Welcome to the Elevator World News Podcast. Today’s podcast news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com
SAUDI ARABIA’S VT INDUSTRY LOOKS TO POST-PANDEMIC RECOVERY
Saudi Arabia's vertical-transportation (VT) industry is poised for recovery from the pandemic due to growing urbanization, increased high-rise construction and the government's Vision 2030 initiative, which involves megaprojects supported by new infrastructure, Arab News reported in February. Demand for elevators and escalators is expected to rebound quickly as projects delayed in 2020 restart. Global consultancy TechSci Research said the kingdom's VT market is projected to be worth US$1.34 billion by 2025, versus US$961 million in 2020. Additional factors driving recovery include growth in the real estate sector, technological advancements in the VT industry and increased direct foreign investment in retail and construction. Taimur Khan, an associate partner at consultancy Knight Frank, told the source he expects new contract activity to return to pre-pandemic levels in 2021.
Image credit: by apriltan18 for Pixabay
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