Sun 26-03-2017 15:28 PM

Heavy industries major catalyst for economic growth in Abu Dhabi: Report

ABU DHABI, 26th March, 2017 (WAM) -- Heavy industries are among the major catalysts that underpin the economy of Abu Dhabi, with the emirate having invested more than AED51 billion over the past 15 years to establish a robust industrial infrastructure for aluminum and steel industries, according to a recent media report.

Citing official figures of the Emirates Global Aluminum, EGA, and Emirates Steel, ES, the report, recently published by the Dubai-based Al-Bayan Arabic newspaper, said the aluminum and steel industries have been rapidly growing in the emirate over the past few years, producing and exporting hundreds of premium quality products to more than 50 countries all over the world.

The EGA’s sales in 2016 hit AED18 billion, while ES' reached AED6.7 billion, according to the report.

One of the company’s major milestones achieved over the past period has been to establish solid pillars for an integrated steel industry that has not been known in the country or across the Gulf region before, said Saeed Al Remeithi, ES Chief Executive Officer.

Thanks to its quality products, the ES has managed to meet 60 percent of local market needs for the main categories and types of steel, exporting the rest of its production line to more than 50 markets around the globe, including Latin America, Europe, East Asia and Canada, he added.

The report cited EGA’s official statistics purporting that up to 10 percent of the company’s products are being sold to firms specialising in the aluminum industry, highlighting its plans to augment its local market share to 51 percent over the coming three years as part of its strategy to be the Gulf’s top aluminum producer.

The report noted that the future abounds in bright prospects for the aluminum and steel industries thanks to the growing stature boasted by the emirate's transformative industries that are fed by the raw material produced by ES plants in Abu Dhabi Industrial Zone and by Al Taweelah, EGA’s state-of-the-art aluminium extrusion plant based at Khalifa Industrial Zone, presenting tremendous new opportunities to international industry players.

WAM/ Hatem/Aamir