Dubai government's $1.42 billion allocation in the budget for construction projects for the 2022-2024 period will have a positive impact on the wood and woodworking industry as demand for wood, timber and wood products will increase, said the president of the Organising Committee of the upcoming Dubai WoodShow.<\/p>\n
According to previous surveys, about 70% of timber and forestry products are used in the building industry, while the remainder are used in real estate, interiors, furniture and other industrial applications. The figures reflect the increasing demand for timber products in the region, led mainly by the overall economic growth and the growth of the Dh8.8 trillion (USD 2.4 trillion) worth of construction activities in the region.<\/p>\n
With an average of Dh10,000 ($2,722.54) spent on wood goods per household, this amounts to Dh250 million ($68 million) spent last year alone in Dubai.<\/p>\n
However, with more than 35.000 residential units planned to be delivered in the last two years, expenditure on wood products is projected to grow to Dh350 million ($95 million) by 40%, according to the survey.<\/p>\n
Growth in the housing market will drive the timber, timber and timber business across the region, creating a great opportunity for the industry. When families migrate to their new freehold houses, they will need a fresh supply of furniture and, due to their preferences and patterns, most families are searching for authentic wood furniture and goods, where the new market resides.<\/p>\n
Consumers are now looking for modern, creative items to replace old furniture, in particular innovative furniture that can help families better navigate spaces. Such products will be in solid demand.<\/p>\n
The demand for wood products is also expected to be increased by new hotel developments. Dubai will add 40,000 hotel rooms and service apartments to accommodate the rising demand of visitors. A variety of hotel operators are providing tenders for wooden beds, tables and wooden interior items to provide hotel guests with greater comfort. This is going to be a great engine of demand for wood products.<\/p>\n
The UAE construction market was valued at $101.45 billion in 2020, and is now expected to reach a value of $133.53 billion by 2026, registering a CAGR of 4.69% over the period of 2021-2026.<\/p>","protected":false},"excerpt":{"rendered":"
Dubai government’s $1.42 billion allocation in the budget for construction projects for the 2022-2024 period will have a positive impact on the wood and woodworking industry as demand for wood, timber and wood products will increase, said the president of … Continue reading