The UAE has witnessed an unparalleled development and revolution over the past few years, owing to high oil wealth. Further with extraordinary growth in the construction and infrastructure industry, the country has possibly attracted major investors from all around the world.
According to our new research report, “UAE Steel Industry Analysis”, 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 8 Million Metric Tons by 2014-end.
The UAE steel industry in the past has been highly import-oriented. Steel imports grew around 15.5% to about 6.7 Million Metric Tons 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.
Our research further reveals that real-estate projects in Dubai and Abu Dhabi are currently the key driving forces behind the growth of the UAE steel industry. Even government support towards diversifying the economy from being an oil- based economy is playing a critical role in promoting investment and growth in the steel industry.
On the basis of current market trends and anticipating the future prospects, we have conducted a comprehensive analysis of the UAE steel industry. The report covers various aspects of the steel industry, discussing its production, consumption and import/export. With immense growth potential, our research foresees huge opportunity for various market players like Emirates Steel Industries, Al Nasser Industrial Enterprises, etc. It also suffices at offering the intending clients with a strategic insight into the UAE steel industry to depict a better picture of the market and position accordingly for the maximum benefit.