Noida, UP India (PressExposure) December 19, 2011 -- The UAE has witnessed an unparalleled development and revolution in the past few years, owing to oil wealth. With extraordinary growth in construction and infrastructure industry, the country has attracted major investors from around the world.
According to our new research report, "UAE Steel Industry Analysis", the demand for steel products has surged immensely in the past few years on account of factors, such as construction boom, growth in realty investment, and rising income levels. Though economic recession impacted the UAE steel industry to some extent, the scenario has been improving rapidly with the increase in number of construction projects.
In the past, the UAE steel industry has been highly import-oriented. Steel imports grew around 15.5% in 2010. With the reduction in import tariff by the Gulf Cooperation Council (GCC), the steel imports are expected to increase in the coming years. Some major expansion plans of steel players in the country will increase the domestic steel output further.
In the last few years, the GCC has positioned itself as a key player in the global steel industry. Recent research shows that the revival of various other industries, such as oil and gas, manufacturing, construction, infrastructure, and tourism in the region will further stimulate the UAE's steel industry to grow at a fast pace in future.
Our research further reveals that the real-estate projects in Dubai and Abu Dhabi are currently the key driving forces behind the growth of the UAE steel industry. The government support towards diversifying the economy from being an oil-based one will also play a critical role in promoting investment and growth in the steel industry.
On the basis of current market trends and anticipating the future prospects, we have conducted a comprehensive analysis of the UAE steel industry. The report covers various aspects of the steel industry, discussing its production, consumption, and import/export. With immense growth potential, our research foresees a huge opportunity for various market players like Emirates Steel Industries and Al Nasser Industrial Enterprises. It also provides the intending clients with a strategic insight into the UAE steel industry to depict a better picture of the market and position accordingly for the maximum benefit.
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