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Construction sector has witnessed a robust growth in the country which in turn has created an immense room for the steel industry. The UAE will remain a bright spot for the construction industry next year even as a survey showed that geopolitical concerns and lower oil prices will affect the overall UAE market. There are several positive signs for the future of the sector as the construction sector in the region about to seek construction opportunities outside the Arabian Gulf region like from Iran, India and many more. The UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players.
 
According to our report, “UAE Steel Industry Outlook 2020”, UAE is one of the fastest-growing economies, and the third-largest construction industry in the Middle East. The construction industry in the UAE is the third-largest industry after oil and trade. Many key players’ in the construction sector operate in the country, with most construction activities taking place in Abu Dhabi and Dubai. The growth of the construction sector in the region was supported by public investments in infrastructure, commercial and industrial construction. The construction industry’s growth rate is expected to rise, as a result of increased government expenditure on developing infrastructure and industrial construction in the country.
 
Recently, large-scale investments in infrastructure development, supported in part by the nation's hosting of the 2020 World Expo, will be a key driver of growth. Moreover, the country's strong economic performance, strategic location and large consumer base will continue to attract new investors. The key project raises the steel demand in the region and adds the value to the construction sector. UAE is expected to witness Millions of visitors during the event which would likely be a key factor in spurring the major construction projects such as public infrastructure, hospitality, transportation, leisure & entertainment and retail”. Tremendous growth is expected particularly in the areas of hospitality, transportation and leisure & entertainment. UAE is anticipated to witness the development of new hotels by the coming years.
 
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