Press release
Saudi Arabia Facility Management Market To Grow by 11.1% CAGR Between 2021 and 2030
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The bolstering infrastructure industry, primarily on account of rising number of ongoing and upcoming construction plans, will support the demand for facility management services in Saudi Arabia in the coming years. Also, increasing investments in the infrastructure sector and rising government support for infrastructure development will fuel the market growth. For instance, in January 2019, the government unveiled its plan to invest $426 billion by 2030 to develop infrastructure and end-use industries.
Additionally, the expanding tourism sector will also contribute to the growth of the Saudi Arabian facility management market. The expansion of the tourism industry has amplified the requirement for facility management services in hotels, resorts, shopping complexes, and other facilities to offer security, cleaning, catering, and property services to owners and visitors. In June 2020, the Ministry of Tourism laid down its plan to begin a tourism development fund with an initial investment of $4 billion.
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The Saudi Arabian facility management market is characterized by the presence of numerous players, who have entered into small contracts, in recent years, to offer services at mega-infrastructure units, such as Amaala, Qiddiya, and King Salman Park. Apart from this, the companies are also aiming at landing bigger contracts to gain a competitive edge in the market. For instance, in August 2020, APSG Group announced that it has successfully started the provision of maintenance, hospitality, and cleaning services at Alrajhi Bank’s more than 150 branches and 612 ATMs in the southern part of Saudi Arabia.
Thus, the booming tourism sector and the strengthening infrastructure industry will support the market growth in the coming years.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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