Saudi Arabia's Construction Industry Is Set To Grow
Saudi Arabia's residential building construction is set to grow at a CAGR of 7.2% during 2011-2015
- (1888PressRelease) May 04, 2011 - With over US$ 283.8 billion (SAR 1064.14 billion) worth of new construction projects in the pipeline, the Saudi Arabian construction industry is set on a firm growth path. This has sparked renewed interest in the building materials
industry which is vital to feed this projected surge. Market report states that residential building construction has been the fastest growing segment in Saudi Arabia's construction market. It is set to grow at a CAGR of 7.2 % during 2011-2015.
Building materials form an important segment of Hardware+Tools Middle East, the leading trade show that is at the pulse of the hardware, tools, machinery and building materials industries in the region.
"The construction industry is the primary engine that drives growth in the market for building material and related products," said Ahmed Pauwels, Chief Executive Officer of German trade fair organiser Epoc Messe Frankfurt. "More recent growth projections have sparked renewed interest in this sector, with international suppliers and manufacturers increasingly interested in Hardware+Tools Middle East as the medium to engage with the emerging markets of this region," he added.
Recent reports indicate that spending in the construction sector in the Middle East and North Africa region is set to be approximately $4.3 trillion (SAR 16.12 trillion) over the next decade, representing a growth of nearly 80 %. This outpaces the global growth estimate of 67 per cent over the same period.*
Regionally, growth in the sector will continue to be driven by huge ongoing and future investments in public infrastructure, including new developments in airports, seaports, industrial and trade free zones and in various public amenities. Large-scale international events, will play a big part in driving fresh growth in the regional construction industry.
Hardware+Tools Middle East will be held at the Dubai International Convention and Exhibition Centre from May 10th to 12th, 2011. The leading trade and networking event of its kind in the region will feature the latest products and trends in the industry across the hardware, tools, machinery and building materials sectors.
The event will be co-located with Garden+Landscaping Middle East, a trade exhibition for the garden, landscaping and outdoor living industries. The trade fair will feature a range of garden machinery, tools, furniture, water features, pond
accessories and fertilizers right through to swimming pools, landscaping and irrigation systems.
* Global Construction Industry - Price Waterhouse Coopers
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