GCC aluminium investments to hit $55bn by 2020
Dubai, August 23, 2014
The investments in the aluminium sector across the Gulf region is poised to hit $55 billion by 2020, compared to $30 billion in 2011, mainly due to smelters' expansion and new projects in the region, said a report.
Statistical data shows that the Gulf aluminium industry is growing by 8.4 per cent annually, compared to an average annual global expansion of 3.5 per cent, making the Middle East the fastest growing aluminum market in the world, reported the Arab News citing the organizers of 'Aluminum Middle East' exhibition.
The event will be held from April 14-16, at Dubai International Convention and Exhibition Centre (DICEC).
Gulf region's aluminum production reached 3,739,290 tons, in 2012 compared to 3,488,357 tons in 2011 and is expected to increase to 5 million tons by 2015, making the Gulf region the biggest single player worldwide, stated the organizers citing figures by Harbor Intelligence, a firm specialized in global aluminum markets' trends, analysis and forecasts.
According to them, the region is not only one of the key aluminum producers in the world, but also among major consumption markets of the metal.
The aluminium industry contributes significantly to the region-wide efforts to diversify economies beyond oil and gas. With widening scope, facilities and capabilities, the sector has helped increase foreign trade, create more jobs and expand regional economies.
Spanning through a wide range of industries, including transportation, aerospace, aviation, packaging and construction, aluminum is a prerequisite for industrialization in the Gulf region, they added.