An upcoming trade event for the steel fabrication and metal working industry is looking at leveraging on rising demand from core sectors of the industry in the country and the region.

 

Experts have pointed out that UAE’s prudent economic policies aimed at increasing diversification have resulted in key sectors like construction, manufacturing, infrastructure, oil and gas and pipelines maintain positive growth levels despite a decline in oil prices.

 

The 12th SteelFab 2016, which is set to be held at Expo Centre Sharjah from January 17 to 20, has assumed significance for the industry and is set to become the best sourcing as well as a gathering point for fabrication units from across the region and beyond.

 

Saif Mohammed Al Midfa, chief executive officer, Expo Centre Sharjah, said: “The low oil prices notwithstanding, GCC countries are spending a record amount on infrastructure and capital projects planned and under way in 2015. The core sectors, which are direct beneficiaries of this diversification push, are expanding fast with new projects, expansions and investments.”

 

In proof of the success of the government’s diversification programmes, the non-oil sector’s contribution to the UAE’s gross domestic product now stands at 69 per cent, leaving only about a third to the oil sector.

 

According to a recent study, GCC countries are spending an estimated $172 billion on infrastructure and capital projects this year — the highest on record to date. 

 

Among the other core sectors, the manufacturing sector is set to grow at an annual growth rate of 4.32 per cent over the next five years, with the total investment in GCC jumping from $222 billion in 2010 to about $380 billion in 2014.

 

The construction sector is also on a song, with the total value of contracts this year standing at $194 billion. 

 

The pipelines industry is also expanding fast, with around $18 billion investments being pumped into the sector over the next four years. 

 

The GCC is also expected to add more than 21,000 km to its current pipeline network over the next five years, which is about 14 per cent of the global planned pipeline network of 161,000 km.

 

“The requirements are going to be quite varied from different sectors, and the special focus areas, pavilions and other segments at SteelFab will help the industry in zeroing in on the right equipment and technology they need quite easily,” said Midfa.

 

Aimed at catering to these rising requirements, SteelFab will also expand in a big way. 

 

One of the major additions to the show will be a new vertical – Fasteners World Middle East, which will be a dedicated trade fair for the fastener and fixing industry.

 

The show will also see the launch of two special focus areas – Stainless Steel and Wear Resistant & Hard Facing Cladding, while the regular special focus areas such as Welding and Cutting, Machine Tools, and Pipe and Tube Machinery along with the three special segments of Steel-Tech, Fabricators Pavilion and Steel showcase will continue. - TradeArabia News Service