Interior fit out contracts worth US $8.6 billion in 2011
A recently concluded Interiors exhibition reveals market growth
The interior design and fit out market in the GCC has a projected US $8.6 billion worth of contracts to be awarded in 2011, compared to $5.1bn in 2010.
With building contracts of $89bn awarded in 2010, and a total of $43bn projects completed last year, interior design contractors can expect to have a steady stream of projects in 2011 and beyond, according to a study by Ventures Middle East.
The report saw 2011 spending in the commercial buildings sector increasing to $821 million from $709m last year.
The biggest interior project potential will be in the residential segment, where an estimated $1.8bn will be sent across various residential projects in the UAE. The building construction sector is expected to continue growing with $96bn in building construction contracts expected to be awarded in 2011, and $101bn estimated projects to be handed out in 2012.
Much of the increase in projects is due to Qatar’s successful World Cup bid and the increasing thrust given to tourism across various countries in the GCC.
The study also identified the top projects in 2010 with considerable potential for interior and fit out contractors. These include The La Hoya Bay Residences in Marjan Island in Ras Al Khaimah, Damac Heights in Dubai Marina, Adnoc’s new Headquarters in Abu Dhabi, and the new Presidential Office in the UAE capital, Abu Dhabi, among others.
