German steel manufacturers significantly increase Middle East trade
Slow European economies have resulted in a stronger growth in the region
German steel manufacturers are increasing their presence in the regional industry in light of continued slow trade in Europe.
The value of non-oil trade between Germany and the UAE was valued at $8.4 billion in 2009, a 36.5% increase on 2006, according to UAE Ministry of Foreign Trade figures.
Germany, a primary steel- manufacturing economy globally, produced 45.8 million tons of crude steel in 2008.
The upcoming SteelFab exhibition in Sharjah UAE, will for the first time feature a dedicated German pavilion. Taking place from January 17-20, 2011, 10 German companies are confirmed to participate.
“Real estate development may have slowed in areas of the GCC, but major infrastructure projects worth billions of dollars and a growing population will continue to drive demand for steel and finished products,” said Sharjah Expo Centre director general Saif Mohammed Al Midfa.
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Increase Trading
36.5%
The level of increase in non-oil trade between Germany and the UAE from 2006 to 2010
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“Given the rise in trade between the UAE and Germany, it was a natural step for German companies to consolidate their presence under the umbrella of the German Engineering Federation,” he added.
