Saudi Arabia Steel Industry Forecast to 2013

Navi Mumbai, India (PressExposure) June 25, 2011 -- The Kingdom of Saudi Arabia has become one of the favorite destinations for the steel majors due to the soaring steel demand and booming construction sector. The construction sector in the Kingdom is considered as the largest and the fastest growing market in the Gulf region and has a great future growth potential. The country has been showing positive macroeconomic indicators and sustainable growth for the past few years, which have led to the establishment of Kingdom as the safest investment and most stable market in the Gulf Cooperation Countries (GCC) region.

Further, Saudi Arabia is expected to sustain its leadership in construction activities in entire Middle Eastern region with an estimated US$ 400 Billion investment to be spent on large development projects during the next five years. Besides, the Kingdom has shown its resilience regardless of the downturn in the construction industry, which affected the globe in general and the Gulf Cooperation Council (GCC) countries, in particular. With multi-billion dollar projects under way and many more at the planning stage by both public and private sectors, the sector has attracted many foreign investors, who are considering establishing companies or forming joint ventures with local companies to capitalize on the opportunity to participate in these multi-billion dollar projects. All these factors have fueled the consumption of iron and steel in the Kingdom to reach around 16 Million Metric Tons in 2010.

According to our new research report "Saudi Arabia Steel Industry Forecast to 2013", steel consumption in Saudi Arabia has rapidly grown during the past few years on the back of rising construction activities, growing investment in real estate, and cheap & reliable gas/energy supply. Besides, rapid increase in population is anticipated to continue fueling the demand for residential units required during the next five years. Compared to the UAE, where a significant proportion (39%) of the value of projects was put on hold during recession, the proportionate figure for Saudi Arabia was just 3% in 2009, showing the resilience of the economy against the slowdown.

Presently, the steel industry in Saudi Arabia is highly import oriented. Steel imports were estimated to reach 4 Million Metric Tons in 2010 amid strong demand and soaring domestic steel prices. Further, it is anticipated that, the share of imported steel will witness an upward trend in coming years.

"Saudi Arabia Steel Industry Forecast to 2013", is an outcome of extensive research and thorough analysis of the steel industry in Saudi Arabia. The report provides an insight into the steel industry's past, present, and future scenario considering all prominent steel industry value chain determinants including production, consumption, trade, pricing, key players, etc. With immense growth potential, our report foresees huge opportunities for both existing as well as new market players. The report also studies the implications of regulatory environment on the steel industry, with focus on developments and initiatives taken by the government. Additionally, the section of steel pricing analysis updates clients about the fluctuating pricing trend in context of factors responsible for the trend.

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Press Release Submitted On: June 25, 2011 at 12:50 am
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