Arab Today, arab today me steel sector registers robust growth
Last Updated : GMT 04:32:24
Arab Today, arab today
Arab Today, arab today

ME steel sector registers robust growth

Arab Today, arab today

Arab Today, arab today ME steel sector registers robust growth

Dubai - Arabstoday

The Middle East steel industry started off on a positive note from the beginning of this year, with demand for the metal picking up, as industry experts project a 15 per cent growth on the back of rising requirements from the UAE, Saudi Arabia and Qatar. The main opportunity for steel traders in the GCC market arises from catering to the heavy supply demands that are the consequence of high expenditure in infrastrure development, which is fuelled, by high oil prices and population requirements, according to Asim Siddique, the managing director for Age Group in Dubai. The UAE industrial sector expanded by nearly 11 per cent in 2011 while in Saudi Arabia, a $384 billion plan for infrastructure and industrial projects has been announced. The Middle East region is clearly poised. Steel demand in the UAE has soared in the past few years in the backdrop of continuing infrastructure projects, cheap and reliable gas and energy supply, growing investments in the construction industry and other core sectors. The country is therefore witnessing an unparallel development and revolution following the extraordinary growth in the construction and infrastructure industry. According to a recent research report, demand for steel products have surged immensely over the past few years, backed by construction boom, growth in the real-estate investment, and rising income level. The apparent consumption of finished steel products is expected to reach more than eight million metric tonnes by 2014-end, according to latest market research. Industry experts however claim that the UAE steel industry in the past has been highly import-oriented. Steel imports grew around 15.5 per cent to about 6.7 million metric tonnes in 2010. With the reduction in import tariff by the GCC, imports of steel are expected to increase in the years to come. However, some major expansion plans of steel players in the country will increase domestic steel output further. Sharjah, the industrial capital of the UAE, expects to achieve up to five per cent industrial growth in 2012, compared to last year, according to a top official of Sharjah Chamber of Commerce and Industry (SCCI). The Emirate’s manufacturing sector contributes more than 35 per cent of the country’s total production. Last year Sharjah achieved Dh21 billion industrial productions, so it’s expected to achieve Dhs22.1 billion productions. “On the basis of GDP forecast, we can target 3-5 per cent increase in industrial growth this year,” disclosed the director general of SCCI Hussain Mohammed Al Mahmoudi. “To make it very conservative let’s say three per cent,” Hussain Mohammed Al Mahmoudi added. There are over 1,700 industrial units in Sharjah and out of that 1,000 are based outside free zone in the Emirate. Al Mahmoudi mentioned that doing business in Sharjah is more economical than China. Citing reasons, he said here you are very close to your target market and most of the people don’t know about custom duty waiver within GCC countries. from:gulftoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today me steel sector registers robust growth Arab Today, arab today me steel sector registers robust growth

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday