Emirates Steel Arkan plans to expand into new Asian and African markets
Group CEO says UAE steel and building materials company has increased its export markets to 60 by the end of the first half of the year from 56 at the start
Emirates Steel Arkan, the UAE-based, publicly traded steel and buildings material company, has said that it plans to expand into new markets in Asia and Africa as it looks to enhance its international competitiveness.
According to a WAM report, citing an interview with Group CEO Saeed Ghumran Al Remeithi, Emirates Steel Arkan aims to explore new markets and boost its production and efficiency. He added that the company has been able to increase the number of export markets to 60 by the end of the first half compared to 56 at the start of the year.
Al Remeithi explained that the group’s strategy for diversifying its revenue sources includes increasing exports via various marketing channels, in addition to boosting the competitiveness of national products, supporting the unified industrial identity, titled, “Make it in the Emirates”, to encourage production and support national products.
The export markets currently account for 45% of the group’s sales, he added. Furthermore, Emirates Steel Arkan has maintained a market share of 60% and aims to increase this figure by adding new and sustainable products, he said.
“We expect the group to continue its strong financial performance to the end of this year, by benefitting mainly from the UAE’s economic recovery and the growth of the real estate sector, as well as the continuous strategic partnerships to develop the industrial sector and support innovation and sustainability,” concluded Al Remeithi.
