Jebel Ali Free Zone (Jafza), a subsidiary of Dubai-based ports operator DP World, said that it attracted about 26 steel and construction material companies from 17 countries during the first eight months of 2017.

The Middle East acquired the lion’s share of these companies with 11 firms, followed by Europe and Asia-Pacific region with eight and seven companies, respectively, reported Emirates news agency Wam, citing a Jafza statement.

The steel and construction materials companies are expected to maintain their growth in the coming years on the back of the huge volume of the construction projects in the Middle East, DP World’s Chairman Sultan Ahmed bin Sulayem stated.

''Jafza has allocated 1.1 million sq m of land for steel and building material companies, which highlights their importance. This is part of our support of the vision of the country’s leadership to diversify the national economy in a post-oil era," he added.

Jafza, the Dubai flagship logistics hub of global trade enabler DP World, said that trade in steel and building material reached Dh13.5 billion ($3.7 billion) during 2016 with further increases expected as the free zone continues to develop services for companies in the sector.

Jafza has more than 967 companies operating in the steel and building materials sector from 87 countries around the world. Around a third (37 per cent) are Middle East-based, 27 per cent are from the Asia-Pacific region, 26 per cent from Europe, 7 per cent from North America and 3 per cent from Africa. Indian businesses have the largest share with 14 per cent with UAE-based companies at 13 per cent. The sector employs more than 18,000 people, which is 13 per cent of total Jafza sponsored employees.

A report published earlier by Business Monitor International (BMI) Research expected that the Middle East and North Africa region would top the international construction market in terms of growth rate on the medium- and the long-term.

Value of the construction market is expected to expand from $225 trillion in 2018 to $330 trillion in 2022.