UAE leads GCC interior contracting market in 2012
All the GCC markets, except for Bahrain, are expected to record significant growth rates, report says
According to a study by Ventures ME, the UAE remains the leader of the GCC interior contracting and fit-out market for residential and commercial sector.
The total spending across the UAE’s commercial, hospitality and retail segments is seen to increase by 62% to $3.73bn in 2012, compared with 2011 figures.
The data shows the overall GCC interior contracting and fit-out market is to witness this year its highest increase since 2008 at 87%to $9.4bn, compared with $5.04bn in 2011.
All the GCC markets are all expected to record significant growth rates, except for Bahrain which is the only GCC market seen to remain flat at a forecast value of $280m, the report said.
Saudi Arabia will post a 125% growth taking the total value of its market to $3.48bn from $1.55bn, while Qatar and Oman will record growth rates for the year of 91% to $1.15bn and 125% to $270m in 2012, respectively.
The research predicts Kuwait to post the highest growth in the GCC at 242% from $190m in 2011 to $650m in 2012.
