30.8 C
Friday, June 2, 2023

UAE’s mining industry to hit $10 billion by 2025, experts say

Against the backdrop of an accelerated energy transition towards net-zero targets by 2050 and exponential growth in infrastructure development and construction activity in the UAE, the mining and metals sector is expected to grow at a rate of more than 3%, reaching US$10 by 2025 Reaching 1 billion, industry experts said ahead of the quartet’s “Bright Metal World” fair in Düsseldorf, Germany.

The Bright World of Metals expo is made up of four leading global trade fairs, GIFA, the foundry technology show, metallurgy-focused METEC, Thermprocess for industrial heat treatment technology and Newcast, the custom foundry product show.

In a press conference, spokespersons for GIFA, METEC, Thermprocess and Newcast said the severe disruptions and sharp declines in production and growth rates experienced by the industry during the Covid-19 pandemic are now being reversed.

The event, which will be held from June 12 to 16, will see active participation from UAE companies, they said.

“From the period of negative production to the current growth phase and future prospects, the industry is on the mend, with demand continuing to pick up in many sectors of the economy, including construction and building materials, infrastructure,” Friedrich said. Georg Kehrer, Global Portfolio Director, Messe Düsseldorf.

Elaborating on Middle East participation in the expo, Friedrich said three blue-chip companies from the UAE have announced their participation to explore trade partnerships and business opportunities within the overall growth scenario.

The metallurgical and foundry industries form the backbone of any economy’s development, and the rapidly expanding UAE will bring diverse opportunities for the development of this industry,” he added.trade arab news agency

Copyright 2022 Al Hilal Publishing and Marketing Group Courtesy of SyndiGate Media Inc. (Syndicate Information).

Source link

Related Articles

UAE receives 180 from Sudan, arrives on evacuation plane

Abu Dhabi , June 2 (ANI/WAM): An evacuation plane from Sudan has arrived in the United Arab Emirates carrying about 180 people...

Jaishankar meets his UAE counterparts during BRICS Friends meeting

Foreign Minister Jaishankar met with UAE Foreign Minister Abdullah bin Zayed Al Nahyan on Friday during the "Friends of BRICS" gathering.Jaishankar tweeted,...

UAE holds talks with Iranian foreign minister

Cape Town: Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met...

Congo-UAE gold export deal sparks ‘great concern’

June 2 (Reuters) - The Congolese government unveiled a 25-year deal this week that gave a little-known Emirati company exclusive rights to export...

Latest Articles