Monday, 18 December 2017 09:07 GMT
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UAE - Fabrication sector upbeat, expects strong growth

(MENAFN - Khaleej Times) Set to give leads into opportunities on offer in the new year and presenting technological innovations from across the world, the 10th SteelFab will be held at Expo Centre Sharjah from January 20 to 23



"There is much to look forward to in the new year for the regional metal working, metal manufacturing and steel fabrication industry. Right from the World Expo 2020 to the expanding construction and oil and gas sectors, the fabrication industry never had it so good ever since the slowdown-hit 2008. The sector is poised for solid growth," said Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah



Apart from the official figure of $24 billion earmarked for building infrastructure and other facilities for World Expo 2020, it has emerged in a HSBC report that the event would attract an additional $10 billion of private sector spending too, positively impacting the fabrication industry



The construction and oil and gas sectors continue to be key demand drivers for the fabrication industry in the GCC, with the construction sector seeing nearly $52 billion of contracts awarded during 2013 and the oil and gas sector planning to invest $666 billion to boost its capacities, as oil prices continue to remain bullish



"The regional governments' increasing focus on the industrial and manufacturing sector is also generating good demand for the metal working and fabrication industry. The pipeline industry representatives also throng the event, given the demand from the oil and gas sector and the power and water desalination sector," said Midfa



According to recent reports, the GCC pipes industry is to invest $18 billion in the next five years in new pipelines and associated infrastructure, while the total industrial investments in the GCC stood at $338 billion in 2012, up from $81 billion in 1998. These positive indicators have encouraged leading manufacturers and dealers of equipment and technology to flock to SteelFab 2014, which has registered a 50 per cent expansion in the exhibition space and a 25 per cent rise in the number of exhibitors. For its 10th edition the show will feature more than 300 exhibitors displaying over 700 brands at 24,000 square metres of exhibition space


UAE - Fabrication sector upbeat, expects strong growth

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