Half of the world''s steel production is expected to be done in Arab countries by 2012
There are 67 steel plants in the Arab region valued at Dh10.3 billion ($2.8bn) and the demand for steel is rising at five to six per cent annually, according to figures released by Al Fajer Information and Services.
"It is predicted that half of the world''s steel production will be done in Arab countries by 2012. The local steel market has been witnessing impressive growth due to the widespread availability of energy in the UAE to support the manufacturing of steel products," said Satish Khanna, General Manager, Al Fajer Information and Services, organiser of Tekno/Tube Arabia 2011.
With an annual consumption of five million tonnes of steel products, the industry has provided a steady supply to sustain the manufacturers of steel-based products across the GCC that attracted Dh24bn worth of investments in industries pertaining to steel.
Khanna added: "The UAE has been a significant contributor to the overall development of the GCC''s steel trade. The steel industry mirrors the country''s strong growth in the economic and industrial sectors.
"Steel manufacturers in Arab countries are exerting efforts to integrate and consolidate their position in the face of a growing worldwide industry trend of mergers and acquisitions."
As far as tubes industry is concerned, the Middle East has witnessed the launch of a series of new plants one of which is the Empower Logstor Insulated Pipes Systems, the UAE''s largest pre insulated pipe
manufacturing facility, in Jebel Ali. Khanna said: "These plants signify the UAE''s drive towards diversification of economy in order to sustain growth. The GCC nations will soon be transformed into major players in international pipes, tubes and steel industry. This will help the region achieve one of the most important goals -- diversifying their income sources."
Europe, India and Taiwan will occupy 70 per cent of total space at Tekno/Tube Arabia 2011, the 10th International Trade Fair for industrial machinery, metal working, machine tools, tubes and pipes industry hat will held from January 8 to 11 at the Dubai International Convention and Exhibition Centre.