It is expected that construction market in the Middle East and North Africa (MENA) will hit $336 billion by 2020 compared to $235 billion in 2016, BMI Research said on Sunday in a report.
While the 19th edition of Hardware + Tools Middle East, the region’s only dedicated trade fair for tools, hardware, materials, and machinery, will be held in Dubai by next month, the international manufacturers and local suppliers keep their eyes on the regional construction market that shows growing signs to recover, the report entitled “ME construction market to reach $336bn by 2020” highlighted.
The fair will take place from 2 to 4 April 2018, with up to 160 exhibitors are expected to participate, as the growing regional construction sector keeps spirits high for a robust growth phase over the next five years, it showed.
Stabilized oil prices have eased pressure on governments’ budgets, which resulted in fresh infrastructure and commercial projects are being launched, the report founded.
The UAE is working on its megaproject Dubai Expo 2020, while Kuwait is on the verge of finishing the expansion of Kuwait’s International Airport, the research firm noted.
“GCC mega-projects will host millions of people over their lifetime – meaning they need interior spaces that prioritize design and quality to cut costs, provide comfortable spaces, and are environmentally sustainable,” Santhosh Vallil, Sales Manager of mega-project consultancy Hunter Douglas Middle East, said.