Gurugram, India, December 14, 2022 (GLOBE NEWSWIRE) — KSA facility management market is in the growth phase with a huge profitability potential characterized by the presence of over 50 facility management service providers and still increasing.

• Government policies such as a 15% VAT exemption on real estate transactions and a large-scale affordable housing program would encourage residential real estate.
• In the years to come, companies will need to expand their service portfolio by adding new building management, energy management and other services as demand patterns change.
• Rapid real estate development in terms of smart city development, new infrastructure developments and focus on tourism and hospitality promotion are the supporting factor for commercial facilities management services revenue.

Focus on green building management: Green buildings aim to increase the efficiency of resource use while minimizing their negative impact on people and the environment. The Saudi Arabia Green Building Forum provides leadership and encourages collaboration in implementing green practices for the design and development of green buildings.

KSA Vision 2030: As part of the 2030 Vision, the government has launched several mega-projects such as NEOM, The Red Sea, etc. that have a positive impact on tourism and hospitality promotion. Saudi Arabia aims to become a major tourist destination by 2030, with tourism investment estimated at over SAR 200 billion over the next decade.

infrastructure and industrial development: Saudi Arabia plans to invest about $1 trillion in its non-hydrocarbon sector by 2035. The government encourages the localization of industry in the kingdom to encourage future employment opportunities and reduce dependence on hydrocarbons. International companies form a strategic alliance with local companies to enter the Saudi market. Examples: The Zamil Group and International Maritime Industries establish an OSV joint venture. The new joint venture would meet the needs of…