The company will unveil its specialized facility that produces various interior decoration materials for the furniture applications
Dubai, UAE, 6 March 2017: According to a new market report published by Credence Research Furniture Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023, the furniture market has been estimated to be valued at US$ 137.5 billion by the end of 2016, and is expected to reach US$ 186.5 billion by 2023, expanding at a CAGR of 4.5% from 2016 to 2023.
With the global furniture market experiencing a high, the Middle East wood furniture industry, particularly Saudi Arabia is witnessing a vibrant growth as well. The growing number of real estate development, increasing demand for residential property and the governmental initiatives to develop socio-economic infrastructure is driving the whole industry in the Kingdom. In wake of the accelerated growth, AFIFI Industrial Group, a leader in the wooden and kitchen industries since more than 20 years is participating at the Dubai WoodShow to be held in Dubai from March 7 to 9 at Dubai International Convention and Exhibition Centre.
At the Dubai WoodShow, the company will unveil and introduce its latest production facility called ASAW, a specialised facility that produces various interior decoration materials for the furniture applications as Melamine MDF, MFC, Acrylic MDF and UV MDF.
“We are pleased to be launching our new facility at an event as prestigious as this. ASAW is specialised facility for producing various interior decoration materials and the Dubai WoodShow is a perfect platform to introduce our new offering to the region and world,” said Saeed A. Al Afifi, General Manager of AFIFI International Group.
The rising interest of foreign players either to increase their presence or to expand in different emirates is boosting the Saudi Arabian furniture industry. Thus, it is anticipated that the demand in the furniture industry of the Kingdom will grow at a CAGR of around 9% during 2017-2022 as per a report by RNCOS.
“Expansion in the real estate has been one of the biggest contributors towards the growth of our industry. In addition, urbanisation and changing lifestyles have also bolstered the growth of the furniture business in Saudi Arabia. Apart from this, the rising demand for a wide variety of stylish, yet sturdy furniture has propelled the demand for wood furniture in the region. Taking this as an opportunity, our participation at Dubai WoodShow is a strategic step to raise the awareness about our products and tap the burgeoning industry worldwide,” added Al Afifi.
The demand for wood furniture is highest in the Middle East market due to high aesthetics value associated with it. While the wood furniture used in residential units holds the highest demand, a large presence of upscale hotels, commercial infrastructures and a booming hospitality industry, also account for the dynamic growth of the furniture market in the region.
“The furniture industry is a key element of the national economy; as such it is a pleasure to welcome AFIFI International Group on board. As we gear up for the best and biggest edition of the Dubai WoodShow, with the highest number of players showcasing their offerings and meeting business peers, AFIFI’s participation is of great significance. We anticipate that this year’s edition will serve as a learning curve for all participating at the show, from the exhibitors to the visitors,” said Dawood Al Shezawi, Chairman, Strategic Marketing & Exhibitions, organisers of Dubai WoodShow
The Dubai WoodShow is one of the biggest events of the industry. The show is the first destination for all the international companies aiming to set up their presence in the MENA region. This year’s edition of the WoodShow is expected to generate huge success, with the industry experiencing a vibrant growth in past few months. The companies participating at the WoodShow will certainly have access to an increased market share.