16 Jan 2020 Fit-out projects in Gulf seen at $9b this year
Dubai: The fit-out projects in the Gulf are expected to be worth about $9 billion (Dh33.06 billion) this year as building construction activity gains pace due to events such as the 2019 World Championships in Athletics and Expo 2020 Dubai.
According to market analyst Ventures, the interiors industry for the residential sector is valued at $3.6 billion, followed by hotels at $2.1 billion, commercial real estate at $1.1 billion, retail at $872 million, hospitals at $410 million and education at $339 million.
“A surge in construction activities influences growth in the interiors and fit-out market, which constitutes approximately 10 to 22 per cent of the average construction project value,” a spokesperson for Ventures said in a statement on Monday.
The 28th Index interior design expo was inaugurated by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airline and Group.
The four-day expo is expected to attract more than 30,000 visitors and 1,000 exhibitors.
“The building construction market constitutes the largest market in the total GCC construction market. GCC building construction projects expected to be completed across all sectors are forecast to increase by 6 per cent from [$67.51 billion] in 2017 to [$72.16 billion] in 2018,” Ventures said.