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Consumption of steel in the Gulf region, especially Dubai, is growing at a phenomenal rate, courtesy it's usage in high-end properties |
MEED, the strategic corporate prodigy in the Gulf, claims that the steel industry is going through a great phase in UAE thanks to the rapid strides real estate sector has made, however, perceptible imbalance between supply and demand lingers. Report also said cost of steel has almost doubled (an increase of 91 per cent) in the last six months.
Edmund O'Sullivan, Chairman, MEED events said: "The Middle East Steel 2008 conference comes at an exceptionally exciting time for this sector. Production in the region is being rapidly expanded to try to keep up with unprecedented demand. The gap between supply and demand, the search for investment by producers and the rise in fuel and energy costs are the biggest issues right now for the industry and ones that will be explored in depth at the conference."
Consumption of steel in the Middle East, especially Dubai, is growing at a phenomenal rate, courtesy it's usage in high-end properties. By 2010 the region is expected to consume 60 million tonnes a year, while expected to only produce 35 million tonnes per year.
