Mega Projects Enhance Growth of Saudi Arabia’s Facilities Management

NEOM (Photo: Saudi PIF)
NEOM (Photo: Saudi PIF)
TT

Mega Projects Enhance Growth of Saudi Arabia’s Facilities Management

NEOM (Photo: Saudi PIF)
NEOM (Photo: Saudi PIF)

Mega Saudi projects have contributed to increasing the volume of facilities management investments, which are expected to exceed $60 billion during 2030.
Facilities management is defined as a comprehensive field that brings together the workplace (buildings and facilities), its workforce, and system operations.
It aims to ensure smooth workflow, improve the efficiency of using facilities, and create a safe and comfortable work environment.
The sector covers a wide range of services, including hard services such as mechanical and electrical maintenance, fire safety, and maintenance of building systems and equipment, and soft services such as cleaning, recycling, pest and infection control, floor maintenance and waste disposal.
An electronic platform was launched in 2023 to develop the sector.
In comments to Asharq Al-Awsat, Chairman of the Board of Directors of the Saudi Facilities Management Association, Eng. Ayed Al-Qahtani, said that the volume of the sector is expected to reach $60 billion in 2030, with a 13.5 percent growth rate until the end of the decade.
Total government spending on the infrastructure and public services sector in the Saudi budget for 2023 amounted to about SAR 190 billion ($50.6 billion), of which facilities management constitutes a large part, according to Al-Qahtani.

According to MordorIntelligence’s expectations, the size of the facilities management market in Saudi Arabia will reach $49.6 billion by 2029, driven by many factors, including government investments in infrastructure projects.
For its part, P&S Intelligence believes that the market will grow at a compound annual rate of 12.4 percent, reaching $90.1 billion by the end of the current decade, pointing to increased construction activities in the country, a growing tourism industry, and over-reliance on advanced technologies.
Al-Qahtani stressed that the Kingdom’s market in the facilities management sector is the fastest growing in the world, with the entry of major international companies into the local market.
He revealed that the association intends to hold the International Facilities Management Conference and Exhibition in September, under the patronage of the Minister of Municipalities and Housing, Majid Al-Hogail, and in strategic partnership with the Saudi Facilities Management Company, which is owned by the Public Investment Fund.
The company was established in 2023 to meet the market needs and provide sector services for the Fund’s real estate development projects.
Al-Qahtani noted that the objectives of the upcoming conference were based on three elements: the quality of human life within the built environment, the role of artificial intelligence in facilities management, especially in light of recent developments and the global tech outage, in addition to the protection of data inside buildings.
He said he expects the event to witness the signing of 10 to 15 cooperation agreements.

 

 



UAE, Morocco Finalize Terms of Comprehensive Economic Partnership Agreement

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
TT

UAE, Morocco Finalize Terms of Comprehensive Economic Partnership Agreement

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM

The United Arab Emirates and Morocco have finalized the terms of a Comprehensive Economic Partnership Agreement (CEPA) that will launch a new chapter of mutually beneficial trade and investment ties between the two countries, Emirates News Agency (WAM) reported.

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour, WAM said.

Upon implementation, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing customs harmonization and establishing flexible rules of origin for goods.

It will also establish platforms for investment and private-sector collaboration in priority sectors such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT, WAM added.

The two countries shared $1.3 billion in non-oil trade in 2023, an increase of 30 percent on 2022 and 83 percent more than was recorded in 2019. The UAE is the largest Arab investor in Morocco with more than $15 billion invested in a variety of strategic projects.