The ongoing construction bonanza has led Gulf Arab states to spend on average more money on interior design than their counterparts in Japan, Europe and the United States, according to a study by Ventures ME.
The study showed some building projects worth over $57.8 billion were awarded to contractors in 2011 in the six Gulf Arab (GCC) countries.
The report was commissioned by INDEX International Design Exhibition, the largest annual interior design fair and exhibition which will run this year on 24-27 September in Dubai, UAE.
“One of the findings from the report is that GCC countries spend more money on average on interior contracting and fit-outs elements of a construction project than their counterparts in the United States, Europe and Japan,” Naomi Barton, Director of INDEX Event, said.
She added that the “hotel and hospitality sector is the biggest segment spender, with over 22.5% of the total project costs allocated to interior contracting and fit-out projects – more than any other sector within the GCC’s building construction industry.”
The GCC building sector is expected to increase by 13% to $65.5 billion by the end of 2012, according to the new research.
DEPA is one of the largest interior design firms in the Middle East which also fitted-out Burj Khalifa, the world’s tallest building, in the heart of Dubai as well as the emirate’s seven star hotel Burj Al Arab.
This year’s INDEX 2012 is themed “Where Inspiration Thrives.” The fair will host 900 exhibitors from 45 countries, including Brazil, Canada, Greece, Germany, Italy, Malaysia, Spain and Britain.