Sheikh Mohamed extended his sympathies during a visit to the mourning majlis in Al Ain
uae10 hours ago
An increase in the number of housing projects in the private sector across the GCC will bolster the demand for steel, experts at the 2016 Middle East Steel Conference (MESC) noted.
Speaking on the sidelines of the event, Abdullah Awadh Al Gahtani, vice-governor of Standards & Laboratories Saudi Standards, Metrology & Quality Organisation, described steel as a high-risk product, which is a critical part of a big industry.
"Construction is a huge industry in the Gulf countries. Demand for construction materials, such as steel and cement, relies heavily on government spending. When you see the construction sector booming, you will also find the demand for steel rising. Once the construction business slows down, then the demand for steel will also decrease."
"There is a paradigm shift, however, in both Saudi Arabia as well as the rest of the GCC, where the private sector is becoming more and more engaged. The private sector is catching up with the government sector when it comes to projects, especially in the housing segment. will be favourable in the steel industry as long as there is a shift in projects from the government sector to the private sector," he explained.
Hosted by Neft Management, in collaboration with a committee of regional and international oil company representatives, the fourth edition of MESC brings together regional and international experts and facilitates the exchange of practical experiences in all aspects of steel production and protection engineering.
The three-day show, which is showcasing major exhibitors such as Saudi Steel Pipe Company, Hidada, Global Pipe Company, Carboline, Conxtech, National Pipe Company, 3M from the Mena region and Europe, will end on Tuesday.
"Low oil prices seem to have no negative sentiments for steel experts. Turning out to be a magnet for the industry leaders, the fourth edition of the Middle East Steel Conference is a milestone for us. We are overwhelmed by the response and hope the conference will serve as an insightful forum for knowledge sharing and best practices," said Rafeeq Kunhi, director, Neft Management.The UAE's steel demand has made it one of the largest consumers in the GCC. The region is investing billions of dollars in construction projects, mostly in preparations for the Expo 2020 in Dubai and the Fifa World Cup 2022 in Qatar. It is anticipated that steel consumption in the UAE will grow at a CAGR of eight per cent from 2016 to 2020.
Despite fluctuations in the construction market, the demand for steel products in the UAE is stable and has been on a growing trend. Over the past few years, the UAE's steel industry has witnessed an upswing in the range of five to 15 per cent growth annually.
- rohma@khaleejtimes.com
Sheikh Mohamed extended his sympathies during a visit to the mourning majlis in Al Ain
uae10 hours ago
According to an official, several people are still feared trapped in the debris
asia11 hours ago
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
sports11 hours ago
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
mena12 hours ago
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
africa12 hours ago
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
arts13 hours ago
Dubai Police have asked drivers to be extra cautious
transport13 hours ago
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia14 hours ago