Infrastructure construction in Qatar for the 2022 Football World Cup and in the United Arab Emirates related to the Dubai Expo 2020 exhibition is close to completion
. Thereafter, key drivers of steel consumption in the region will relate largely to the Saudi Vision 2030 plan and to Neom - a new city to be built in northwestern Saudi Arabia.
The construction of Neom alone will require the consumption of around 4 million tonnes of steel during the next 7-10 years, according to George Matta, chief marketing officer at Ezz Steel, the largest steel producer in Egypt.
But investment projects in Saudi Arabia - the second largest steel-producing and -consuming country in the region - will increase year-on-year growth in steel consumption by only 1-2% over the next two to three years, according to the survey.
In 2019, steel demand in the Middle East will total 47.9 million tonnes, down from 50.3 million tonnes...