Gulf News, citing officials at the SteelFab Exhibition, reported that United Arab Emirates' steel consumption is expected to rise by 4% in 2011 to 6.6 million tonnes, helped by demand from the oil and gas industry.
The Dubai based daily quoted Mr Saadath Thajudeen head of business at Al Ghurair Iron & Steel as saying that consumption may grow 5% to 6% in the Middle East in 2011, led by Saudi Arabia and the UAE, as projects valued at USD 2.96 trillion are being executed or planned.
He said “With this flurry of development, Middle East steel demand is set to see an 11.9% increase in CAGR in the next 10 years.”
UAE awarded USD 39 billion of contracts in 2010 in energy, infrastructure and buildings, Gulf News said, citing business advisory company Venture Middle East. Contracts across the six nation Gulf Cooperation Council were valued at USD 148 billion.