INTERNATIONAL TRADE FAIR FOR METALLURGICAL TECHNOLOGY,
THERMO PROCESS TECHNOLOGY, FOUNDRY MACHINERY AND
Steel consumption across the GCC has been underpinned by significant investment in the construction sectors of the UAE, Saudi Arabia and Qatar. The Gulfs steel industry is expected to see a large increase over the next decade, which will put it among the top steel produces in Asia. The demand for steel is rising at 5% to 6% every year. It is predicted that half of the world steel production will be done in Arab countries by 2013 and Arab countries will succeed in keeping up with worldwide development in the steel industry.
GCC On Track To Become Global Powerhouse In Manufacturing
The future of the manufacturing sector looks even more promising. The McKinsey report states the GCC region, manufacturing now contributes on average around 10 - 15 % of GDP, clearly demonstrating the huge growth potential of the industry.
The manufacturing sector is contribution to the UAE overall GDP, in particular, reached $ 11.39 billion in 2011, growing by over 11 %. It will touch $ 35 billion in 2020. The same robust figures are echoed in other GCC countries such as Qatar, Kingdom of Saudi Arabia, and Oman. UAE also has some big ticket investments in large-scale transport and logistics infrastructure such as the first-of-its-kind Dubai World Central in Dubai, which provides a dedicated gateway for manufacturing companies in the UAE to reach out to global markets.
UAE Industrial units increase by 63% between 2004 and 2010 and capital investments in the industrial sector to increase by more than $ 14.2 billion by 2017.