In his speech at the Global Steel Summit panel, Yasin Kanbur, Middle East Regional Director of CIEC Group, emphasized that the demand for steel in the Middle East will increase significantly, and that the sector is expected to grow by 1.7% in 2024.
Focusing on construction projects in the Middle East and Saudi Arabia, Kanbur mentioned the so-called mega project of the GCC (Gulf Cooperation Council) and said that this project is in high demand, especially in Saudi Arabia.
Touching on the issue of green energy, Kanbur stated that DRI (Direct Reduced Iron) technology, which accounts for 47% of steel production in the Middle East region, is linked to green energy projects.
He predicted that the giant green energy project of 1 trillion dollars in the region will respond to the demands of regions such as Europe and India, and that exports resulting from local consumption will increase by being directed to different countries. Kanbur emphasized that this investment is of great importance for the regional economy.