Saudi Arabia’s paint market is estimated to comprise 15% of the Middle East’s 2.3M tonnes market, according to Wahiba. According to Mordor Intelligence, paint sales in Saudi Arabia are projected to grow by 4% /yr between 2019 and 2026. The Saudi retail market size for paints and coatings was estimated at US$7.2bn in 2019, US$7.5bn in 2020 and was projected to reach US$8.1bn in 2022, according to Fortune Business Insights data. With Saudi Arabia’s construction market expected to grow by 6% CAGR over the next five years, driven by Vision 2030 projects, the Saudi Arabia Coatings Show offers the perfect opportunity to meet suppliers and manufacturers from the global coatings industry.
PROJECTS IN SAUDI ARABIA THAT FUEL THE DEMAND FOR THE COATINGS INDUSTRY
The Red Sea Development Company
Aiming to be a world leader in regenerative tourism, the Red Sea Project is a luxury sustainable tourism project on a 28,000km2 site on the western coast of the Kingdom. Work on infrastructure has already begun with 80km of new roads completed, and 10,000 workers are based at a construction village.
Aspiring to be an entertainment, sports and arts hub, Qiddiya’s Six Flags theme park will contain 28 rides and attractions in six themed lands. A key attraction will be the Kingdom’s first water theme park. Featuring 23 rides and attractions, it is expected to be the largest in the region. Qiddiya will also feature luxury-tented retreats, animal encounters and outdoor adventure and exploration.
Aseer Development Project
Crown Prince Mohammed bin Salman began a tourism strategy in September 2021 to develop the southwestern Aseer region with SR50bn (US$13bn) to attract more than 10M visitors by 2030.
Diriyah Gate Development Authority
The US$50bn project will feature some of the world’s most luxurious restaurants and hotels, with all structures built in traditional Najdi architectural style. The first phase will focus on a landscaped park, Wadi Hanifah, and Bujairi Terrace, featuring 18 new restaurants, several of which will be Michelin-starred.
Originally announced in 2017, Saudi Arabia's futuristic megacity will hold millions of "Neomians" by the year 2030, according to the project's Head of Tourism. Speaking to the Emirati newspaper, The National, in May 2022, the NEOM project's Head of Tourism, Andrew McEvoy, said that people are expected to begin arriving to the city in 2024, when "you will see a lot of movement as our first tourism assets begin to open."
AMAALA is an ultra-luxury project at Saudi Arabia’s Red Sea beach, focusing on wellness, healthy living and meditation. Developed over three sites located within the Prince Mohammed bin Salman Natural Reserve: Triple Bay, Coastal Development and The Island, the resort will be off grid, powered solely by renewable energy. In total, Amaala will have 2500 hotel ‘keys’ and some 700 residential villas, apartments and estate homes, plus more than 200 shops, cafes and restaurants.
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