The market for machine tools in the GCC is expected to rise by around 39% over the next five years, according to research by Gobi International.
Demand for machine tools is forecast to rise from US $3.1 billion (AED11.4 billion) this year to $4.3 billion by 2012.
The increase will be driven by the massive investments in manufacturing being made by GCC countries.
"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," said Trevor Punt, group exhibition director, Middle East Manufacturing Exhibition (Memex).
"Their rate of growth is also predicted to continue racing ahead of other regional and, indeed, global forecasts. With billions of dollars being spent on manufacturing activity in the Middle East, creating the right economic environment is not only crucial to the success of the region, but essential for heads of manufacturing companies and leaders of industry," he said.
The continued pace of economic growth in the GCC is fuelling increasing demand for finished products and materials, which is driving growth in the industrial sector. The current total value of all non-oil and gas industrial projects in the region is already estimated to exceed $115 billion.
In addition, the Gulf countries are looking to decrease their economic dependence on the oil and gas sectors by setting up industrial zones to stimulate large-scale growth in manufacturing.
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