The IQ Exhibition to be held in Qatar from February 2 to 4, 2015 will help meet the growing local demand for high-quality products and international brands in the construction and furnishing industries, according to a statement by the event organisers.
The event, the first Qatar interior design exhibition, will attract interior designers, architects and industry professionals from Qatar and other Gulf states. Organisers of the exhibition have announced findings from the latest Ventures Middle East Report on Qatar Building Construction and Interiors Update.
According to the report, the share of the Qatar construction sector in the country’s nominal GDP is likely to increase from 5.5% in 2014 to 6.2% in 2015. Also, Qatar’s completed construction projects would reach $9.06bn by the end of the year.
“As the country gears up for the 2022 FIFA World Cup, the current focus is on building the necessary infrastructure... there is a spillover effect on the building construction sector, too,” said Ashley Roberts, event director, IQ Exhibition. “This is also likely to translate into large opportunities for the Qatar interiors and fit-outs market, encompassing internal wood works, soft and hard furnishings, lighting, partitions, flooring, kitchens and bathroom fittings, which constitutes approximately 10-20% of the average construction project value.”
John Mibu, research director at Ventures Middle East, said: “Qatar building contractor awards for 2014 are expected to hit $14bn, an increase of over 20% compared to 2013 building contractor awards. The percentage is expected to increase even higher in 2015 as per the current projects schedule. All these will translate to higher interior spending in the next couple of years.”
The size of the interiors and fit-outs market is estimated to grow to $637mn in 2014, led by growth across retail – from $11mn in 2013 to an expected $90mn in 2014 - and hospitality - from $68mn in 2013 to an expected $167mn in 2014 - and spurred by the massive increase in population, increased economic activity and affluence in the run-up to the World Cup, it is observed.
“The IQ Exhibition offers something new to the Qatar design and architectural community,” added Roberts. “From the opportunity to hear from some of the region’s biggest names in design and architecture speak at the free-to-attend IQ Education Series, sponsored by Interface, as well as the must-attend paid-for Qatar Green Building Council’s LEED-accredited workshop.”
The full report is available at http://www.iqexhibition.com/exhibit/industry-reports-infographics/
