Steel production in GCC poised to enter Golden age
Steel production in the Gulf Cooperation Council (GCC) countries is poised to enter a "golden age," and GCC nations aspire to lead the drive for green steel, according to delegates at the Fastmarkets Middle East Iron & Steel Conference. The GCC economies will expand through various projects across the region, particularly Saudi Arabia's Vision 2030 project. Despite challenges, such as a requirement to reduce reliance on oil and focus on cost efficiency and producing value-added products, experts expect a gradual shift to hydrogen, although higher costs may be prohibitive.
- Steel production in GCC nations is poised to enter a "golden age," with no signs of a downturn, according to the keynote panel discussion at the Fastmarkets Middle East Iron & Steel Conference.
- Vision 2030 aims to transform Saudi Arabia into a modern economy, with three new steel production projects announced in 2021 and 2022.
- GCC nations will focus on reducing their reliance on oil by diversifying economic activity and increasing the private sector's share of the economy to 65%.
- The region produces steel mainly through the direct-reduced iron (DRI) route, which has an advantage in potential solar power due to its geographical location.
- The Gulf countries aspire to lead the way in green steel production with the new capacities already announced in the region being integrated mills.
- Although some GCC steelmakers have plans to use hydrogen, it is currently cost-prohibitive, and its use for steel production is expected to increase when buyers are willing to pay extra.
- Challenges include the need to focus on cost efficiency and producing value-added products as the economies in the GCC region undergo fundamental changes.
Dubai's Iron and Steel Industry: Prospects for Growth and Innovation
The iron and steel industry is an important part of Dubai's economy, supprting the construction and infrastructure projects across the emirate. Recently, this industry has undergone significant changes, with increased investment in new technologies, and a focus on sustainability and efficiency.
One of the biggest developments in the industry was the recent SteelFab 2023 exhibition, which was held at the Expo Centre Sharjah in the UAE. The event showcased new innovations in steel production and processing, with exhibitors from around the world displaying their products and services. Steelfab 2023 attracted a significant number of visitors from Dubai, as well as other parts of the region, evincing the growing interest in Dubai's iron and steel industry.
Another significant development was the formation of the Steel Manufacturers Business Group by the Dubai Chamber of Commerce. The group is focused on promoting the interests of steel manufacturers in Dubai and the wider region, with a particular focus on collaboration and innovation.
Dubai's steel industry also benefits from the growth in the wider GCC region. Steel production is the GCC is poised to enter a "golden age" according to a report from the Gulf Cooperation Council Secretariat General. The GCC region is expected to produce around 97 million tons of steel by 2025, driven by increased demand from construction and infrastructure projects.
This growth is being driven by the UAE's ambitious construction plans. A key driver of this growth is falling prices for steel and other building materials. This has made it easier for Dubai's property developers to undertake larger projects.
Indian steel manufacturers are now looking to expand their presence in the UAE and other parts of the Middle East. Consequently, Dubai's steel manufacturers need to remain competitive and innovative.
Overall, the outlook for the iron and steel industry in Dubai is gnereally positive. The growing demand from the construction sector and increasing investment in new technologies and processes inspre confidence. By focusing on collaboration, innovation, and sustainability, Dubai's steel manufacturers can continue to drive economic growth and development in the emirate.LIVE NEWS FEED
TAG: Dubai, UAE, business news
- Steelfab 2023 was held at Expo Centre Sharjah, UAE - Indianewsco.com. (2023, January 21), [Online]
- Steel production in GCC poised to enter golden age - Indianewsco.com. (2023, January 3), [Online]
- Dubai Chamber of Commerce forms a Steel Manufacturers Business Group - Indianewsco.com. (2023, January 11), [Online]
- Indian steel manufacturers can supply UAE need, says minister - Indianewsco.com. (2022, December 27), [Online]
- UAE construction sector to rise as steel and building material prices fall - Indianewsco.com. (2022, December 15), [Online]