Economic diversification has become the crux of development strategy for the GCC region. Policies and guidelines are being announced frequently to inject fresh vigour into the non-oil sector. Investments are also pouring in to sectors like infrastructure and manufacturing due to upcoming mega events like Expo 2020 and FIFA world cup 2022. And, the immediate beneficiary of these moves is the core sector that propels the steel fabrication and metal working industry.
Closer home, in its diversification push, the UAE has put in place all necessary plans to take the non-oil sector’s contribution to as high as 80% by 2021 through intensive investment in the industrial sector, along with other industries.The consistent policy push and government support are encouraging the steel fabrication industry to expand, upgrade, retro-fit and set up new units, providing a great opportunity for machinery & equipment makers and dealers.