GCC Construction Projects rose 13%
- UAE continues to garner largest share of total GCC building construction market at 48%, closely followed by KSA (33%)
- US$46.52bn worth of construction projects completed in GCC in 2011, expected to increase dramatically to US$79.75bn in 2012
- Commercial real estate projects completed in 2011 set to double in 2012 to US$15.3bn
- GCC spends more money on interior contracting and fit-out than counterparts in US, EU and Japan
- To meet market demands, INDEX International Design Exhibition showcasing world leading interiors and design confirmed for September 24-27 at Dubai World Trade Centre
Building projects worth over US$57.8bn were awarded to contractors in 2011 across all building sectors (residential, commercial, hospitality and retail), with the sector likely to increase by 13 per cent to US$65.5bn by the end of 2012, according to new research by Ventures ME commissioned by dmg :: events, the organising team behind the INDEX International Design Exhibition. The Middle East and North Africa’s largest and longest established Interiors and Design Exhibition, the 22nd annual edition of INDEX will run from Monday 24th September 2012 till Thursday 27th September at the Dubai World Trade Centre, Dubai, UAE.
In 2011, construction projects to the value of US$46.52bn were completed in the GCC, a figure expected to increase dramatically, up 71 per cent to US$79.75bn in 2012. The research revealed that the United Arab Emirates continues to garner the largest share of the total GCC building construction market – accounting for almost half (48 per cent), with Saudi Arabia taking a further third (33 per cent) followed by Kuwait (8%), Qatar (6%), Oman (3%) and Bahrain (2%).
The value of commercial real estate projects is set to almost double in 2012 to US$15.3bn from US$7.7bn in 2011 as the GCC continues to be a leading luxury destination for retailers, with four of the six GCC countries ranking among the top 20 global retail destinations, according to the Global Retail Development Index (GRDI).
The hotel and hospitality sector will also witness enormous growth throughout 2012 with project values set to treble to US$7.3bn, up from US$2.7bn in 2011. This growth is a direct result of the increased demand for hotel space in the GCC where room revenues are set to reach US$22bn in 2012 and expected to increase to US$27bn by 2015.
“One of the findings from the report is that GCC countries spend more money on average on interior contracting and fit-outs elements of a construction project than their counterparts in the US, Europe and Japan,” said Naomi Barton, INDEX Event Director. “The hotel and hospitality sector is the biggest segment spender, with over 22.5 per cent of total project cost allocated to interior contracting and fit-out projects – more than any other sector within the GCC’s building construction industry. INDEX International Design Exhibition 2012 will respond to this huge market growth and cater to the demand of all construction projects.”
INDEX 2012, themed “Where Inspiration Thrives,” will cover 34,000 sqm gross space of the Dubai World Trade Centre exhibition centre, occupying halls from 1 to 8 and Zabeel Hall. Over 900 exhibitors from 45 countries – including Brazil, Canada, Greece, Germany, Italy, Malaysia, Spain, and UK – have booked floor space to showcase their products.
INDEX 2012 will replicate the successful and easy-to-walk-around product specific show structure that was introduced for last year’s edition; plus five completely new sectors – Inspire, Surface & Finishes, Couture, Fixture & Fittings and Furniture – have been added to the six already existing – Furnishings, Kitchen & Bathroom, Lighting, Outdoor Living, InRetail and Textiles – giving visitors an even more comprehensive and extensive offer.
INDEX is proud to announce the support of RAME Designer Solutions ME, the exclusive distributor of multinational brands of furnishing fabrics, leathers, lighting, curtain hardware and wall coverings to the interior design market, as INDEX Silver Sponsor.
During the four days of the exhibition, INDEX will also host a number of events and features, providing the design community with incredible networking and educational opportunities. The calendar of events includes:
Design Talks: Free to attend seminars where interiors designers and architects will share their knowledge and experience across four main topics: Trends, Innovation, Sustainability and Business.
The 4th Annual Contemporary Majlis Design Competition: INDEX 2012 will feature six shortlisted Majlis designs, selected among 45 projects submitted this year. This edition will see two winners, one selected by the jury of professionals and one by the visitors.
Les Collections Exclusives: A daily fashion show featuring couture collections realised by award winning Emirati designers DAS collection, the official creative partner and using some of the most exclusive interiors textile brands. The feature is sponsored by Beacon Hill, Bruno Triplet, Houlès Paris.
The Artist Avenue: A dedicated section of the show where artists and galleries display their own creations.
Lighting Visione designed by SVEN|M: A special section of INDEX Lighting featuring iconic lighting products and innovations from the past, present and future. The feature will also be designed and curated by award winning design firm, SVEN | M.