United Arab Emirates: Steel demand in UAE is 15 to 20 percent increase over the past two years. UAE’s demand for industrial steel went up highest in the Middle East this year and became largest consumers in the GCC region: What is the Scope for Corrosion resistant steel suppliers
UAE’s EDGE to collaborate on unmanned military and commercial vessels with Israeli state-owned aerospace
A joint statement was issued by both firms on the 17 M unmanned vessels. According to the statement, the vessel would be designed to carry out laborious tasks such as surveillance, mine sweeping, and security operations. Unmanned vessels are designed to work autonomously, requiring zero to minimal human intervention. Keeping in mind the climate in UAE, the materials used in the construction of these vessels would have to be resilient to heat, and seawater. Stainless steel suppliers may foresee demand for corrosion-resistant alloys shortly.
Israel to supply SPYDER air defence system to the UAE
Earlier this year, UAE was attacked by Yemen’s Houthi rebels. As a strategic move in its defence systems, the government has decided to upgrade their capabilities with the SPYDER air defence system. Due to continuous hostility, UAE could see a potential increase in defence equipment in this sector. Although the details of the deal remain unclear, the main focus of the UAE is to procure interceptors fitted to vehicles. Nickel-based alloys and stainless steel suppliers could see an opportunity in exports.
German Chancellor Olaf Scholz to meet with leaders of Gulf countries
Due to the war in Ukraine, European Union countries have been forced to cut back on energy. They are on the lookout for supplies outside of Russia. Recently, German Chancellor Olaf Scholz met countries’ leaders, hoping to secure new partnerships in the gulf. Besides the leaders of Saudi Arabia, and Qatar, the United Arab Emirates was a part of the meeting. UAE is among the top 10 countries that produce oil. If Germany decides to forge relationships with the UAE, there could be some scope for oil and gas import & export. Suppliers may want to keep an eye on this development for potential stainless steel demand.
Three gulf and nine African sovereign funds to invest in logistics and green projects
Abu Dhabi Investment Authority, Kuwait Investment Authority and holding firm ADQ signed a deal with nine African sovereign funds. The agreement was signed between them amid an economic crisis to boost investment in green projects and logistics. The investment in logistics aims to improve connectivity within the African continent. Moreover, the deal will enable the production of equipment for green projects such as renewable energy.
UAE to become one of the biggest construction capitals in the world
The renewable energy market seems to be booming in UAE at the moment. Initiatives are taken up by the government to achieve milestones in both the housing and energy sectors in the United Arab Emirates. One of the most important milestones is to cut back on carbon emissions and foster the growth of renewable projects. The country is set to achieve zero carbon emissions by the year 2050. With regards to housing and development, UAE is transitioning to sustainable materials. Sustainable alloys such as stainless steel may increase demand in the building and construction sector.