Strong oil prices allied with a construction upturn to boost steel demand in the UAE by nearly 15 percent in 2023, according to the CEO of Emirate Steel Arkan.

Saeed Al-Rumaithi said steel demand in the second largest Arab economy grew from around 2.13 million tonnes in 2022 to about 2.5 million tonnes in 2023.

Rumaithi, Chairman of the UAE Steel Producers’ Committee, told the semi-official UAE daily Alittihad that the increase was mainly due to high oil prices, an upswing in the country’s construction sector and growth in the UAE trade.

In his comments on Thursday, he said the ADX-listed Emirates Steel Arkan controls nearly 60 percent of the UAE steel market and expanded its exports to more than 70 countries.

“We are studying entering industry partnerships with some countries, including Japan…we see numerous investment opportunities in this respect,” he added.

Read more: Emirates Steel Arkan FY 2023 net rises 18% to $164mln

(Writing by Nadim Kawach; Editing by Anoop Menon)


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