Building boom fuels glass demand
GCC construction projects proving a boon for glass industry
The construction boom in the Middle East is fuelling a period of unprecedented growth in the glass industry.
A report by the UK’s Bowmedia Groups says that the demand for glass will continue to grow as a result of high rise building projects in the region.
“Glass demand is an excellent reflection of a country’s per capita growth,” said Derek Burston of Bowmedia Group.
“As populations increase, the spending on new houses and glass increases correspondingly.”
In the UAE, more than 1,300 construction projects valued approximately $418bn are currently under way, while Qatar has seen an exponential rise in infrastructure and construction projects in preparation for FIFA 2022.
Across the GCC, another 300 projects worth $143bn are in the design, planning or bidding states, according to Glass & Glazing Federation MENA.
The MENA region is expected to spend approximately $4.3tn on construction in the next 10 years, with Saudi Arabia allocating $750bn towards infrastructure, transport, social reform and mass housing, as well as a further $500bn in energy, logistics and education.
“Glass companies in the Middle East, and in particular, the GCC, are particularly at an advantage due to the manpower, raw material and strategic location to operate and export to anywhere in the world,” added Burston.