interiors contracting and fit-out developments in the healthcare and education sector by the end of this year, said a report.
The data is part of the latest findings from a new research by Ventures ME commissioned by dmg :: events, the organising team behind the Index International Design Exhibition, the Mena region's largest and longest established interiors and design exhibition.
The 22nd annual edition of Index, which opens today at the Dubai World Trade Centre, will run till September 27.
Qatar, with an investment of $192 million and Saudi Arabia with investments worth $145 million, have bagged the largest shares of the healthcare interiors contracting and fit-out segment this year, surging ahead of UAE and Oman investments of $119 million and $13 million, respectively.
The booming Qatari market will see healthcare projects worth $2.4 billion ready by year end. This represents a 40 per cent share of the total GCC medical projects expected for completion in 2012, the report stated.
Saudi and UAE too are readying healthcare projects worth $1.8 billion and $1.49 billion respectively this year ranking second and third largest spenders in the Gulf healthcare sector clinching a 30 per cent and 25 per cent market share respectively.
Oman, Kuwait and Bahrain account make up the balance with 3 per cent, 1 percent and 1 per cent, respectively, it added.
“The new data confirm that investments in the GCC interiors contracting and fit-out market remain healthy across various sectors,” remarked Frederique Maurell, Index event director.
"Healthcare and education are of primary focus of investment in GCC countries, reflecting sustainable balanced economic development. Index this year has more exhibitors turning their focus toward the education and healthcare interiors sector than ever before in the 22 year history of the show," Maurell stated.
"This is indicative of the growth and demand for this specialist fit-out across the region and provides an unrivalled opportunity for developers within these sectors to access the latest designs and trends from renowned interior designers and manufacturers from across the world," he added.
According to him, Saudi and Qatar also lead the Gulf market in the education interiors contracting and fit-out sector with investments of $261 million and $84 million respectively, surging ahead of Kuwait and UAE with investments of $40 million and $26 million, respectively.
Themed “Where Inspiration Thrives,” Index will cover 34,000 sq m gross space of the Dubai World Trade Centre exhibition centre, occupying halls from 1 to 8 and Zabeel Hall.
During the four days of the exhibition, Index will also host a number of events and features, providing the design community with incredible networking and educational opportunities.
The calendar of events includes:
Design Talks: Free to attend seminars where interiors designers and architects will share their knowledge and experience across four main topics: Trends, Innovation, Sustainability and Business.
The 4th Annual Contemporary Majlis Design Competition: Index will feature six shortlisted Majlis designs, selected among 100 projects submitted this year. This edition will see two winners, one selected by the jury of professionals and one by the visitors.
Les Collections Exclusives: A daily fashion show featuring couture collections realised by award winning Emirati designers DAS collection, the official creative partner and using some of the most exclusive interiors textile brands. The feature is sponsored by Beacon Hill, Bruno Triplet, Houlès Paris.
The Artist’s Avenue: A dedicated section of the show where artists and galleries display their own creations.
Lighting Visione designed by SVEN|M: A special section of INDEX Lighting featuring iconic lighting products and innovations from the past, present and future.
More than 900 companies from over 45 countries will be present at the expo this year including national pavilions from Japan and Canada, both exhibiting for the first time at the show.-TradeArabia News Service