Global aluminium manufacturers are cashing in on the burgeoning UAE's real estate market, which continues to register a remarkable growth in the country, especially in the emirate of Dubai.
Several leading global aluminium producers say they see the UAE as a positive start to set up their respective businesses and cater to the rest of the Middle East construction market with Dubai as their transit hub.
Their presence in the region is evident at the Aluminium Middle East exhibition taking place at the Dubai International Convention and Exhibition Centre (DICEC) and opened on Tuesday.
More than 200 exhibitors from 30 countries are participating in the event, with UAE being the world's fourth largest Aluminium Producer as it exports the commodity to 35 countries worldwide.
The country's total aluminium production reached 2.4 million tonnes last year, which is the maximum that could be achieved with the existing facilities.
Of this, about 300000 tonnes are presently utilised in the country, the Arab world's second biggest economy, and the rest being exported to over 35 countries around the world.
The three-day event was officially inaugurated by Saeed Mohammed Al Tayer, Managing Director & CEO of (DEWA) and Vice Chairman of Emirates Global Aluminium (EGA).Later, Al Tayer toured the exhibition venue in the company of AbdullahBin Kalban, CEO and Managing Director of Emirates Global Aluminium (EGA) and CEO of Dubai Investments, and other dignitaries and government officials. The theme of the exhibition is Forging Connections, Building Possibilities.
The producers disclosed that they see a huge demand in aluminium products in the Arab world not only in the UAE but also neighbouring GCC states.
The GCC's aluminium production is believed to have reached the five million tonnes mark in 2014 in order to cater for the increasing global demand.
Demand globally is estimated to increase and reach 70 million tonnes per year by 2020 and GCC countries are expected to boost aluminium production capacity by up to 40 per cent.
According to statistics, the Gulf aluminium industry is growing by 8.4 per cent annually, compared to an average annual global expansion of 3.5 per cent, making the Middle East the fastest growing aluminium market in the world.
The UAE has a unique advantage of an established aluminium industry as compared to other countries in the region.
Having invested in smelters, the UAE is looking to vertically integrate into upstream and downstream in the future.
The exhibition is taking place against the backdrop of the aluminium industry witnessing a new level of extraordinary growth and the Middle East consolidating its position as a powerhouse of the world's aluminium industry.
The exhibition has emerged as a must-attend event for networking, building professional relationships, identifying investment opportunities and getting acquainted with the latest technologies and best practices from around the world.
Source: The Gulf Today