UAE to spend $14.6bn on fitout projects
Dubai, December 29, 2009
The UAE is expected to spend Dh53.8 billion ($14.64 billion) on interior design contracting and fit-outs by 2010, which reflects a significant increase from the 2008 levels, revealed a recent industry study.
Amidst the recession, the UAE remains a leader in the region in the construction arena, accounting for 66 per cent of all new projects in the GCC, which are valued at an estimated $149 billion, the study added.
Eyeing the prospects within the burgeoning market, Danube Building Materials, a leader in construction, building materials and shop fitting industries, has announced plans to expand its Buildmart chain of retail stores and its range of design and interior products to leverage the burgeoning market.
The company has recently opened its newest Buildmart branch in Fujairah and in Dubai Festival City, which marks the company’s first-ever retail showroom in a mall, and has announced plans to open similar branches in Ibn Battuta Mall in Dubai, Dalma Mall in Abu Dhabi and Bawadi Mall in Al Ain.
“As we anticipate the completion of many construction projects in the UAE, we are covering all bases by strengthening our range of design and interior products, which we expect to witness significant demand once these developments approach their final construction stages,” said Rizwan Sajan, chairman, Danube Building Materials.
“The current market scenario bodes well for Buildmart, which we intend to build as a brand that offers the widest array of interior fittings and furniture to local customers. We are confident that our plans for further expansion will be met with a positive response from the UAE and regional market,” he added.
As the country expects the completion of high-end and middle-income residential properties until 2012, Danube said it was gearing up to address the need for high-quality interior design products.
These include hard finishes such as floorings, ceilings and walls, which usually account for an average of 15 to 20 per cent of the total project value; and fit-outs including furniture and fixtures, electrical, kitchen and laundry works, which comprise an estimated 5 to 8 per cent, Sajan pointed out.
“Leveraging our tremendous success across the country, we are currently finalising our plans for the launch of a flagship branch along Sheikh Zayed Road. While expansion plans in the UAE continue to be one of our priorities, we are also actively seeking for new destinations for the Danube brand across the region, he added.-TradeArabia News Service