Emirates Steel CEO has bullish market outlook

November 29, 2017

Emirates Steel anticipates increased demand for steel with the ongoing stabilisation of the regional construction sector.

The GCC has projects under construction valued at $415bn and a further $630bn planned in the next 10 years, the company says.

“Evidently, a pipeline of projects of this scale has to be perceived in a positive light by the steel industry,” says H.E. Saeed Ghumran Al Remeithi, Emirates Steel CEO. “There are certainly positive macro-economic drivers for construction that include population growth, expanded economic growth, an increasing younger labour force, and drivers such as UAE Vision 2030 as well as Dubai Expo 2020, in addition to a strong tourism determination for many governments across the region.

“Hence, the construction sector in the UAE has recovered from the domino effect of the world financial downturn, indicating that the construction market will remain strong during the forthcoming year.”

Emirates Steel is showcasing its steel product range used in the construction sector, including rebar, rebar in coil, wire rod, heavy sections and sheet piles.

“The Big 5 is an event that is growing every year in a market poised for exceptional growth in the present decade. We believe this yearly event will provide us with an excellent venue to showcase our expertise in steel and enhance our access to the lucrative regional markets,” said the Emirates Steel CEO.

As the only integrated steel maker in the country, Emirates Steel plays a vital role in contributing to the country’s progress and its industrial infrastructure, creating further opportunities for downstream manufacturing industries.

The company has maintained its position in the UAE domestic market through a policy of actively developing long term supply contracts for finished steel products to meet customer needs, on time deliveries and an absolute focus on customer service.

This approach has enabled it to sustain a domestic market share for rebar and wire rod around 50% per cent, while significantly expanding its export business, particularly for value added products.

 

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