Tuesday,9 September 2016

MACHINE TOOLS IN SAUDI ARABIA

MACHINE TOOLS IN SAUDI ARABIA
Market for machine tools increases 2.2% in monetary terms in 2014 driven by spurring Saudi Arabian construction industry . Saudi Arabian construction industry's turnover advances 8.6% to SR375.4 billion in 2014 due to large urban regeneration projects, new housing programmes and major infrastructural development projects. Declining revenue of domestic crude petroleum and natural gas industry and underdeveloped automotive industry act as drags on growth of machine tools market in 2014. Saudi Arabian machine tool producers remain largely underdeveloped, industry turnover continues to stagnate in 2014. Industry set to see 4% CAGR over 2014-2020 to reach SR140.6 million in the latter year, stimulated by strong construction activities and expected rapid growth of Saudi automotive industry.

                                                                                                                                      (Euromonitor International)