Saudi Arabia accounts for 32% of GCC interior design market spending
(10/11/2018 8:36:00 AM)
Thousands of designers, architects and buyers representing hundreds of international suppliers are descending upon Riyadh this month to capitalize on the boom in interior design spending across the Kingdom.
Saudi Arabia accounts for almost one third (32%) of the total GCC interior design market spend, some SR11.25 billion of a total SR35.6 billion, according to a recent Ventures report commissioned by INDEX Saudi, the new design exhibition which runs at the Riyadh International Convention and Exhibition Centre from Oct. 30 to Nov. 1.
The renewed demand for high quality interior design and fit out services in the Kingdom can be attributed to the influx of new residential, commercial and hospitality projects as well as the host of new schools and hospitals planned across the country in preparation for Saudi Vision 2030.
While the report shows that Saudi Arabia is the biggest investor across the Gulf in healthcare and educational property fit-outs, with the specific markets estimated to be valued at SR1.425 billion and SR926 million respectively by 2019, it also highlights that the residential sector takes top spot in value for the country’s interiors industry, worth SR4.5 billion and forecast to grow to SR5.12 billion in 2019.
Among the hundreds of international product manufacturers and interior design firms confirmed to take part in INDEX Saudi include Al Yamama Factory for Wooden Furniture, International Timber Company Ltd. (ITCO), Tanatel, +Object, Sleep Nice, Gift Mart, Taxiat Trading Co and Mineheart.
Jalal Ozgen, Division Manager, International Timber Company Ltd., said: “The Saudi Market is still the most stable market when compared to other countries in the Middle East despite all its economic woes. The furniture industry in particular will continue to be active because of the renovation activities and because of KSA’s ambition to develop the touristic sector and living standards.
“ITCO continues to raise awareness about its offered services in the Saudi Market and it goes without saying that INDEX will be a good vehicle to increase ITCO’s client base and a good platform to launch its new products.”
The show will attract thousands of interior designers, architects, project managers, retail buyers, importers and distributers from the full spectrum of hospitality, residential, retail, educational and commercial design, and take place at a time when designers are looking to ensure their projects stand out in the crowd to make the most of the country’s burgeoning interiors market.
Jaafar Shubber, Event Director for INDEX Saudi, said: “Upcoming mega projects in Saudi including the King Abdullah Financial District, Kingdom City and Jazan Economic City mean that the country is investing vast amounts of money into new and redevelopment construction and fit-out projects in the next decade. Across all sectors there is a definite sense that we are at the precipice of a dramatic shift in the history of the design industry.
“The INDEX brand is very well established as the must-attend platform for interior designers in the Middle East and this new show in Riyadh will bring the creative minds together at the heart of the country’s generation-defining projects. This will be the number one networking event for anyone involved with the design community across the Kingdom and beyond.”
To register to attend for free, visit www.index-saudi.com.