More than $18 billion is being invested in 46 steel manufacturing plants throughout the Arabian Gulf in an attempt to close the widening gap between supply and demand for steel, a report said.

Steel  is a major component for the construction industry as well as materials handling machinery for manufacturing, according to latest industry research.

"While there is talk of a slowdown in other parts of the world, the growth in the Middle East manufacturing base continues to expand with demand for steel far outstripping supply," said Spencer Felix, exhibition manager of the Middle East Manufacturing Exhibition (Memex), which takes place at the Abu Dhabi National Exhibition Centre from November 23 to 25.

"In the race to plug the supply gap a swathe of new steel plant projects as well as expansions to existing plants have been unveiled across the region with huge potential business opportunities for industry stakeholders," added Felix.

According to the database of research company Proleads, which monitors major construction projects across the region from initial study to completion, Saudi Arabia with 17 and the UAE with 16 are leading the way in steel plant projects individually varying in value from $15 million to $2 billion. Oman has six steel plants on the books, Bahrain four and Qatar three.

Topping the list of projects is an integrated complex of steel factories in Saudi Arabia which will turn out 500,000 tons a year of railway track, three million tons a year of iron and steel processing and production plant and 800,000 tons a year of pipeline manufacturing plant. Of the top 10 projects, four are in Saudi Arabia, three in the UAE, two in Qatar and one in Oman.

Memex provides a unique platform for suppliers to network and conduct business with organisations currently producing or manufacturing in the Middle East or with plans to do so, said a statement.

After its successful debut in 2007, Memex has established itself as the region's leading manufacturing exhibition.

New this year will be Industryscape, a complementary vertical show which runs in parallel with Memex.

Industryscape will be the region's first dedicated trade show for industrial, manufacturing and production real estate.

Industryscape, managed by the organisers of Cityscape, the world’s largest business-to-business real estate show, will bring together international investors, developers, governments and investment authorities, leading architects, designers and consultants.

The following are the top 10 new steel production projects in the GCC by value:

1. Al Tuwairqi Group Integrated Steel Complex, Saudi Arabia: The $2 billion planned project is for an integrated complex of steel factories in Dammam industrial area. The complex will have a 500,000 ton per annum (tpa) railway bar manufacturing plant, a three million tpa integrated iron and steel processing and production plant and 800,000 tpa steel pipeline manufacturing plant.

2. Qatar Steel Company Mesaieed Integrated Steel Facility: The $1.5 billion project currently being executed is for an integrated steel facility with a hot briquette iron plant and a flat rolled steel products plant. The facility will have a production capacity of four million tpa.

3. Saudi Iron & Steel Company - Jubail Mill Expansion 3: The $1 billion planned project calls for expanding steel production by one million tons per year.

4. Sojitz Corporation Steel Plant, UAE: The $1 billion planned project in Fujairah is for a plant that will turn iron ore pellets into steel billets with capacity of 1.5 million tons a year.

5. Essar Group Steel Plant, Qatar: The $800 million project currently being carried out is for a 1.5 million ton per year steel rolling mill plant and a one million ton per year hot briquette steel.

6. Al Ruya Industries Hamriya Steel Plant, UAE: This $700 million project und