Growth in real estate drives demand for fit outs in Middle East
According to CMPi UAE, organizers of Fit-Out Middle East, scheduled on November 17-18, 2008 at the Abu Dhabi National Exhibition Centre, a burgeoning GCC real estate sector collectively valued at $1 trillion inclusive of residential, retail, leisure and commercial sectors is driving the demand for fit outs in the region.
Chris Fountain, Group Director, CMPi, said, "The economies of the region are booming due to a combination of factors including a high liquidity environment resulting from high petroleum revenues, low interest rates, and the government's efforts to diversify from its economic dependence on oil and gas as well as significant budget surpluses".
He noted that the investment environment had resulted in increased expenditure on major infrastructure projects, expanding the region's tourist offering as well as residential and commercial real estate development projects.
