Doha, 13 Oct. 2024

Minister of State for Energy Affairs of State of Qatar, Saad Sherida Al-Kaabi has stressed for positioning the Arab iron and steel industry firmly on global map and creating the appropriate regulatory and investment conditions to stimulate its growth and enhance its competitiveness.

In his key-note speech this morning inaugurating Two-day 17th Arab Steel Summit and accompanying International Iron and Steel Exhibition at the Hotel Grand Sheraton Doha, he highlighted various challenges facing the steel industry in the Arab world, including geopolitical crises that impact global economies and consequently the growth and development of steel industry.

The summit and exhibition both are organized by the Arab Iron and Steel Union. The industry has a pivotal impact on economic development because it is closely linked to many other ones with high benefits, such as automobile industry; shipbuilding; pipelines, the oil sector; food packaging; and water transport; in addition to job opportunities directly and indirectly to over six million people worldwide in steel industry.

AlKaabi said, 'this year witnessed a strong demand for steel across the region, driven by big infrastructure projects and a robust real estate market. However, Arab countries produce around 40 million tons of iron and steel annually out of a global production of around two billion tons. This highlights the challenge to enhance our position on global map and to stimulate the growth of our industry and enhance its competitiveness on all levels'.

He called for aligning solutions with a balance between economic, social, and environmental goals, especially with regard to reducing the carbon footprint, which is the cornerstone of all sustainability strategies. He referred to the efforts of Qatar Steel, which since 1978, has maintained a low carbon footprint thanks to its use of MIDREX technology and production through electric arc furnaces, reducing carbon dioxide emissions to less than half the global average.

State Minister for Energy Affairs of Qatar added, ' The Arab steel industry must pay special attention to investing in advanced technologies and fostering a culture of innovation, because the future belongs to those who invest in research and development, and artificial intelligence'.

Al Kaabi thanked the Arab Iron and Steel Union, its Chairman, Awwad Al-Khaldi, and Secretary-General, Dr. Kamel Djoudi, wishing the participants success in their summit and a pleasant stay in Qatar.