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UAE Freezones Biz News Updates
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UAE steel industry expected to grow by 25% in 2013
Growth in real estate and trading sectors behind demand on steel
The increasing demand for steel in the UAE market will boost the industry by
25 per cent in 2013, Bharat Bhatia, the CEO and founder of Conares, a
leading steel company, told Gulf News in a interview.
“The installed capacity of the steel market in the UAE has witnessed a
steady growth in 2012 at 2.1 million metric tones and expected to reach 3.6
million metric tons by the end of 2013.”
Bhatia attribute this expected growth in the steel market to the growing
trade and real estate sectors in the UAE.
While there are only six firms only into this business but with different
activities and production lines, he expected newcomers and bigger investment
not only in the UAE but in the region.
Conares is a leading steel company that was set up in Jebel Ali in 1997 as
steel trading centre to start its first production line in 2005.
Spread its facility on half million square feet, Conares today produce
750,000 million metric tons of different steel products representing 15 per
cent of the UAE share market.
Exporting to six main markets including Iraq, Australia, US, Canada and Far
East, its exports share to the GCC market represent 50 per cent.
“We are only steel company who has faith in this economy and we expect the
growth in this region, our investments are worth $150 million. We are very
much hopeful on Expo 2020, Dubai stands good chance due to its
infrastructure and Air and Sea connectivity,” he added.
Pointing to 100 per cent growth in the company’s sales, Bhatia added: “Our
products are directly related to real estate and we see real estate sector
is getting back to the track.”
“We are planning to increase our production capacity as well as verify our
products.”
“We have seen positive signs from the banking fraternity and this really
helps to promote with this business further across the region,” he said. He
remarked the advantage and benefit of the forthcoming project across the
emirate, pointing to the Etihad Railways project and nuclear plant
development in Abu Dhabi.
“Moreover, the new Airport in Jebel Ali connected with the sea port. This
opens up the opportunity to the world to use such an infrastructure and
encourage business community across the world to think of having their
presence in this country.”
Challenges
However, Bhatia remarked that despite the openness policy and aggressive
approach to tackle the overall situation which help entrepreneur like to
invest in this region, he called upon the government to revise certain rules
and regulation to protect the investors in the steel business and the
industrial sector in general.
“To encourage attracting investors to the industrial sectors, the government
has to insure regular power supply by investing in renewable energy as well
as to put tougher restriction on the trader in the UAE.”
The demand on steel in the UAE is estimated at three million metric tonnes
per year and the installed capacity of the markets is three million metric
tonnes, which attracted traders to import from Turkey, the most competitive
market, he clarified.
“This issue is one of the main challenges to our industry and the government
should put more effort to protect this industry by imposing five per cent
customs charge on some of the imports.”
Currently the UAE customs left the five per cent fees on the imports of
steel products justifying this as it add values to the market.
“These practices eradicate the price variation between the local products
and the exported ones and in turn it cuts our profit.”
July 27, 2013 |
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Courtesy Al Nisr Publishing LLC
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