UAE purchases the highest quantity of steel in the MENA region. Steel has been used in massive quantities in the country since 2006. This was because of the colossal constructions that were underway in the past decade. Since then there has been a steady increase in the demand for steel in the UAE. The UAE’s effort to diversify its economy and become a nation that is not solely dependent on oil has been supported by the steel industry. The nation does not only consume steel but also has been a major exporter of the metal. In the year 2015, UAE consumed about three million tons of steel and experts are of the opinion that this demand would further increase to an additional 19.5% this year.
Steel finds a place at the top of the most used building materials. This is because of the varied benefits the alloy has to offer. Steel is an alloy that is versatile; and is used in various applications, it is durable and affordable. Every kind of construction requires steel in one form or the other and the construction of any structure is not complete without the addition of steel. This makes steel one of the most treasured building materials. As they also provide strength and longevity to the structure.
Architects are benefitted from the use of steel; as steel gives an architect the freedom to come up with any design that was not conceived before. And these designs could be constructed with steel fabrications. Besides construction, Steel is also used in various other industries. It is used in the manufacture of machines, furniture and vehicles.
UAE supplies the major quantity of steel and steel is also imported into the country from other countries like China, Turkey and Iran.
The Steel industry has supported the economy of the UAE when oil prices have dropped and is one of the factors that provide stability to the economy of the country.
The UAE has five major producers of steel: The Emirates Steel, The Conares, Hamriya Steel, Tiger steel, Qatar steel UAE and Star steel. Each of these organizations produces over 500,000 tons of steel. In the recent past, other organizations are also putting in efforts to enter the steel trade in UAE. UAE has a trade policy that attracts entrepreneurs and organizations from all parts of the world. The upcoming 2020 Dubai World Expo is also a factor that is attracting investors in the steel industry in the nation.