UAE property construction market is 'booming'
The United Arab Emirates' (UAE) market for new property is reportedly booming following the publication of new statistics for the iron and steel sectors.
Dubai World - the state-run property company - has revealed that iron and steel trade increased by nearly a third during 2006 as a result of the "massive construction boom" in the UAE.
Additionally, this looks set to continue as the nation continues to manufacture and import large quantities of steel for construction purposes, the report states.
The authors of the publication remarked: "The sharp rise in volumes was the result of the growth in the construction sector, especially the giant real estate projects and infrastructure work like airport, roads, bridges, power lines and the metro."
"We expect that this trend will continue over the next five years since many of these projects are in their early stages."
India was named as the lead importer of steel from the UAE, while conversely, Turkey provided some 6.3 million tonnes of steel into the emirates, Dubai World claims.
Yesterday, the International Stainless Steel Forum announced that stainless steel production grew by 16.7% through 2006 - a better than expected result.
< Back to latest news