Report finds that Kingdom is the biggest investor in the Gulf region for healthcare and educational property fit-outs
The Saudi Arabian interior design market is poised for solid growth over the next few years, with the Kingdom accounting for nearly $3 billion market spend, which is almost one third (32%) of the total interior design market in the GCC, which is worth a total of $9.48 billion.
According to a Ventures report, the renewed demand for high-quality interior design and fit-out services in Saudi Arabia was mainly due to the influx of new residential, commercial and hospitality projects. Furthermore, a range of new schools and hospitals are being planned across the country, in preparation for Saudi Vision 2030, it added.
The report also found that Saudi Arabia is the biggest investor across the Gulf region with regards to healthcare and educational property fit-outs. These specific markets are estimated to be worth $379.8 million and $246.8 million respectively by 2019. It also highlighted that the residential sector takes top spot in value for the country’s interiors industry as it is worth $1.19 billion and is forecast to grow to $3.199 billion next year.
The report was commissioned by Index Saudi, a new exhibition which is set to run at the Riyadh International Convention Centre from October 30 to November 1, 2018. Thousands of designers, architects and buyers representing hundreds of international suppliers are expected to take part in the expo, as they look to capitalise on the interior design boom across the Kingdom.
“Saudi Arabia 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 the kingdom’s ambition to develop the touristic sector and living standards,” said Jalal Ozgen, division manager of International Timber Company (Itco), one of the firms attending Index Saudi.
The show is likely to attract thousands of interior designers, architects, project managers, retail buyers, importers and distributors from the full spectrum of hospitality, residential, retail, educational and commercial design sectors.
“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,” said Jaafar Shubber, the event director for Index Saudi.
“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,” stated Shubber.