The return of construction to Dubai has helped Japanese electronics manufacturer, Canon grow its large format printing business by almost 20 per cent in the past year across the region.
Dubai construction recovery puts Canon in big picture
The return of construction to Dubai has helped the Japanese electronics manufacturer Canon grow its large format printing (LFP) business by almost 20 per cent in the past year across the region. Its business in Dubai grew by 17 per cent alone.
"Growth has come from architecture firms, construction firms and others," said Hendrik Verbrugghe, the marketing director of Canon Middle East. "The graphic cards and Cad (computer-aided design) markets are evolving rapidly in terms of their printing needs, with indications of sustained growth for the coming few years."
Overall, there has been a decline in the printing business worldwide, particularly in Europe, but the Middle East has bucked this trend as it continues to be a growing emerging market for Canon.
The company currently has a 15 per cent share of the LFP market in the Middle East. It is now focusing on LFP business, which accounts for almost 45 per cent of Canon's revenues to grow its business in the region by a third this year.
The biggest markets for Canon LFP are the UAE and Saudi Arabia according to Mr Verbrugghe.
Dubai's property market grew by 8 per cent last year and the emirate is expecting US$1.08 billion (Dh3.97bn) in construction projects over the coming few years. Up to 18 new hotels are set to be opened in Dubai this year.