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COMMERCIAL MARKET REPORT

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REPORT HIGHLIGHTS

The total GCC commercial projects expected to be completed is likely to increase from US$ 9,278 mn

in 2018 to US$ 9,988 mn in 2019.

The overall GCC interiors and fit-out spend in the commercial sector is expected to increase from US$

1,021 mn in 2018 to US$ 1,099 mn in 2019.

In 2018, KSA (US$ 360 mn) is likely to be the highest interior and fit-out spend in this sector followed

by the UAE (US$ 275 mn).

The highest value commercial building project expected to be completed in 2018 by project value

comes from KSA.

The GCC region is a critical commercial hub for international companies doing business throughout the MENA

region. As of 27th May 2018, the total GCC commercial projects expected to be completed is likely to increase

from US$ 9,278 mn in 2018 to US$ 9,988 mn in 2019 (refer Figure 1).

Figure 1: GCC Commercial Sector Projects Expected to be Completed in 2018 and 2019 by Country (US$ mn)

The commercial interiors contracting and fit-out spend includes investments catering to lighting, furnishings,

office partitions, wood flooring and internal wood works and bathroom fittings, which collectively represent 10

to 12% of overall project costs involved in the construction of such premises. The overall GCC interiors and fit-

out spend in the commercial sector is expected to increase from US$ 1,021 mn in 2018 to US$ 1,099 mn in 2019.

In 2018, KSA (US$ 360 mn) is likely to be the highest interior and fit-out spend in this sector followed by the UAE

(US$ 275 mn). In line with the Saudi Vision 2030, the private sector’s contribution to KSA’s economy is expected

to increase, which is likely to stimulate the demand for office space in the future. According to Colliers

International, largely-driven by a millennial workforce, there is a growing emphasis on the provision and design

of public realms, workplace interconnectedness, smart offices, architecture and branding in KSA.

Figure 2: GCC Commercial Interiors and Fit-Out Spend by Country (US$ Million), 2018-2019

Note: Figures are as of 27th May 2018. Source: Ventures ONSITE Project Intelligence Platform: www.venturesonsite.com

According the Harvard Business Review, office surroundings are a statement of a business’ core values. Office

interior design plays a crucial role in creating a productive work environment and the design of working spaces

should be in line with changes in working practices. In the coming months, commercial interior design will

include promoting eco-friendly designs wherein commercial spaces need to be energy efficient and aesthetically

pleasing.

An important feature of sustainable interior fit-out is the use of energy efficient technology to cut energy costs

while improving the office environment. Green offices are characterised by the use of natural light, which is

known to have a beneficial impact on employees’ sense of well-being.

According to UAE’s Summertown Interiors, a key trend witnessed, which has become increasingly important

(especially in Dubai), is the custom tailored fit-out solutions for companies that include activity-based working

areas, and integrated technology for a more agile workforce. Activity-based working interior designs are

enabling employees’ space to concentrate on a complex task alone, or collaborate in small teams.

Biophilic design will be used more in commercial spaces in 2018 and 2019. By incorporating natural elements

like plants, water features and natural lighting into the office space can boost productivity. Several research

studies have recently demonstrated the various benefits of incorporating greenery into office design on

employees’ physical and psychological health.

Major Projects in the Commercial Sector

The following table represents the list of top commercial projects expected to be completed in 2018 and 2019

across the GCC.

http://www.venturesonsite.com/https://workdesign.com/2012/07/biophilia-and-workspace-design/https://www.theguardian.com/money/2014/aug/31/plants-offices-workers-productive-minimalist-employeeshttps://workdesign.com/2012/07/the-benefits-of-plants-in-the-workplace/

Table 1: Major GCC commercial building projects expected to be completed in 2018 by project value (US$ million)

PROJECT NAME NET VALUE (US$ MN)

COUNTRY

Courts and Judicial Facilities 326 KSA

Arabsat Headquarter in Riyadh 266 KSA

Ministry of Education Headquarters 266 Kuwait

HSBC Headquarters in Downtown Dubai 250 UAE

One Central (1 Central) on Sheikh Zayed Road - Office Towers (C2 & C4) 196 UAE

National Bank of Kuwait HQ in Sharq 179 Kuwait

EKFC Expansion - Phase 3 164 UAE

Sabah Al Ahmad City - Public Buildings in Area D 155 Kuwait

Ministry of Finance Complex - Al Jahra 153 Kuwait

Corporate Building for Energy City Qatar - Plot H-01 139 Qatar

Source: Ventures ONSITE Project Intelligence Platform: www.venturesonsite.com

Table 2: Major GCC commercial building projects expected to be completed in 2019 by project value (US$ million)


COUNTRY

Dubai Trade Centre Jebel Ali (Expo 2020) - Theme Districts 599 UAE

ICD Brookfield Place in Dubai International Financial Center (DIFC) 408.4 UAE

Passports and Expatriate Affairs Department Building in Al Noaim 206 Qatar

Development of Commercial Berth Zone 1 & 2 at Duqm Port 205 Oman

Dubai Trade Centre Jebel Ali (Expo 2020) - Al Wasl Plaza / Pavilion 200 UAE

Dubai Trade Centre Jebel Ali (Expo 2020) - Mobility Pavilion 200 UAE

Dubai Trade Centre Jebel Ali (Expo 2020) - Sustainability Pavilion 200 UAE

SABIC Headquarters in Jubail Industrial City 200 KSA

The e18hteen in Lusail - COM 18 185 Qatar

Saba Tower 4 in Jumeirah Lake Towers - Plot No. BB3 181 UAE


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EDUCATIONFACILITIES REPORT

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Overall GCC education facilities projects expected to be completed is likely to increase from US$ 4,765

mn in 2018 to US$ 6,257 mn in 2019.

The GCC interior and fit-out spend for the education sector is likely to increase from US$ 381 mn in

2018 to US$ 501 mn in 2019.

With rising population, the demand for schools in the GCC will increase to 50,978 in 2020 with the the

K-12 private education market in the GCC is expected to reach US$ 26 bn by 2023.

Figure 1: GCC Education Facilities Sector Projects to be Completed in 2018 and 2019 by Country (US$ Million)


Education has gained significant importance as GCC governments expect to foster inclusive growth and create

job opportunities for their future generations. The private sector is advancing through the establishment of new

international schools and colleges due to consumer preferences for private education and government

privatisation initiatives. As new school projects are in high demand, the GCC interior and fit-out spend is likely

to increase from US$ 381 mn in 2018 to US$ 501 mn in 2019.

KSA will continue to dominate the interior and fit-out spend in the GCC education facilities market in 2018 (US$

138 mn) and 2019 (US$ 247 mn) (refer Figure 2). In KSA, the market is poised to catapult to US$ 12 bn in 2023

(BCG estimates). By 2030, KSA aims to have at least five universities among the top 200 world universities

rankings.

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The demand for new private school facilities across the GCC is driving onsite refurbishments, with a number of

companies looking to secure multi-million dollar projects in the sector. Currently, the redesign and

refurbishment of schools have been carried out using sustainable cost-efficient standards to incorporate

environment friendliness. Landscaping designs will play a prominent role in schools in the GCC countries in the

coming months.

Figure 2: GCC Education Facilities Interiors and Fit-Out Spend by Country, 2018-2019 (US$ Million)


Major Projects in the Education Facilities Sector

The following table represents the list of top education facilities projects expected to be completed in 2018 and

2019 across the GCC.

Table 1: Major GCC education facilities projects expected to be completed in 2018 by project value (US$ million)


COUNTRY

Dow Research Center in King Abdullah University of Science & Technology 300 KSA

Qassim University - Campus & Medical Colleges for Women 93 KSA

Imam Abdulrahman Bin Faisal University - Security & Safety Building 91.9 KSA

Taif University - Engineering College 75 KSA

Umm al-Qura University Expansion in Makkah 69 KSA


Oryx International School at Mesaimeer 68 Qatar

College of Pharmacy Building - Qatar University 65.2 Qatar

Modification & Additional Works to Existing Schools & Kindergartens - Phase 2 60 Qatar

British School in Muscat - Phase 3 60 Oman

Jazan University - Medical College 51.7 KSA


Table 2: Major GCC education facilities projects expected to be completed in 2019 by project value (US$ million)


COUNTRY

King Abdullah Economic City (KAEC) - Education Zone 3,965 KSA

Sabah Al Salem University - Sports, Athletics and Aquatic Facilities (SAAF) 541 Kuwait

Sabah Al Salem University - College of Engineering & Petroleum (COEP) 490 Kuwait

Sabah Al Salem University - Academic Support Facilities (ACSF) 465 Kuwait

MOI - Police College at Mebaireek in Al Rayyan 286 Qatar

Kuwait Community College in Jahra 100 Kuwait

Al Jouf University - Law College 95 KSA

New Campus of American International School in Jeddah 90 KSA

Sustainable City in Dubailand - University and Planetarium 82 UAE

Imam Islamic University - Campus Buildings 78 KSA







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HOSPITAL MARKET REPORT

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1618 SEPT2018

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The GCC’s current healthcare expenditure is estimated to reach US$ 104.6 bn in 2022 with KSA and the

UAE dominating the region’s expenditure with a combined share of over 80% in 2022.

The total GCC hospital projects estimated to be completed is likely to increase from US$ 7,351 mn in

2018 to US$ 9,237 mn in 2019.

In view of the anticipated rise in number of patients, the region is expected to require 12,358 new

hospital beds by 2022, according to market analysts.

Figure 1: GCC Hospital Sector Projects Expected to be Completed in 2018 and 2019 by Country (US$ Million)


The GCC regional governments are helping in the growth of the healthcare sector with the help of the private

sector’s investment. The rapidly growing population, owing to the rise in number of expatriates and improving

life expectancy, are pushing the need for more healthcare services. The interiors and fit-out spend in the GCC

hospital sector is estimated to increase from US$ 588 mn in 2018 to US$ 739 mn in 2019.

In 2018, the interior and fit-out spend is likely to be the highest in KSA (US$ 266 mn) as the kingdom has the

largest healthcare sector in the GCC and Saudi Vision 2030 has given top priority to healthcare. KSA would need

a total bed capacity of 79,780 by 2022, signifying an additional requirement of 7,521 beds to accommodate the

rising patient base (Alpen Capital estimates). KSA’s government is expected to open new medical cities in

different regions to solve the bed shortage, thereby providing a gamut of opportunities for the interior design

and fit-outs.


In 2018, the UAE and Kuwait are also expected to spend heavily in interior design and fit-out spend, which is

likely to be worth US$ 150 mn and US$ 132 mn, respectively. The requirement of beds in the UAE is projected

at 14,969 in 2022, representing an additional demand for 2,069 new beds (Alpen Capital estimates). Kuwait is

likely to witness a requirement of 9,807 beds in 2022 (Alpen Capital estimates).

Figure 2: GCC Hospital Interiors and Fit-Out Spend by Country, 2018-2019 (US$ Million)


In the past, the design of healthcare facilities was focused more on supporting medicare needs but architects

are currently designing hospitals that will be efficient for the medical staff and make the patients feel less

stressed and give the feeling of well-being. Healthcare design is not just important for patients’ well-being and

visitors’ experience but also for the economics of an increasingly competitive marketplace. Healthcare

institutions are realising that good design can improve expedite patients’ recovery. Washing areas that reduce

germ contamination within hospital environments is expected to be top focus areas for designers.

Major Projects in the Hospital Sector

The following table represents the list of top hospital projects expected to be completed in 2018 and 2019 across

the GCC.

Table 1: Major GCC hospital projects expected to be completed in 2018 by project value (us$ million)


COUNTRY

AMC Long-Term Medical Care Hospital 1,300 KSA


New Jahra Hospital (NJH) 1,266.53 Kuwait

Shakhbout Medical City (formerly Mafraq Hospital) in Abu Dhabi 871 UAE

Kuwait Cancer Control Center Expansion 610 Kuwait

Al Amiri Hospital Expansion 342 Kuwait

Rehabilitation of Operation Theaters in Jahra Hospital 265.27 Kuwait

Alyamamah Private Hospital in Riyadh 200 KSA

500-Bed Specialized Hospital in Jizan 194.5 KSA

500- Bed Specialized Hospital in Hail 160 KSA

Mohammed bin Khalifa Specialist Cardiac Hospital in Awali 149.7 Bahrain


Table 2: Major GCC hospital projects expected to be completed in 2019 by project value (us$ million)


COUNTRY

King Abdullah Project - Security Forces Medical Complex in Jeddah 1,813 KSA

Farwaniya Hospital Expansion 924.75 Kuwait

Expansion of Al Sabah Hospital 617 Kuwait

King Salman Specialized Hospital in Taif 450 KSA

500-Beds Al Qassim Specialized Hospital 450 KSA

King Faisal Specialist Hospital Expansion in Jeddah 427 KSA

300-Bed King Abdullah Maternity Hospital 400 KSA

Burjeel Medical City in Mohammed Bin Zayed City 381 UAE

FAMC - Fakeeh Academic Medical Center in Dubai Silicon Oasis 272 UAE

Dr. Sulaiman Al-Habib Hospital in Al Khobar 266.6 KSA







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