Abu Dhabi: Strong oil prices coupled with the booming construction sector in the Gulf will boost the UAE’s furniture market that is growing 40 percent annually, top officials said on Saturday.
Speaking ahead of the fifth international Interior Design and Exclusive Furniture Exhibition (Ifex 2006), organizers said leading international furniture makers are eyeing the UAE’s rapidly growing market.
“It is expected that the furniture market in the UAE will grow by 40 percent annually. This growth is shared by over 500 operating companies in the UAE who will expand their businesses to meet the growing demand for furniture and furnishings,” said Ahmad Humaid Al Maz-rouie, Managing Director of the Abu Dhabi National Exhibitions Company.
“This gives the UAE a unique position among the GCC markets as the most important furniture and design-related industry.”
Ifex 2006 opens today with 127 companies participating in the five-day show.
Al Mazrouie said the GCC and particularly the UAE is seeing an unparalleled boom in the real estate and tourism sectors, supported by the government.
“Currently, real estate projects worth $50 billion are undergoing annual studies in the Gulf of which 54 percent of them have been executed in the UAE.
“All these projects put a huge demand on the furniture market. So companies can expect to cater to this high demand.”
Salah Salem Bin Omeir Al Shamsi, chairman of the Board of the Abu Dhabi Chamber of Commerce and Industry will formally open the show today.
Source: gulfnews