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Posted by smithmorgan on October 12, 2024 at 10:41am 0 Comments 0 Likes
The GCC Ceramic Tiles Market size is expected to reach USD 14.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2020 to 2028. Increasing infrastructure development activities in the GCC countries to spur the transformation into non-oil economies is expected to drive the market.
GCC is one of the most active construction markets in the world with a market revenue of over USD 2.4 trillion in 2020 and more than 22,000 ongoing projects across countries such as the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman. This is expected to lead to an increase in the demand for ceramic tiles, primarily in the residential and commercial complexes, including housing, hotels, malls, educational institutions, healthcare facilities, and cinema halls.
Key market players are exporting their products to other GCC nations and other parts of the globe, to increase their geographical presence and expand their business to other parts of the world. For instance, in 2019, Saudi Ceramics signed a Murabaha financing agreement with the International Islamic Trade Finance Corporation (ITFC), worth USD 32 million. The agreement was part of the export finance promotion initiative taken by the Saudi Export Development Authority.
Related Press Release@ GCC Ceramic Tiles Market Report
GCC Ceramic Tiles Market Report Highlights
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