Business & Money | Wednesday 6 January, 2016 7:14 am |

With the HVACR industry in Saudi Arabia ranking as the third largest market in the world, there’s a high demand for both international and local companies to benefit from this tremendous opportunity, said vice president of M.I.C.E. Arabia Elliott Rizk ahead of the 3-day HVACR Expo Saudi 2016 that will start on Jan. 11 here.

As the cooling industry continues to witness growth in the Kingdom, it is expected to increase at an annual rate of 14 percent in the next five years. The HVACR sector, comprising of heating, ventilation, air conditioning and refrigeration, is considered a vital component of the Kingdom’s ongoing and future construction projects, worth $732 billion, in business, healthcare, transportation and more.

The B2B event that will take place at the Jeddah International Exhibition and Convention Center seeks to allow trade professionals and engineers in the HVACR industry to showcase the latest technologies, partner with local companies, sign business deals, and attend free seminars to be updated with the market.

The exhibition aims to serve as a networking platform for the industry’s leading companies, including Carrier, LG Shaker, Danfoss, UL, Tamkeen, Samsung, SKM Air-Conditioning, among others. “International speakers helps in the transfer of knowledge, trends and the do’s and don’t’s of the industry,” said Rizk. “The international standard aspect is key for it.”

When asked about the major trends of the HVACR market, he said technology is key in terms of going green and saving energy while maintaining cost and profitability.

The HVACR Expo Saudi 2016 will mark its first time in the Western region, allowing the flourishing of the exhibition industry as a key part of the non-oil sector in the Saudi economy.

Rizk further said exhibitions play a big role in attracting business tourism, where foreign delegates are invited to the Kingdom and will not only close some deals with local partners, but will also contribute to the local tourism in hotels, restaurants, and shopping.

“That creates business and investment which ultimately leads to higher employment and jobs for local talent. The focus on business tourism worldwide is essential,” he told the Saudi Gazette.

As an exhibition organizer, M.I.C.E. Arabia’s areas of focus are the construction and hospitality industries.

On the Saudi general budget for the fiscal year 2016, Rizk said “the government is focusing on the non-oil sector which could be a great opportunity for us as exhibition organizers working on business tourism. We’re looking forward to this year.”

When asked about the challenges the exhibition industry faces in Saudi Arabia, he said government bodies such as the Supreme Commission of Tourism and Antiquities (SCTA) have played a proactive role in eliminating certain obstacles, such as visa-issuing, customs handling, licensing and other logistics in setting up events. “We evaluate each year and we’ve seen progress,” he noted.

On the need for larger exhibition space, he said there is a need for venues with international standards, adding  that “we are looking for a better venue with cleaner, newer, and better facilities that caters to us as organizers. There has been discussion for plans for better venues.”

M.I.C.E. Arabia Group hosted several exhibitions in the region, including the annual major construction exhibition The Big 5 Saudi.