October 07, 2008

Machine tools sector in GCC to see a boom

It is reported that GCC countries are investing heavily in the expansion of their industrial manufacturing sectors, with industry experts forecasting a huge boom in the region’s machine tools market.

Mr Trevor Punt group exhibition director of IIR Middle East said that “According to research outfit Gobi International the growth in demand for machine tools in the GCC is forecast to rise from the current USD 3.1 billion to USD 4.3 billion by 2012 up by 39%.”

The forecast also highlights that the GCC countries of Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates already account for 41% of the entire Middle East and North African region machine tools market. Their rate of growth is also predicted to continue racing ahead of other regional and, indeed, global forecasts.”