Furniture Market to Witness Incredible Growth in Saudi Arabia
Rise in residential property will propel the furniture demand in Saudi Arabia to reach around US$ 1,160 Million by 2013, acknowledged RNCOS in its latest research report.
- (1888PressRelease) September 13, 2011 - The Saudi Arabian furniture industry has come up as one of the most vibrant segment of the retail industry. Despite the 2008 economic turmoil, the Saudi furniture industry witnessed remarkable growth opportunities and became one of the fastest growing industries in the Middle-East region. With the entry of a number of real-estate developers and increasing demand for residential property, the housing industry has witnessed tremendous growth in the past. Over a period of time, young population-base, government funding, and booming economy, together with other secondary factors led to provide a preferred platform for the furniture industry for developing new horizons. Moreover, the furniture demand is anticipated to reach around US$ 1,160 Million by 2013, according to our new research report, "Saudi Arabia Furniture Market Analysis".
Our ongoing research revealed that, the Saudi Arabian hotel industry has emerged as one of the flexible pillars of economic development. Despite, challenges of oversupply in the short to medium term, investors in the hotel industry are optimistic about future prospects with a paradigm shift from development to investment-led market. Institutional investors are increasingly focusing on stable, secure, and more predictable income streams as opposed to short-term capital gains, which favor the hotel sector that offers them a range of income producing assets.
Further, on the regional front, the Central region is considered as the hub for the country's furniture manufacturing industry. Riyadh, Qasim, Hail, etc. are the most preferred regions for manufacturing furniture in the Kingdom. The area comprises of uplands, broad valleys, and dry rivers. Qasim and Kharj areas are famous for agriculture production and wood work is also a growing opportunity there. Amid most favorable regulatory policies and suitable business environment, the region has showed notable furniture industry developments.
"Saudi Arabia Furniture Market Analysis", provides a deep insight into the Saudi Arabian furniture industry and evaluates the past, present, and future scenario of the Saudi Arabian furniture market. It discusses current and futuristic trends on Interior Design Contracting and Fit-out Industry spending have been included for the retail, office, residential and hotels sectors which are making Saudi Arabia an attractive destination for furniture industry giants. Besides, our report covers the industry forecast and analysis based on various macro and micro-economic factors.
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RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
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