The Big 5 2012 will host some of the GCC's biggest steel companies to address growing demand. Saudi Arabia continues to lead the Middle East's steel production, manufacturing around 8 million tonnes per year commissioned by The Big 5 2012.
The report estimates that demand for steel in the GCC will rise from the current 17.9 million tonnes to 26.1 million tonnes by 2014 only just to be met by production rates.
Mr Andy White event director of The Big 5 2012 said that "The region's steel industry is becoming a fast paced highly topical market with demand continuing to soar. Large scale infrastructure projects have dominated the Saudi market for a number of years now and these projects only continue to account for such large portions of the country's construction spend. Such projects bring increasing demand for steel products and this is a trend we expect to see grow over the coming years as Saudi and many other GCC countries, drive forward significant construction projects with major infrastructure support."
Saudi is not only the biggest steel manufacturer within the GCC but also the wider MENA region with 220 registered steel companies and home to the world's fortieth largest steel producer, Hadeed. Rising infrastructure spend in the GCC has come directly from higher oil revenues, of which Saudi Arabia represents the highest resulting in an increase of 4.1 million tonnes in steel production capacity for 2012.
Mr White said that due to significant infrastructure projects, rebar has therefore become a commodity of increased production also with regional demand expected to reach 13.3 million tonnes alone next year. Companies, including Hadeed, Emirates Steel and Rajhi Steel will be taking advantage of access to opportunities and insider market knowledge during this year's The Big 5, taking place at Dubai World Trade Centre from November 5th to 8th 2012.
He said that "We will have some of the most influential names from the region's steel industry present at this year's event and it will be an excellent opportunity for the market to benchmark progress and expectations for the coming years."
Source - Press Release
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