Mena steel demand set to rise over next two years

Mena steel demand set to rise over next two years

Steel demand in the Middle East and North Africa (Mena) is expected to accelerate in 2024 and 2025 after a significant slowdown in the past two years, the World Steel Association (WSA) said in a report. Demand is forecast to rise by just over 4 percent and 2.6 percent year on year to 57 million […]Steel demand in the Middle East and North Africa (Mena) is expected to accelerate in 2024 and 2025 after a significant slowdown in the past two years, the World Steel Association (WSA) said in a report.

Demand is forecast to rise by just over 4 percent and 2.6 percent year on year to 57 million tonnes and 59 million tonnes in 2024 and 2025, respectively. 

Real estate consultancy Knight Frank in September 2022 described Saudi Arabia as “the biggest construction site the world has ever seen” and this was before Riyadh won hosting rights for Expo 2030 and the World Cup 2034.

The Saudi Contractors Authority has put the total value of ongoing projects in the kingdom at $1.5 trillion by the end of October 2023.

GlobalData, a London-based data analytics and consulting firm, estimated the size of the UAE’s construction market at $94 billion in 2023 and expects