Fit-out industry chases $51 billion in UAE contract in wake of real estate boom
According to an industry expert, the world's major suppliers of furniture, fixtures and fittings are descending on Dubai to chase contracts potentially worth $59 billion next year while the regional construction and real estate boom peaks this year at around $330 billion. According to statistics compiled by project database company Proleads, likely budgets for the interior fit out of buildings reaching completion in 2009 and 2010 continue to show major growth potential.
Kim Willis, Exhibition Director, Index, said, "Regional construction may witness some slowing down over the coming years but there are still record breaking contracts across the GCC countries for the fit-out of commercial and residential buildings, hotels, retail outlets and mixed-use developments reaching completion next year".
In the UAE alone, contracts worth up to a potential $51 billion could be awarded in 2009, rising to $73 billion in 2010. The biggest single sector for potential growth is in mixed-use real estate developments that could see total contracts valued at around $40 billion next year. The Index 2008 will take place at Dubai International Exhibition Centre from December 3-7, 2008.
