The establishment of Arab iron stock market and the importance of shifting to steel exporting in Arab countries were highlighted by the chairman of the Arab Iron & Steel Union (AISU). Dr Hilal Hussain Al Tuwairqi, chairman of Al Tuwairqi Holding Group and chairman of the AISU, said in a press conference held lately at the headquarters of the League of Arab Countries in Cairo, that AISU aims to increase the Arab steel production in order to help Arab countries be self sufficient and even export oriented, Arab Steel reported on Friday. He said that steel industry should contribute to the social security, provide stability through limiting unemployment, organize the industrial process, limit prices and prevent monopoly. Tuwairqi pointed out that the Arab steel industry has great future growth potential depending on its unique location and raw material availability. In this regard, iron ore reserves in Mauritania, Libya, Yemen and Saudi Arabia in addition to some other Arab countries are estimated at billions of tons which can contribute to the development of the industry. Tuwairqi added the League of Arab Countries is ready to provide all means of support to AISU in order to achieve the maximum benefit to Arab countries and self- sufficiency in terms of steel.
