An expected rise in demand for interior and fit-out industry is already foreseen by international and regional interior design companies in Dubai. This forecast is based on the number of residential, hospitality and retail projects that were starting to surge within the Emirates since last year.
According to Ventures Middle East, construction projects valued at almost $128.46 billion are bound to be completed by the Gulf Cooperation Council. This figure shows that the increase will be 92% compared to 2013. The company also estimated that the following sectors are accountable for the increase- medical (24.43 per cent), residential (23.34 per cent) and hospitality (22.64 per cent).
According to Faisal Al Raisi, chief operating officer of Abu Dhabi-based Galaxy Trading, these new projects within the UAE, specifically in the Dubai market will require a huge number of fit-outs. He added that the industry is booming and that more developments are expected to enter which are largely influenced by the announcement that Dubai will be hosting the World Expo 2020.
During his talk at the International Interior Design Exhibition (INDEX 2014) at the Dubai World Trade Center, Al Raisi also indicated that the highest growth will be expected in residential fit-outs. This is also backed by the estimates by JLL consultancy which showed that 39,000 homes will be built in Dubai within the next two year.
Ventures Middle East also said that for this year alone, the interior and fit-out market will be valued at $2.73 billion.
Olga Gubanova, managing director of Design Group International, a company that does interior and exterior residential and hospitality projects also observed that the interior fit-out market has strengthened compared to 2009-2012.
Gubanova said, “People are more willing to buy houses than in previous years. There are more hotels being built in the UAE and some GCC countries.”
INDEX 2014 also proved to be the right venue for international industries to expand their reach to the UAE. For example, Egypt-based company French Home Furniture participated in the exhibit and trade fair to source distributors as Dubai hosts a variety of multinational companies all over Europe and Asia.
