Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
MEFMA-commissioned report says KSA's FM market to reach USD 49.82 billion by 2030
 

October 11, 2017: The Middle East Facility Management Association (MEFMA) has forecasted that the value of Saudi Arabia’s flourishing facilities management (FM) market is expected to reach USD 49.82 billion by the end of 2030. The statement is part of a report commissioned by MEFMA, also showing that the expected growth can be attributed to key drivers that include steadily booming real estate, tourism, and retail sectors.

The report titled ‘Facilities Management Role in Achieving Saudi Arabia's Vision 2030,’ which investigates the industry’s pivotal function in the Saudi Government’s long-term economic diversification plan, was released on the sidelines of the recently concluded Saudi Arabia Confex 2017 in Riyadh. KSA has the largest market for FM services in the GCC to date, accounting for a value share of about 55 per cent in the region’s FM market in 2016. The report was completed by TechSci Research.

Jamal Abdulla Lootah, President of MEFMA, said: “Saudi Vision 2030 is an all-encompassing economic framework that focuses on its non-oil sectors, including real estate, tourism, and retail, to name a few, to help reduce its reliance on oil revenues. Part of its objectives is to boost government revenues from USD 159.99 billion in 2016 to USD 1866.52 billion by 2030.  The non-oil sectors are forecasted to experience significant expansion in the coming years in light of the government’s full support and commitment to drive their growth.”

“The role of facilities managers in this regard is going to be critical as they will be the key to ensuring the sectors’ smooth operational performance. The report navigates closely and deeply delves into this strategic role in a bid to guide regional industry leaders, players, and stakeholders to step up to the challenge and substantial contribute to the realization of the Saudi Government’s vision,” Lootah added.

The report looks into several ways by which FM companies could significantly contribute to KSA’s socio-economic expansion. FM companies, it says, helps increase the competitiveness of the local commercial and industrial enterprises by enabling businesses to focus on their core operations.  Additionally, capital infused by global FM companies could further catalyze growth in the local services sector and, thus, generate considerable employment opportunities. The report also states that the expansion of small to medium scale FM providers will help stimulate the development and promotion of KSA’s small and medium enterprises.

The study also tackles the local FM industry landscape to present many market opportunities. It notes, for instance, that the FM market in Saudi Arabia is highly cost sensitive and people consider FM essentially as a preventive maintenance process.

The FM market in Saudi Arabia and the region is highly dominated by demand for hard services. In KSA, the study says that the rapid consolidation of the FM market will boost local demand for soft services in light of the growing presence of new international FM companies in the country.

The report was released against the backdrop of the thriving KSA FM community, which, according to separate industry studies, accounts for 55 per cent of the entire Middle East FM sector. The local market’s value currently stands at USD 20.3 billion.

Posted by : Dubai PR Network Editorial Team
Viewed 3050 times
PR Category : Banking & Investments
Posted on : Wednesday, October 11, 2017  3:19:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Iconic Awards 2017: nine awards for GROHE
Next Story : Saudi Arabia's Vision 2030 to transform businesses with tech...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Reverse the effects of hair fall with Crescina Re-Growth HFSC Shampoo [14817-Views]
Achieve whiter teeth at home with Spotlight Teeth White Strips [14006-Views]
Time for Some AIGNER Love [13450-Views]
Noble™ Anti-aging Skin Care Products [12865-Views]
Golden Bridge Rectangle Diamonds Celebrates The Virtuosity Of Art Deco Design Genius [12670-Views]
RUNWAY DUBAI creates a new buzz campaign for fashion tourism [12334-Views]
Skyline Conducted Women of Substance: A Panel Discussion on Women Empowerment [12292-Views]
UAE National Day celebrated in Skyline Carnival 2017 [12243-Views]
SUC signed MOU with Waldorf Astoria Ras Al Khaimah [12023-Views]
SUC conducted Tour Guide Training Program for SCTDA [11822-Views]
Calvin Klein Presents Steadfast Collection [10968-Views]
Gift gorgeous skin this festive season. [10236-Views]
Mohammed bin Rashid Launches UAE Astronaut Programme [10059-Views]
Mido's Multifort Escape - An uncompromising timepiece for exploring new horizons [9919-Views]
Sthan, bringing you authentic Frontier food from beyond borders, is now open in Dubai [9595-Views]
NIVEA MEN and Real Madrid Extend Partnership Globally Covering 70+ Countries [9595-Views]
Eberhard & Co. celebrates 130th Anniversary with special commemorative Edition Chrono 4 [8888-Views]
Coach Women's Lex Stainless Steel Bracelet Watch Collection [8552-Views]
Absolutely Rejuvenated Skin to Start the New Year [8381-Views]
‘Artistry' - Branded Jewellery show at Malabar Gold & Diamonds' outlet in Meena Bazar, Bur... [8253-Views]
BOSS watches presents Navigator Collection [8021-Views]
Celebrate the Festive Season With the Galleria on Al Maryah Island in Abu Dhabi [7546-Views]
Together for Egyptian Cinema: A Million happy viewers [7491-Views]
Feast your way into the festive season at The Coffee Club [6997-Views]
Bovet Presents Brilliant Is Beautiful Gala Benefitting Artists for Peace and Justice's Gl... [6728-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories