JEDDAH: Within the GCC region, Saudi Arabia has grown as a major steel industry player, which is highly import-oriented. RNCOS said in its study that per capita steel consumption of the country stood at 3rd place in the GCC region behind Qatar and the UAE in 2010. The Kingdom's most important sector for the steel consumption is construction sector as the country is at the forefront of construction activities in the Gulf. To respond to the fast growing demand, huge capacity expansion programs are underway in the Saudi Arabia steel industry, and it is expected that, these will have an impact on steel imports in future. According to the report "Saudi Arabia Steel Industry Forecast to 2013", the consumption of steel is anticipated to gain an uninterrupted momentum from the government backed massive infrastructure projects. As per the government sources, an estimated $400 Billion investment will be spent on large infrastructure projects during the next five years. This will further boost the steel demand in the country and take iron and steel consumption to over 26 million metric tons by 2015. Saudi Arabia, the second largest sector in terms of iron and primary steel production capacity and the largest in terms of infrastructure spending, has led to the transformation in the GCC infrastructure scenario in recent years with plans to develop six economic cities and other major development schemes. Besides, the Kingdome has initiated massive large-scale developments in its infrastructure, economical, industrial, and educational projects to revamp the facilities and services provided in the country to enhance business opportunities.
