With its combination of tourism, business and social infrastructure continuing to develop, KSA’s fit-out market has shown increased demand as a wave of projects ebb closer towards their final stages, most prevalently within its hospitality sector.
According to data published by Zawya in February, Saudi Arabia continues to lead the GCC market in terms of rooms under construction with 40,269 currently under development, followed closely by the UAE with 31,715.
Driven by a combination of travel becoming more accessible as well as an ease in supply chains, much of the country’s focus is now set on achieving the goals outlined in its high-level strategy, Saudi Vision 2030, of which tourism remains a key pillar for future economic growth. As one of the country’s key transformational developments, The Red Sea Project will arguably become one of the fit-out industry’s most competitive landscapes when it comes to tendering.
According to additional data published by Global Construction Review, $5.2 billion in contracts have already been awarded with a further $400 million being awarded each month as the country targets the luxury travel market as part of its diversification strategy. Providing a total of 50 resorts, 8,000 hotel rooms and more than a thousand residential properties spread across 22 islands and six inland islands, the fit-out market is likely to experience a continued uplift in demand as KSA’s economic transformation continues to gather momentum.