SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
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 : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 6901 times
PR Category : Banking & Investments
Posted on : Wednesday, October 11, 2017  3:19:00 PM UAE local time (GMT+4)
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
As if Made from One Piece: GROHE Offers Individual System Solutions for the Entire Work Area Around ... [16490-Views]
Cerruti 1881' [15842-Views]
Saint Honore [14739-Views]
Chloé Launches The New Cloud-shaped “rosie” Sunglasses [11279-Views]
Let Your Style Roar [10799-Views]
Max Mara Resort 2020 Collection [10459-Views]
Festival of Speed Celebrates Aston Martin's Racing History [9463-Views]
Ralph Lauren Presented with an Honorary UK Knighthood [8327-Views]
A year on the road: Saudi Women Create First Women's Car Club in the Kingdom [8307-Views]
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlightlip Color [7897-Views]
Sheikh Mansoor Bin Mohammed crowns Saudi Driving School as NAS Futsal Champions' [6375-Views]
Al Ain International Airport welcomes daily flights to Jeddah during Ramadan [6134-Views]
Saudi Arabia's Ministry of Energy, Industry and Mineral Resources signs a contract announcing major ... [5970-Views]
Genesis G70 Wins Best Luxury Sedan Award [4990-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [4932-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [4867-Views]
Sports Collection - Autumn Winter 2019 [4768-Views]
Global Cinema Chain, Cinépolis, Announces Six New Cinema Locations in the Kingdom of Saudi Arabia [3784-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [3780-Views]
Redtag's Ramadan Bonanza Winners [3313-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories