15 Years Of Excellence
It has been 15 years since the region’s steel fabrication and metal working industry changed the way how it did business. It’s 15 years ago that SteelFab made its debut! A lot has changed since then, and the event continues to steer the industry through the ups and downs of the economy and the market. Over the years, it has grown with the industry, and along the way, expanded its geographical footprint far and wide.
Strong macro-economic tailwinds are set to propel the growth of the region’s steel fabrication and metal working industry. Prominent among them is the rise in oil prices, which, coupled with easier fiscal consolidation and tax reforms, will help the UAE, the most diversified economy in the GCC, to register a higher growth of 3.8% in 2018.
These factors are set to drastically boost government revenues, which in turn is encouraging a shift away from its austerity measures. With less than 1,000 days to go for the World Expo 2020, and mega projects like the Dhs 2.4 billion Maryam Island getting launched, a multitude of opportunities are awaiting the regional fabrication sector.
Expo 2020 Not Far Away
Preparations for World Expo 2020 have picked up pace and are generating tremendous opportunities for the fabrication sector. Expo 2020 has awarded two major contracts worth US$ 182 million to Laing O'Rourke to build two pavilions and an access road for Expo 2020. The organisers awarded construction contracts worth nearly US$ 3 billion in 2017 while US$ 111.5 million was allocated for non-construction contracts. In total, 2,745 contracts have been awarded to date.