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The recent announcement of new projects signals a steady flow of investments into sectors like infrastructure and manufacturing, which is set to generate contracts for regional steel fabricators in the GCC
This has been announced ahead of The 13th SteelFab 2017, which will be held at Expo Centre Sharjah from 16-19 January 2017, and is once again set to become the gathering point for fabrication units from across the region and beyond.
Some of the recent projects that will keep the order books of regional fabricators busy include the US$3bn worth contracts for the construction of UAE’s first nuclear energy plant, the US$10mn contract to manage engineering, procurement and construction of the new gas and condensate pipeline of Kuwait Gulf Oil, and the US$135 million contract to build a stadium for Qatar’s 2022 FIFA World Cup.
“Several new projects have been announced in infrastructure, pipelines, airports and industrial sector recently. With economic diversification becoming the crux of development strategy, the UAE and the rest of the region are also focusing on the non-oil sector to contribute to economic growth. The immediate beneficiary here is the core sector that propels the steel fabrication and metal working industry,” said Abdalla bin Sultan Al Owais, chairman, Sharjah Chamber of Commerce and Industry & Expo Centre Sharjah.
The recovery in oil prices, though not as quick as expected, from below US$30 a barrel to close to US$50 also shows that the GCC has successfully withstood the difficult phase, and raises prospects for better economic growth and flow of funds into existing as well as new projects.
“The infrastructure and manufacturing sectors are looking positively at the recovery of oil prices, along with new policies and guidelines being announced to inject fresh vigour into the non-oil sector. They are also expecting investments from upcoming mega events like Expo 2020 Dubai and 2022 FIFA World Cup preparations for which have gathered pace,” added Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah.
With passenger traffic expected to grow at a fast pace, the GCC is pumping in US$100bn into airport expansion and construction projects, including the US$4.34bn contract to build the new terminal at Kuwait International Airport.
The US$116mn development of Almarkaz light industrial real estate project, the launch of the second phase of Khalifa Industrial Zone Logistics Park – Non Free Zone warehousing and opening of Renault Trucks in Saudi Arabia also signifies continued growth & work for steel contracting in the region.
“Steel fabricators can be assured of steady rise in requirements from different sectors. SteelFab will help them explore and acquire cutting-edge equipment, advanced technologies, new products and applications for all their metal forming, fabricating, welding and finishing needs,” added Al Midfa.
Providing a comprehensive sourcing platform, the 13th SteelFab 2017 will feature a vertical – Fasteners World Middle East, special focus areas such as Welding & Cutting, Metal Cutting & Machine Tools, Tube & Pipe, Stainless Steel, and Wear Resistance & Hard Facing, foreign pavilions, seminars & technical presentations and live displays.
The show will be held at Expo Centre Sharjah, UAE, from 10 am to 7 pm daily.