Ritika Sharma / EMIRATES BUSINESS
Gains are in for interior fit-out companies in the UAE as real estate in the region is getting a push from the ensuing Expo 2020. The estimated size of the interior and fit-out market grew at a pace of 8.5 percent and reached US$7.98 billion in 2015.
On the same lines, Cloisall, the GCC’s leading interior fitting and contracting company, has secured a staggering AED700 million in contracts — to be initiated over the next 24 months. The company capped off 2015 with equally impressive numbers: in the last year alone, it witnessed an organic growth of 50 percent and its fast-expanding pipeline of contract opportunities increased by 40 percent.
MajedFarha, Chief Executive Officer of Cloisall, said, “At Cloisall, we are proud to have kicked off 2016 with such promising growth prospects. The fact that our order book has reached the AED700 million mark and that we have set out to exceed AED1billion in order backlogs before the end of the second quarter, is a powerful testament to our proven track record of delivering high quality results.”
Reports suggest that the MENA interior design services market is expected to continue growing between 2013 and 2017 at a CAGR of 11.5 percent, and subsequently by a CAGR of 5.7 percent to 2019, outpacing the global market growth. Cloisall’s robust line-up of 2016-2017 projects is set to help cement the company’s pattern of future growth and reinforce its strategic vision of success.
“Over the years, Cloisall has amassed extensive experience working on some of the world’s most architecturally-complex and internationally-renowned buildings.
Today, our success story is rooted in our people – our employees are our most valuable asset,” Farah said.