Saudi Arabia and UAE Have Been Rated as Top Investors in The GCC Wood Products Industry

RIYADH: Saudi Arabia and the UAE have been rated as top investors in the GCC wood products industry, according to latest data. Gulf states' investments in the industry reached $478 million last year, said a report released by the Gulf Organization for Industrial Consulting (GOIC). It said the Kingdom also holds the top position in the Gulf region in terms of average investment in each factory. Saudi Arabia and the UAE invested $294 million and $121 million in the industry respectively last year, according to the report. Kuwait, Oman, Qatar and Bahrain followed with $34 million, $12 million, $9 million and $8 million investments respectively. The GOIC report indicated that the furniture manufacturing sector is classified under the wood products industry according to global standards. It has its own specifications, the report said. According to the statistics provided by GOIC's industrial information unit, 389 industrial factories were operating in the GCC last year. The UAE highest number of factories (208) taking 53.5 percent of the total units in the GCC. The Kingdom came in second with 67 forming 17.2 percent. This is because the minimum investment level for a factory in the UAE is only AED300, 000 while in Saudi Arabia the amount required is SR1 million. The report also indicated that most of the wood industry factories in the GCC, except in the Kingdom, are categorized as small industries. The average investment in each factory is the highest in the Kingdom as it reached $4.4 million and the lowest was recorded in Oman ($ 0.26 million). According to GOIC statistics, the total number of workers in the wood industry and products in the GCC last year was 21, 746. It said 56.7 percent of those workers are in the UAE with 12, 350 workers. Saudi Arabia had 25.5 percent with 5, 553 workers, followed by Qatar that had 1, 245 workers (5.7 percent). The rest was distributed, between Kuwait 4.6 percent, Bahrain 4.5 and Oman 2.9 percent. The report said value of wood imports to the GCC had been increasing over the years. China, Malaysia, Finland and Austria are the main exporters. Source: arabnews.com