Gulf furniture industry sees $754 million investments in 2000
The number of wood and furniture manufacturing plants in the Arabian Gulf states grew to 473 in 2000, up from 263 factories in 1999. These figures imply an 80 percent increase, according to a recently published report by the Gulf Organization for Industrial Consulting (GOIC).
According to the GOIC Industrial Data Bank, 75 firms operate in the wood and furniture sector in the GCC (Gulf Cooperation Council) as joint ventures with foreign involvement, employing 4,881 people, with investment reaching $104.5 million in 2000.
Total investments in the local wood and furniture industry came to $754 million in 2000, compared with $318 million in 1990, a 137 percent boost, reported Al-Hayat daily. Furniture imports to the region are also a booming business, with imports exceeded $5.2 billion in 1999. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)