Khidmah, Interserve Lead Saudi Arabia Facility Management Market

The Saudi Arabia Facility Management market is projected to clock a staggering growth for the next five years. As per TechSci Research report “Saudi Arabia Facility Management Market By Service (Hard, Soft & Others), By Application (Commercial, Residential & Industrial), By Company Standard (Tier 1, Tier 2 & Tier 3), Competition Forecast & Opportunities, 2022”, this market is all set to register a compounded annual growth rate of over 12 per cent in the period between 2017-22.

The prime factors contributing this strong growth include: rise in the construction industry in the country and supportive policies of the government. The Saudi Arabia Facility Management market is currently pegged at USD 19.84 billion, and as per TechSci Research forecast the market will attain the size of USD 39.58 by 2022.

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The facility management market in Saudi Arabia is dominated by players such as Saudi EMCOR Company Ltd (EFS Facility Management); Khidmah LLC; Interserve; Enova Facilities Management Services LLC;   Saudi Oger Ltd; Rezayat Facilities Management; Musanadah Facilities Management Co. LTD; Nesma Trading Co. Ltd; Advanced Facilities Management and Petrojana Facilities Management. These players are expecting a great surge in their project pipeline expecting the growing trend of outsourcing facilities management services by real estate bellwethers.

The market research report released by TechSci Research covers all the aforementioned companies and the recent developments in the industry. It has been observed that a number of international companies are entering into the facilities management market in Saudi Arabia keeping an eye on the lucrative growth that this market is slated to enjoy. Of late, there are a number of mergers and acquisitions (M&A) taking place in the industry. This is one of the highly sought after ways global companies adopt to achieve inorganic growth in a new and emerging market.

According to recent statistics released by the Saudi Ministry of Justice, the prices of privately owned apartments in Jeddah and Dammam registered a hike of around 1 per cent and 3.5 per cent. The prices of land in Dammam, on the other hand, increased by staggering 17 per cent. Jeddah also registered a rise in land prices by about 7 per cent.

However, there are some cities that witnessed a drop in prices of real estate. On this trend, Chairman of the Real Estate Committee in the Jeddah Chamber of Commerce and Industry (JCCI) Khalid Al-Ghamdi has clarified that the prices of real estate are aligning as per market expectations.

It is all about market correction as some cities may witness rise in prices while some cities may undergo a decline. According to industry experts, this is a pure play market forces driving demand and supply and that clearly demonstrates the fundamental strength of the real estate market in Saudi Arabia. In overall, this is a sign of stability in the market leading to a vibrant market abound with opportunities for the players in both real estate and facilities management market.