GCC Facility Management Market Set for Prosperity in Saudi Arabia in Future

(MENAFN- P&S market Research Reports) The Gulf Cooperation Council (GCC) facility management market advance is propelled by the factors such as the soaring demand for facility management services for industrial units, commercial and residential buildings, and civil infrastructure units, and the increasing desire of governments to develop other sectors through plans like the Saudi Vision 2030, the U.A.E. Vision 2021, the Kuwait National Development Plan, and the Qatar National Vision 2030. These factors will, therefore, accelerate the market at a CAGR of 10.1% during the forecast period (2020–2030).



Moreover, expansion of the construction sector in the GCC countries, on account of surging tourism activities and favorable economic conditions, will fuel the adoption of facility management services in the coming years. As a part of different strategic visions, such as the Qatar National Vision 2030 and the U.A.E. Vision 2021, the GCC member nations are allocating high budgets to the construction sector. Additionally, the increasing concentration of hotels in the region due to the escalating number of tourists will lead to the integration of facility management solutions.



The rising requirement for sustainable development is another important factor fueling the progress of the GCC facility management market. The expansion of the travel & tourism industry is a major factor responsible for the rapid economic progress of the GCC countries. Supported by the implementation of government policies, the hospitality, tourism, and travel industries of the GCC countries are registering huge growth. Based on end user, the GCC facility management market is divided into residential, industrial, and commercial categories.



Amongst these, the commercial category recorded the highest growth in the market during the past few years, on account of the huge investments in commercial real estate in the region. The National Transformation Program (NTP) 2020 was launched in 2016 for meeting the objectives and aims of the Saudi Vision 2030. Under this initiative, huge investments are being made for the accelerating the development of the region’s private sector. This is, in turn, propelling the demand for facility management services.



Globally, the GCC facility management market is predicted to demonstrate huge expansion in Saudi Arabia in the coming years. This will be because of the launch of several real estate projects such as the Al Widyan by 2020, Red Sea Project by 2030, and Amaala by 2028 in the country. These projects will provide immense growth opportunities for the players operating in the industry. Many global organizations are announcing partnerships and collaborations with domestic firms for expanding their customer base.



Hence, it can be said with full surety that the market will register huge growth in the future years, mainly because of the launch of various development programs and the expansion of the travel & tourism industry in the region.

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