Massive Construction Projects Keep Steel Demand Strong in UAE
Annual steel consumption in the UAE has been continuously rising with accelerating construction and infrastructure development activities, particularly in Dubai.
(I-Newswire) - With growing economy that raised the investment in construction and infrastructure development activities, the annual domestic consumption of steel in the UAE surged from 4 Million Tons in 2006 to over 6 Million Tons in 2007, as per the new research report, “UAE Steel Industry Analysis”, from RNCOS.
The report sees the UAE as the frontrunner in the Gulf region due to its booming construction sector which is anticipated to see investment of nearly US$ 94 Billion between 2007 and 2009. However, the point of concern is the localization of construction activities to Dubai, but this trend is expected to change in coming years, with the entire federation seeing unprecedented growth, especially the emirate of Abu Dhabi.
Several large-scale development projects have taken off in Dubai to make the UAE a popular tourist and business destination. These include Burj Dubai, Underwater Hotel, Dubailand, Business Bay, Palm Islands, Dubai Festival City, The World and Dubai Waterfront. Moreover, these projects will not only keep contractors busy, but also build a stable foundation for long-term economic growth of the country.
The ongoing development projects clearly reflect the growing demand for steel, cement and other construction material in the UAE which has continuously maintained double-digit economic growth rate. Besides, large infrastructure and property development projects have spurt the prices of steel tremendously in the country. Continuously rising demand for steel has created a big market for steel suppliers and stockists who compete to provide a wide range of steel on demand.
“UAE Steel Industry Analysis” gives exhaustive analysis along with statistical information on the growing steel market in the UAE. It thoroughly studies market trends, evolving markets, growth prospects and investment opportunities in the UAE and GCC steel markets. It also provides panoramic view on various segments of the industry by correlating past market growth and key growth drivers such as economic performance of the industry, long-term metal demand, competitive structure and government rules and regulations, helping clients to modify their investment strategies accordingly.
The report also provides forecast on steel production by country, rebar steel consumption by country and construction industry.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
We are running a special offer on select reports till Year end, where you can avail our reports at discounted prices. Please click here to know more: http://www.rncos.com/promotion.htm
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