Ariston ME expects growth and increased sustainability consciousness in GCC

The GCC region, led by Saudi Arabia and UAE is expected to experience accelerated growth in the coming years, living up to the expectations of the IMF and World Bank*. Saudi Arabia and UAE are making large investments in the Construction industry spurring a strong recovery of the sector. Saudi Arabia’s construction drive is led by the government, inspired by Vision 2030¹ which seeks to boost home ownership to 70% by 2030. UAE is experiencing improvements in the sector with new landmark projects being announced².

The hospitality sector in Saudi Arabia saw new projects of Qiddiya, The Red Sea Development, Amaala, NEOM, Al Ula, and Wadi Al Disah Development launched by the Public Investment Fund of Saudi Arabia in 2018 aimed at fulfilling the target Vision 2030. The UAE hospitality industry has been growing as tourism and commerce continue to attract visitors. At the end of 2022, this was further boosted by traffic to the FIFA World Cup in Doha³.

Alberto Torner, Head of Ariston Thermo Group in the Middle East, Turkey and Caucasus says “We are pleased to see reactivation in Construction and Hospitality as they will positively impact the water heater business in the  years ahead. Our position as a global market leader with a focus on sustainability and the new consciousness of the environment has encouraged large property developers to look at alternative solutions like solar energy and heat pumps that we offer. Our service engineers highlight the savings in power and reduced emissions that our solutions bring and are able to expand the demand for them.”

“The hospitality industry across the world welcomes the energy-saving alternatives to water heating that Ariston offers, and this applies to our region too. Since the demand for hot or chilled water in guest rooms, swimming pools, spas and restaurants is high, the dual benefit of reducing energy cost and promoting environment consciousness appeals to our customers in this segment.”

Sustainability Targets

2022 has been a milestone for Ariston as the company’s enunciated sustainability goals are expected to be met this year. These goals specified generating 80% of revenue from efficient and renewable solutions and saving 3 million tons of CO₂ through the company’s evolved technologies. Year-end 2021 already saw 74% of revenues generated from sustainable solutions while savings in CO₂ had crossed 2 million tons.

“The Ariston Group has placed energy efficiency at the heart of its sustainable growth strategy. Renewable, high-efficiency products and solutions can make a decisive contribution to reaching the environmental goals in the building sector along with reducing energy consumption, without sacrificing comfort.” Alberto Torner reiterated. “These concerns were not as prevalent when we started operations of Ariston ME in the region more than 40 years back, but are acknowledged today and we are proud to be as relevant to our customers here today as we were then.”

  *^{GCC economies' growth will accelerate to 4.2% in 2022: IMF | Banking – Gulf News}

^{1 https://saudi.tpg.media/saudi-arabia-residential-construction-market-outlook-constrack360/}

^{2. https://www.cbnme.com/analysis/turner-townsend-upward-trajectory-for-uae-construction-market-despite-global-economic-headwinds/}

^{3. https://www.khaleejtimes.com/business/mega-events-to-spur-gcc-tourism}

About Ariston Group

Ariston Group is a global leader in sustainable solutions for hot water and space heating, components and burners. In 2021 the Group reported almost 2 billion euros in revenues. Ariston Group has about 8,000 employees, representative offices in 43 countries, 25 production sites and 26 research and development centres in 5 continents. Ariston Group is listed on Euronext Milan since November 2021. Ariston Group demonstrates its commitment to sustainability through the development of renewable and high-efficiency solutions, such as heat pumps, water heating heat pumps, hybrid solutions and solar thermal systems. The Group also stands out for its continuous investment in technological innovation, digitalization and advanced connectivity systems. The Group offers a full range of products, solutions and services mainly under the global brands Ariston and ELCO, and operates under iconic local brands such as Calorex, NTI, HTP, Chaffoteaux, ATAG, Chromagen, Racold as well as Thermowatt and Ecoflam in the component and burner business.