13th International Trade Fair for Metallurgical Technology, Thermo Process Technology, Foundry Machinery and Metal Working Tools.
Metal Middle East, the only specialized and established event of its kind in the Middle East showcasing the latest trend in the Industry to fulfill the demands of ever increasing Manufacturing and allied Industry sector.
Out of the total $2.8 trillion projects which are in execution and pre execution phases, 40 percent of this value relates to residential, leisure and Metal Middle East 2017 hospitality buildings and mixed-use developments, totaling an anticipated budget value of $1.1 trillion.
UAE's Al Maktoum International Airport expansion, budgeted at $ 32 billion and billed as the biggest airport in the world, is the first among the GCC projects by cost. The $ 20 billion industrial project in Abu Dhabi for Tacaamol Al Gharbia Chemicals Industrial City is the second largest project and Al Mozaini - Riyadh East Sub Centre while rail projects in Qatar are also budgeted at $15 billion.
The Steel sector in the Middle East, steel demand reaching a new height of 70 million MT by 2020 assuming CAGR at 10 per cent.
It has been believed that construction projects in the GCC will be the key driver in supporting the steel industry's growth in the near term, followed by oil and gas, petrochemicals and other infrastructure projects.
"The GCC's construction sector is becoming more stable which will drive the demand for steel. But more importantly, the multi-billion dollar infrastructure projects planned across the region will be the main driver and the cornerstone of the region's economic growth in the coming years.
The long-term outlook for the steel industry in GCC, is very promising due to ambitious economic development plans by the Governments. In order to pursued their vision to become industrialised nations, to diversify the sources of their income away from the oil economy. To this Governments are promoting various industrialisation programmes in their respective countries aimed at becoming self-reliant to the extent possible to reduce imports dependence, and generation of employment and entrepreneurial opportunities for local Nationals.
The mega trends in the GCC are being witnessed in various sectors, the major ones are: automotive, railway, economic and industrial cities, petrochemicals, real estate, etc., which would drive the steel industry's growth, as various projects announced / underway in these sectors are expected to be completed by 2020.