Heavy industry a vital component in UAE’s economic diversification agenda: Al Neyadi

The GCC construction sector continues to offer strong opportunities for growth for the steel sector, with Expo 2020 in the UAE


DUBAI - Dr. Matar Al Neyadi, Under-Secretary of the UAE Ministry of Energy and Industry, has inaugurated the Middle East Iron and Steel Conference 2019 in Dubai.

The conference, which will take place until 11th December, brings together professionals from the Middle East metals industry together from the GCC to discuss current trends, challenges and opportunities within the regional and global steel markets.

Dr. Al Neyadi also delivered the keynote speech during which he spoke about the role and importance of the iron and steel sector in urban and economic development.

Addressing the conference, Dr. Al Neyadi said, "Heavy industry, including the steel sector, is a vital component and contributor to the UAE’s economic diversification agenda and to our nation’s transition to a knowledge-based economy. The sector has matured since its foundation decades ago, and today, the Ministry of Energy and Industry is working closely with the steel sector to harness the potential of 4IR and stimulate downstream industries." "There is no doubt that coordinated actions are needed to address the current market challenges; however, looking further ahead, regional investments in hospitality, healthcare, education and infrastructure are likely to continue on an ever-growing scale. From Expo 2020 to numerous other mega-projects within the region, opportunities exist for companies able to offer unique products, services and solutions that enhance sustainability and incorporate 4IR technologies and innovations," Dr. Al Neyadi added.

Saeed Ghumran Al Remeithi, CEO of Emirates Steel, said, "In the Middle East, we are witnessing a varied and unfolding situation. The GCC construction sector continues to offer strong opportunities for growth for the steel sector, with Expo 2020 in the UAE; Al Qiddiya, the Red Sea Project, and the NEOM project in Saudi Arabia; and the King Hamad Causeway Project in Bahrain, all producing rich opportunities for growth in the metals sector. However, as other major infrastructure projects are coming to completion, demand is expected to drop." "The steel sector is typically understood as a bell-weather industry for understanding the operation of wider macro-economies, and in the context of apprehension of a global economic recession, it is interesting to meet with colleagues from the metals sector to discuss how they are finding business. I look forward to discussing with delegates their current attitudes on the global steel sector," Al Remeithi concluded.

© Copyright Emirates News Agency (WAM) 2019.

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