December 03, 2008

Dr Tuwairqi calls for formation of Arab Steel JV

Arab Steel reported that Dr Hilal Al-Tuwairqi chairman of the board of Tuwairqi Group in Saudi Arabia has announced establishment of a joint Arab company in the iron and steel field, which will be as an alliance between the steel producers in the Arab countries with the objective to reach a huge production which will meet the needs of the domestic market and be able to compete in the world markets.

He said that this company will provide a good opportunity for investing the raw materials available in a number of the Arab countries like Mauritania, Algeria and the Sudan. Dr Tuwairqi suggested to nominate this company as Arab Steel.

This was mentioned in the speech delivered by Dr Tuwairqi before the participants in the 8th International Arab Iron and Steel Conference for which he chose the title " Alliances in the steel industry : Towards a vision for a joint Arab business in this industry". Dr Tuwairqi said that that this company comes within an Arab alliance between several Arab companies from the private sector and it is open for whoever wants to join it.”

Dr Tuwairqi also called for encouraging investment in the steel industry pointing to the Arab region which is considered the best place for investment in this industry.

Dr Tuwairqi also declared getting the approval to establish an Arab specialist university which allows the Arab youth to get high certificates in the iron and steel specializations, assuring that the private sector holds the responsibility for creating employments for the Arab youth.