The developers of upcoming hotel projects in the GCC are set to spend $1.65 billion on fit-out and interior designs – about 22.5 percent of total project costs of $7.33 billion – with Saudi Arabia and the UAE topping the list, Ventures Middle East 2012 report on the trends in the GCC interior contracting and fit-out market said.
Saudi Arabia's interiors and fit-out sector grew twice as quickly as the UAE's market increasing by 125 percent to hit $3.5 billion in the current year, according to the Ventures Middle East 2012 report on the trends in the GCC interior contracting and fit-out market.
For the Kingdom's hospitality sector, this means that hotels are likely to spend heavily on renovation and refurbishment as they look to regain lost occupancies and counter the competition from the rising supply of new hotels with upgrades to existing ones proving to be a growing opportunity for the interiors as well as the hotel electronics market, it added.
The Saudi Gazette
3 December
