Industry research firm, RNCOS has said Saudi Arabia has become one of the favourite destinations for global steel majors due to a fast-growing construction sector, and soaring steel demand.
The country’s steel production is forecast to grow by CAGR of 9% during 2012-2015. Steel consumption in the largest and the fastest growing market in the GCC region. It has grown rapidly to 12.1m metric tonnes in 2011, due to rising construction activities, growing investment in railways, and cheap and reliable energy supplies.
Over the next five years, the Arab world’s largest economy is expected to sustain its leadership in construction activities in the entire Middle East, the research firm said in its report.