Saudi leads GCC interiors market valued at $52bn

Saudi leads GCC interiors market valued at $52bn
Saudi leads GCC interiors market valued at $52bn
CONSTRUCTIONWEEKONLINE.COM

Interior finishing manufacturer, USG Boral ME, has begun producing metal ceiling panels from its newest factory in Dammam, Saudi Arabia, as the kingdom leads the interiors market at a value of $52bn.

The move marks a major expansion of the company’s product portfolio, which comprises plasterboard, ceiling lining systems and accessories. Managing Director of USGBORAL ME commented: “The annual growth of demand for interior finishing products in GCC is 25.6% with a value of $8.87bn from the projects likely to be completed over 2016.

“Currently, there are more than 10,000 projects under construction or in planning stage in the GCC, while the estimated value of construction projects that will be completed in the next decade is $1.4tn. Therefore, this expansion is a much needed step in meeting those increasing demands.”

He added that Saudi Arabia, with $52.5bn worth of various construction projects currently underway, is the biggest interiors market with a 43% share, estimated at $3.57bn. It is estimated that spending on interior finishing items will grow by 13.7% by 2017.

The second-largest interiors and fit-out market valued at $37.2bn and represents 31% of the market share is the UAE.

Qatar holds the spot for the third largest interiors market with $22.7bn worth of projects due for completion.

With the country’s interiors and fit-out sector estimated at a value of over $1.3bn in 2014 alone, the market is expected to grow further, especially with more projects focused towards the 2022 World Cup in the pipeline.

USG Boral ME is the only manufacturer to provide a full ceiling system in the Middle East, offering the region locally made interior systems with international warranties.

The new products, which are considered an enlargement of USG Boral ME’s ceiling tiles portfolio, will be unveiled in the region at The Big 5 show in Dubai, which opens on Monday.

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