Saudi Arabia's interior designing market is thriving based on the rising construction sector in the country. A diverse range of projects is taking place in the country which requires interior products.
An increase in the number of real estate projects for retail, commercial, and hospitality along with increasing demand for residential properties combined with government initiatives to develop infrastructure is expected to drive the interiors market. For instance, Jumbo projects such as the Red Sea Development project and King Abdullah Economic City are attracting various international and regional interiors and fit-out designers to work on the projects.
Massive opportunity for interiors lies in the educational sector and healthcare facilities in the country. Nations Vision 2030 along with Index Saudi, are some of the country's events that are expected to fuel more investments in the coming years for interior design and fit-out sectors. The index is 2021 has planned to invest around 18 billion helping to connect suppliers with kind of buyers overseeing projects in the Saudi market.
Key Market Trends
Residential Sector Accounted for Major Interior Projects in the Country
The residential sector is taking top place in the Saudi's interior market. There is a replacing demand for high-quality interiors services which can be attributed to the entrance of new residential projects in the country. New residential projects such as the Avenues Mall and King Abdullah Financial District are investing around 10.7 Billion USD in the construction of various residential, and commercial projects which are projected to lead to the demand of residential interiors and add to the profitability of the segment. On the other hand, the PIF plans to develop around 350,000 homes at various locations across the Kingdom, via a public-private investment model which can further lead to a surge in interior designing services in the country.
Hotel Interior Projects Likely to Rise with Increasing Hotel Establishments
The interior design services and new projects are rises in the country which not only includes hospitality-related projects there is a rise in leisure attractions and renovations of existing structures. The country is going to be the host for the G-20 summit with a boom in construction and hospitality-related projects the tourism influx is expected to drive the interior designing services in the market. There is an increasing focus on hospitality-related projects in the country which is likely to need designing and decor services in the country. In, Hotel decor services there is an untapped opportunity for modern hotel designs that suit the nature of hotel and target customers.
Saudi Arabia interior design market is competitive with various local and global players present in the market. Developers, contractors, and suppliers are increasingly stressing on cost-value engineering, materials, and design which are all part of shaping the interior designing industry. Major players in the market are located in Riyadh and the interior design market has potential for development owing to major construction projects in the country.
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