October 12, 2017, Dubai, UAE: The Middle East Facility Management Association (MEFMA) has forecast the value of Saudi Arabia’s facilities management (FM) market to reach USD 49.82 billion by the end of 2030. The statement is part of a report commissioned by MEFMA. The expected growth, the report said, can be attributed to key drivers that include steadily booming real estate, tourism and retail sectors.

The report, titled ‘Facilities Management Role in Achieving Saudi Arabia’s Vision 2030’, which investigates the industry’s pivotal function in the Saudi Government’s long-term economic diversification plan, was released on the sidelines of the recently concluded Saudi Arabia Confex 2017 in Riyadh. Saudi Arabia has the largest market for FM services in the GCC region to date, accounting for a value share of about 55% in the region’s FM market in 2016. The report was completed by TechSci Research.

Jamal Abdulla Lootah, President of MEFMA, said: “Saudi Vision 2030 is an all-encompassing economic framework that focuses on its non-oil sectors, including real estate, tourism and retail, to name a few, to help reduce its reliance on oil revenues. Part of its objectives is to boost government revenues from USD 159.99 billion in 2016 to USD 1866.52 billion by 2030. The non-oil sectors are forecasted to experience significant expansion in the coming years, in light of the government’s full support and commitment to drive their growth.”

The report looks into several ways by which FM companies could significantly contribute to Saudi Arabia’s socio-economic expansion. FM companies, it said, help increase the competitiveness of the local commercial and industrial enterprises by enabling businesses to focus on their core operations. Additionally, capital infused by global FM companies could further catalyse growth in the local services sector and, thus, generate considerable employment opportunities. The report also states that the expansion of small to medium scale FM providers will help stimulate the development and promotion of KSA’s small and medium enterprises.