Facility Management Market in GCC Set for Prosperity in Saudi Arabia in Future

The construction industry in Gulf Cooperation Council (GCC) countries is observing significant growth due to the surging tourism activities and improving economic conditions. In recent years, GCC member nations have been allocating huge budgets to the construction sector, owing to which, the countries are adopting facility management solutions in abundance. The rising budgetary allocation to this sector can be attributed to the escalating focus of member nations on reducing their economic dependence on oil and gas revenue.

Additionally, the flourishing travel and tourism industry is also expected to drive the GCC facility management market at a CAGR of 10.1% during the forecast period (2020–2030). The market was valued at $53,804.3 million in 2019 and it is projected to reach $137,297.8 million revenue by 2030. The growth of the travel and tourism sector is supported by the vision of the governments to divert their attention from the oil and gas industry to other industries. Moreover, the introduction of the new visa system of Saudi Arabia will attract over 100 million visitors to the country by 2030.

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In recent years, facility management service providers have been outsourcing their services to reach out to a wide range of customers. Outsourced facility management services offer advantages such as the freedom to focus on core competencies and reduced overhead costs. For example, in 2020, Darwish Interserve Facility Management W.L.L. signed a three-year facility management contract with Qatar Civil Aviation Authority to offer integrated services such as mechanical, electrical, and plumbing (MEP) and cleaning at the Qatar Air Traffic Control Centre.

According to P&S Intelligence, Saudi Arabia led the GCC facility management market in the recent past, owing to the flourishing tourism and infrastructure sectors in the country. Moreover, the surging investments being made by the government of Saudi Arabia in the construction and infrastructure sectors, primarily on account of their increasing focus on reducing the country’s economic reliance on the oil and gas industry, are fueling the installation of facility management systems in the nation. For instance, the launch of real estate initiatives such as the Red Sea Project by 2030 and Amaala by 2028 will fuel the installation of such systems in the country in the forthcoming years.

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Therefore, the growing construction sector and expanding travel and tourism industry will augment the demand for facility management services in the GCC in the coming years.

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