BUSINESS

Wood demand in Gulf seen to soar amid $2.4trn worth of construction

DUBAI — Wood and wood-based furniture and household accessories products is expected to get a solid boost from $2.4 trillion (AED8.8 trillion) worth of construction activities at a time hundreds of exhibitors from all over the world showcase the latest products and innovation at the Dubai WoodShow at the Dubai World Trade Centre on March 12-14, 2018. Research shows that 70 per cent of the timber and wood products are used in construction industry while the rest are used in real estate, interiors, furniture and other industrial applications. The statistics reflect a growing demand for wood products in the region, primarily driven by the overall economic growth as well as the growth in the region’s Dh8.8 trillion worth of construction activities. Dubai WoodShow is the largest such exhibition in the Middle East, showcasing a wide-ranging wood-based products. The wood and wood-based products sector will get a further boost with the delivery of more than 25,000 homes in Dubai this year, according to industry reports, especially when new home-owners start purchasing their furniture and home décor products. With an average spent of AED10,000 on wooden products per home, this translates to a AED250 million spent in this year in Dubai alone. However, with more than 35,000 residential units slated for delivery in 2018, spend on wooden products is expected to jump 40 percent to AED350 million. In order to capture the market, more than 300 exhibitors from 100 countries are all set to showcase their innovative solutions at the next edition of Dubai WoodShow, which will showcase new designs,