Noida, UP -- (SBWire) -- 04/14/2011 -- According to our research report “UAE Steel Industry Analysis”, the steel industry in the UAE witnessed a sharp recovery during the last couple of years to achieve pre-recession production levels. The industry grew in double digits due to the large infrastructure & property development projects. Besides, property related developments and demand in other key sectors is expected to drive the consumption of steel in the country, growing at a CAGR of around 26% during 2010-2013.
According to our research, the UAE is one of the most growth oriented destinations for global players with several factors in favor of investments, such as, its geographical location being equidistant from Europe, Africa, and Asian countries, economical & reliable gas and energy resources etc. The UAE accounted for over half of all GCC construction projects, with around US$ 714.9 Billion worth of construction and infrastructure schemes active in 2009, and a total of US$ 78.2 Billion worth of construction contracts awarded during the same period. Moreover, imports of steel are expected to increase in the coming years with reduction in import tariff by the GCC region.
Further, our report provides thorough research and prudent analysis to determine the direction, in which, the steel industry and related businesses, like construction industry in UAE are likely to move in next few years. The report also features forecast for all indicators crucial to the industry, such as production, consumption, and import potential. It also includes changing dynamics of market share among market players.
“UAE Steel Industry Analysis” provides latest developments in the steel sector of the UAE. The report discusses all important facets of the industry in detail. Besides, the report analyzes the market drivers critical to the further growth and their impact on the steel industry. Additionally, the report features business description of key players. It also sheds light on the growth drivers, which are expected to decide the future of the steel industry In the UAE.
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UAE Steel Industry to Witness Rise in Consumption Share
Improving construction activities and increasing demand from key sectors will drive the growth of consumption of steel in the UAE at a CAGR of around 26% during 2010-2013, says RNCOS.