New projects to support regional steel growth
The recent announcement of new projects signals a steady flow of investments into sectors like infrastructure and manufacturing, which is set to generate contracts for regional steel fabricators and amplify the significance of upcoming trade events for the steel fabrication and metal working industry.
HE Abdalla bin Sultan Al Owais, chairman, Sharjah Chamber of Commerce and Industry & Expo Centre, said: “Several new projects have been announced in infrastructure, pipeline, airports, and industrial sector recently.
"With economic diversification becoming the crux of development strategy, the UAE and the rest of the region are also focusing on the non-oil sector to contribute to economic growth. The immediate beneficiary here is the core sector that propels the steel fabrication and metal working industry.”
The recovery in oil prices, though not as quick as expected, from below $30 a barrel to close to $50 also shows that the GCC has successfully withstood the difficult phase, and raises prospects for better economic growth and flow of funds into existing as well as new projects.
Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah, said: “The infrastructure and manufacturing sectors are looking positively at the recovery of oil prices, along with new policies and guidelines being announced to inject fresh vigour into the non-oil sector. They are also expecting investments from upcoming mega events like Expo 2020 and FIFA world cup 2022, preparations for which have gathered pace.”
With passenger traffic expected to grow at a fast pace, the GCC is pumping in $100bn into airport expansion and construction projects, including the $4.3bn contract to build the new terminal at Kuwait International Airport.
The $116m development of Almarkaz light industrial real estate project, the launch of the second phase of Khalifa Industrial Zone Logistics Park – Non Free Zone warehousing and opening of Renault Trucks in Saudi Arabia also signifies continued growth and work for steel contracting in the region.
“Steel fabricators can be assured of steady rise in requirements from different sectors. SteelFab will help them explore and acquire cutting-edge equipment, advanced technologies, new products and applications for all their metal forming, fabricating, welding and finishing needs,” added Midfa.
The 13th SteelFab 2017 will focus on areas such as welding and cutting, metal cutting and machine tools, tube and pipe, stainless steel, and wear resistance and hard facing, foreign pavilions, seminars and technical presentations, and live displays.
Courtesy Construction Week