Quarterly Report – February 2020

UAE residents say Expo 2020, the world fair to be hosted by Dubai from October 2020 to April 2021, will boost the local economy and are bullish about its beneficial impact on sectors ranging from tourism to hospitality. Not only does Dubai expect a one-off boost to growth from hosting Expo 2020, but also the UAE’s GDP growth is forecast to rise to 2.1% this year from 1.7% in 2019, with its non-oil growth expected to be lifted to 3%.

World crude stainless steel output reached an all-time high of 52.1 million tonnes in 2019 and there is expected to be continued growth in global production this year.

The use of high-strength stainless steel is increasing significantly owing to its superior qualities, affordable cost and high strength-to-weight ratio. The higher demand for high-strength stainless steel can be attributed in part to the growing focus of the automotive industry on reducing the weight of its vehicles while meeting important criteria such as stiffness, forming requirements and crash performance.

The rise in construction and infrastructure projects will be one of the critical trends that will positively impact stainless steel growth. Countries such as Paraguay and Brazil are witnessing heavy industrialization activities while, at the same time, there has been an increasing demand for public infrastructure schemes in developing markets such as Brazil, Russia, India, China, South Africa and the countries of the Gulf Cooperation Council (GCC). Large infrastructure projects among GCC countries promise exciting opportunities for the stainless steel market.


Omar Al Sharif - Omar Al Sharif (Middle East)

Omar Al Sharif

Sharif Metals, Int'l LLC (ARE)


Country
Middle East
Issue
Quarterly Report – February 2020