The UAE’s minister of economy Sultan Bin Saeed Al Mansouri, on Monday opened the 'Arab Steel Summit 2009,' in Abu Dhabi.

The summit, which began in Rotana Beach Hotel, is being sponsored by Emirates Steel Industries (ESI), the UAE’s largest steel manufacturing company, in co-ordination with the Arab Iron and Steel Union.

At the opening ceremony, Al Mansouri said that the UAE’s strategy is to support the economy by directing large investments toward the industrial sector in order to increase industry’s contribution to the national GDP and decrease the country’s dependence on oil.

He also pointed that the industrial sector’s contribution to GDP had risen to 27 percent and industrial investments have reached over Dh77 billion ( $21 billion).

With reference to Abu Dhabi’s focus on the industrial sector, Hussain Al Nowais, chairman of ESI, said, “The Abu Dhabi government is keen on pursuing all development projects without delay. The steel industry will go ahead with all expansion plans, despite a global steel demand slowdown due to the world economic crisis.”

Mohammed Eid Al Ashqar, secretary general of the Arab Iron and Steel Union, said the steel industry in the Arab World was facing big challenges, including the constant variation of currency exchange rates.

He urged Arab governments to take concrete steps and support the steel industry through the economic crisis.

Ahmed Ezz, chairman of the Board for the Arab Iron and Steel Union, expressed his optimism about the ability of the steel industry to overcome the global economic crisis.

“The Arab market is a promising market and has the capacity to achieve high growth rates. In countries such as the UAE, Saudi Arabia, Egypt, Jordan and Syria, the demand for steel products in the coming years is expected to see a positive change within nine months,” he remarked.

The summit aims to highlight the greatest challenges facing the steel industry and the repercussions of the global economic crisis on the future supply and demand of the steel industry, as well as its impact on iron and steel prices.

Also, discussions will focus on opportunities and investment trends in the steel industry in the Mena region and the growth and development in steel markets worldwide.

The event attracted over 140 organizations from 37 countries engaging in the production and trade of iron and steel, as well as representatives from engineering consultancy firms, raw material producers, distribution firms and consumers of steel products.

The summit reflects Abu Dhabi’s advancement in the industrial sector and highlights its commitment to the development of heavy and basic industries.-TradeArabia News Service