Riyadh—Agencies
Economic reports indicate that the glass industry sector in the Gulf states is experiencing a boom and a qualitative leap, recording unprecedented growth rates driven by the accelerated pace of construction, building, and infrastructure projects that Gulf governments had announced in the past.
It is projected that spending in the Middle East and North Africa region on construction and building projects over the next ten years will reach approximately $4.3 trillion, with the Kingdom allocating an estimated 28 billion riyals to support infrastructure, transportation, social reform, and housing, in addition to up to 17 billion riyals for energy, logistics, and education projects. He explained that there are currently more than 1,300 construction projects under development in the United Arab Emirates, with a total value of approximately $418 billion. Meanwhile, Qatar has seen a steady increase in infrastructure, construction, and building projects in preparation for hosting the 2022 FIFA World Cup. In addition, there are 300 other projects in the Gulf states that are still in the design, planning, or bidding stages, with a total value of $143 billion.
According to figures cited by the Glass & Glazing Federation in the Middle East and North Africa, the report also noted that global demand for flat glass is expected to rise by 7.1 percent annually through 2016, reaching 9.2 billion square meters, continuing the upward trend seen over the past two decades. The global flat glass market is expected to reach $90 billion in 2016, driven by accelerating growth rates for energy-efficient products such as solar panels, insulating glass, and low-emissivity glass.
According to a study released by the «Pomedia Group» on global trends in the glass industry, the construction of high-rise buildings will continue to drive demand for flat glass products in the Gulf Cooperation Council (GCC) countries, while manufacturing, automotive and transportation, and packaging continued to drive demand for glass products worldwide.