Friday 6 August 2021

Mideast’s FM market set to hit $30bn by 2024

DUBAI, May 22, 2019

Middle East’s facilities management (FM) sector is poised for solid growth over the next five years, growing at a CAGR (compound annual growth rate) of more than 11 per cent, mainly driven by the mega dvelopments coing up in Saudi Arabia, Egypt and the UAE, said the UAE-based Eltizam Asset Management Group.

The FM services' market size will balloon to $29.9 billion during the 2019-2023 period, stated the firm, citing a Technovia report.

The key drivers behind FM industry growth all relate to the growing pipeline of development projects across the region: government-backed infrastructure projects (metro and rail projects and airports) strategic projects such as Expo 2020 in the UAE;  mega projects such as Neom and Red Sea tourism projects in Saudi Arabia and new urban centre developments across Egypt, it  said.

These projects all form integral parts of the strategic visions of countries in the region, aimed at developing national infrastructure capacities and diversifying economies, it added.

With the continued growth of the FM industry in the region comes the trend of improving service levels and more demanding client requirements.

FM service providers take on these challenges ensuring service standards are met, while carefully managing delivery costs to ensure assets are maintained in their optimum condition.

In the midst of these trends of improved service specifications and rigorous cost management, technology is emerging as a key differentiator for leading FM service providers, said the statement from Eltizam.

CEO Chris Roberts said: "Facilities Management has evolved from simply managing buildings to delivering a delightful experience. Now empowered with technology, facility teams have shifted their focus from cost centric services towards creating value-driven services."

"There is a lot more room for sector improvement and growth within the GCC, and we anticipate more business from a diverse but discerning client base as the industry continues to mature and catch up with best practices seen globally," noted Roberts.

"Eltizam will be taking full advantage of opportunities such as Expo 2020 to provide expertise, build clientele and reach out to a broader audience," he said.

"Whilst doing so, we will be fully utilising the latest innovative technology to provide and receive the very highest standard of service and customer satisfaction," he added.

According to Roberts, the UAE is leading the way in the smart transformation and construction of cities, and Eltizam is working continuously to remain at the forefront of these developments.

"The technology transformation will bring us closer to our mission of achieving exceptional customer happiness in an engaging, safe and secure environment through the delivery of innovative solutions by our trusted, talented professionals," he noted.

Backed by more efficient and effective management of its core businesses, Eltizam is all set to take the leading position in terms of technology in the FM industry.

Tafawuq Facilities Management, a subsidiary of Eltizam Asset Management Group and a leading provider of integrated FM services, recently deployed its state-of-the-art mobility maintenance solution “Tafawuq GO”, which has already seen key operational processes go paperless.

During Q2, the company will launch another mobility solution, “Asset Check”, aimed at quality control of maintenance operations.

Eltizam also recently announced that it will be investing $5 million in next-generation property technologies over the next three years in a move to further solidify its market edge and accelerate its Vision 21 Business Transformation programme.

The UAE has seen a boost in the construction industry in recent years as part of preparation for the upcoming Dubai Expo 2020 – the first to be held in Middle East.

The monumental event promises to be a vital platform for the UAE and the entire GCC to showcase its innovative solutions, services and practices for more efficient, economical and eco-friendly facilities management.

Eltizam anticipates that the market will continue to benefit from robust growth in the coming years – highlighting sustained business streams from buildings that have already been developed, as well as the positive market influence of unique platforms like Dubai Expo 2020.-TradeArabia News Service


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