ID :
55341
Tue, 04/14/2009 - 12:56
Auther :
Shortlink :
https://oananews.org//node/55341
The shortlink copeid
Al Mansouri: UAE endorsed a strategy that supports industrial sector
Abu Dhabi, Apr 14, 2009 (WAM): Ministry of Economy HE Sultan Bin Saeed Al Mansouri said that UAE has adopted a strategy that supports the industrial sector.
Opening the Arab Steel Summit 2009 in Abu Dhabi, the minister also said that the country has channelized massive investments into this vital sector with the aim of increasing its share in the gross domestic product (GDP) and reducing the dependence on oil as the basic source of revenue.
The Arab Steel Summit 2009 was launched yesterday at the Rotana Beach Hotel. Held under the patronage of H.H. Sheikh Hamed Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince's Court, the Summit is sponsored by Emirates Steel Industries (ESI), the UAE's largest steel manufacturing company, in coordination with the Arab Iron and Steel Union.
Al Mansouri noted that the industrial sector's contribution to GDP has increased to 27 percent and industrial investments have reached over 77 billion dirhams.
In reference to Abu Dhabi's focus on the industrial sector, Hussain Al Nowais, Chairman of ESI, said, 'The Abu Dhabi government is keen on pursuing all development projects without delay. The steel industry will go ahead with all expansion plans, despite a global steel demand slowdown due to the world economic crisis'.
Al Nuwais announced that ESI is investing 10 billion dirhams over the next five years, with aims to boost overall production to 6.5 million tons. 'ESI is currently negotiating the acquisition of several steel companies in line with its plans to become the region's leading steel producer,' said Al Nuwais.
Mohammed Eid Al Ashqar, Secretary General of the Arab Iron and Steel Union said that the steel industry in the Arab World is facing some challenges, including the constant variation of currency exchange rates. Achkar called on Arab governments to take action that supports the steel industry through the economic crisis.
Eng. Ahmed Ezz, Chairman of the Board for the Arab Iron and Steel Union, expressed his optimism about the ability of the steel industry to overcome the global economic crisis. 'The Arab market is a promising market and has the capacity to achieve high growth rates. In countries such as the UAE, Saudi Arabia, Egypt, Jordan and Syria, the demand for steel products in the coming years is expected to see a positive change within nine months'.
The Steel Summit will highlight the greatest challenges facing the steel industry and the repercussions of the global economic crisis on the future supply and demand of the steel industry, as well as its impact on iron and steel prices. Also, discussions will focus on opportunities and investment trends in the steel industry in the MENA region and the growth and development in steel markets worldwide.
The event attracted over 140 organizations from 37 countries engaging in the production and trade of iron and steel, as well as representatives from engineering consultancy firms, raw material producers, distribution firms and consumers of steel products. The Summit reflects Abu Dhabi's advancement in the industrial sector and highlights its commitment to the development of heavy and basic industries.
Opening the Arab Steel Summit 2009 in Abu Dhabi, the minister also said that the country has channelized massive investments into this vital sector with the aim of increasing its share in the gross domestic product (GDP) and reducing the dependence on oil as the basic source of revenue.
The Arab Steel Summit 2009 was launched yesterday at the Rotana Beach Hotel. Held under the patronage of H.H. Sheikh Hamed Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince's Court, the Summit is sponsored by Emirates Steel Industries (ESI), the UAE's largest steel manufacturing company, in coordination with the Arab Iron and Steel Union.
Al Mansouri noted that the industrial sector's contribution to GDP has increased to 27 percent and industrial investments have reached over 77 billion dirhams.
In reference to Abu Dhabi's focus on the industrial sector, Hussain Al Nowais, Chairman of ESI, said, 'The Abu Dhabi government is keen on pursuing all development projects without delay. The steel industry will go ahead with all expansion plans, despite a global steel demand slowdown due to the world economic crisis'.
Al Nuwais announced that ESI is investing 10 billion dirhams over the next five years, with aims to boost overall production to 6.5 million tons. 'ESI is currently negotiating the acquisition of several steel companies in line with its plans to become the region's leading steel producer,' said Al Nuwais.
Mohammed Eid Al Ashqar, Secretary General of the Arab Iron and Steel Union said that the steel industry in the Arab World is facing some challenges, including the constant variation of currency exchange rates. Achkar called on Arab governments to take action that supports the steel industry through the economic crisis.
Eng. Ahmed Ezz, Chairman of the Board for the Arab Iron and Steel Union, expressed his optimism about the ability of the steel industry to overcome the global economic crisis. 'The Arab market is a promising market and has the capacity to achieve high growth rates. In countries such as the UAE, Saudi Arabia, Egypt, Jordan and Syria, the demand for steel products in the coming years is expected to see a positive change within nine months'.
The Steel Summit will highlight the greatest challenges facing the steel industry and the repercussions of the global economic crisis on the future supply and demand of the steel industry, as well as its impact on iron and steel prices. Also, discussions will focus on opportunities and investment trends in the steel industry in the MENA region and the growth and development in steel markets worldwide.
The event attracted over 140 organizations from 37 countries engaging in the production and trade of iron and steel, as well as representatives from engineering consultancy firms, raw material producers, distribution firms and consumers of steel products. The Summit reflects Abu Dhabi's advancement in the industrial sector and highlights its commitment to the development of heavy and basic industries.
