(MENAFN) Gulf region's investments in the aluminum sector are expected to hit USD55 billion by 2020, compared to USD30 billion in 2011, due to smelters' expansion and new projects in the region, Arab News reported.
According to statistic data, the Gulf aluminum industry is growing 8.4 percent annually, compared to a total annual global expansion of 3.5 percent, making the Middle East the fastest growing aluminum market in the world.
Gulf region's aluminum production posted 3,739,290 tons, in 2012 compared to 3,488,357 tons in 2011 and is projected to increase to 5 million tons by 2015.
The aluminum industry contributes significantly to the region-wide efforts to diversify economies beyond oil and gas. With widening scope, facilities and capabilities, the sector has helped increase foreign trade, create more jobs and expand regional economies.
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