Expanding Tourism Industry Pushing the Saudi Arabia facility management market ahead

The Saudi Arabia facility management market generated $29,563.2 million in revenue in 2018, and it is expected to grow to $51,616.2 million in 2024, advancing at a CAGR of 9.7% during forecast period (2019–2024). The factors driving the progress of the market are the expanding tourism industry and increasing application of facility management in residential construction, infrastructure, industrial projects, and commercial buildings. Facility management services back the core operations of a specific company, which include property, security, catering, and cleaning.

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In recent times, due to the growing construction sector, backed by the rising government spending on infrastructure development, facility management has been Seen as one of the most favorable industries in Saudi Arabia for investors. The country has nearly $1.0 trillion worth of construction projects planned or under construction. These ongoing projects are predicted to offer tremendous growth opportunities to the Saudi facility management market players. Companies around the globe, are coming into partnership with local players in order to enter the market and efficiently serve it.

On the basis of end user, the Saudi Arabian facility management market is divided into residential, commercial, and industrial, out of which, in 2018, the commercial sector held the largest share in the market, accounting for a revenue contribution of more than 40.0%. Under Saudi Arabia’s Vision 2030, the country is expanding its economy by concentrating on the growth of non-petrochemical based sectors. As a result, it is observing large-scale development of hotels, malls, commercial centers, and various other commercial spaces, which is anticipated to escalate the demand for facility management services.

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When segmented by mode, in-house and outsourced are the two categories of the facility management market in Saudi Arabia. Of these, in 2018, in-house facility management services dominated the market with a revenue share exceeding 65.0%. This is attributed to the fact that a sizeable number of companies still work with internal facility management teams or professionals, who take care of property maintenance on a regular basis. In simple terms, in-house is an approach where people providing facility management services are directly employed by the client organization.

The expanding travel and tourism industry is one of the key factors driving the Saudi Arabian facility management market growth. This sector is flourishing in the country due to the numerous exotic travel destinations here. Further, in 2017, the prince had launched ‘The Red Sea’ tourism project, under which, a resort is being built across 50 pristine islands in partnership with several hospitality firms. By 2022, the first phase of the project is predicted to be completed, including the construction of luxury residential units, hotels, and also logistical infrastructure, which will raise the demand for facility management services so that the properties can remain in a good condition.

Therefore, it is clear that the growth in travel and tourism industry will result in an increasing demand for facility management services in Saudi Arabia.

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This release was published on openPR.