x Abu Dhabi, UAETuesday 25 July 2017

UAE aims to add steel to its economy and take on Saudi

Emirates Steel is inviting bids for the third phase of its expansion project as it seeks to become one of the largest regional producers of the metal.

Emirates Steel is inviting bids for the third phase of its expansion project as the UAE aims to rival Saudi Arabia, the leading regional producer of the metal.

The development will create one of the largest integrated steel complexes in the Gulf by end of 2013.

"We are looking at real investment opportunities in the manufacturing of new products that will add to the company's competitive advantage and promote it to international standards," said Suhail Al Ameri, Emirates Steel's chairman.

"We are certain that the projects we are currently implementing are feasible, in view of the development of various sectors in Abu Dhabi, and the determination of the Government to execute its development plans, which include mega projects in energy, oil and gas, petrochemicals and infrastructure."

Emirates Steel is a subsidiary of General Holding Corporation, which is fully owned by the Abu Dhabi Government. Its mission is to support the Government's developmental goals as set out in the 2030 economic vision.

As many as 2,000 jobs will be created once all three phases of the project are operating.

It has already completed a Dh9 billion two-phased expansion programme over a period of five years.

Emirates Steel aims to award the contracts for phase three by December this year.

 

tarnold@thenational.ae