Business | General
RAK inaugurates $5om steel factory
Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, on Sunday officially inaugurated the $50 million RAK Steel factory in Al Ghail, Ras Al Khaimah.
- By Nasouh Nazzal, Staff Reporter
- Published: 00:34 March 25, 2008
Ras Al Khaimah: Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, on Sunday officially inaugurated the $50 million RAK Steel factory in Al Ghail, Ras Al Khaimah.
RAK Steel, a joint venture with Ras Al Khaimah Investment Authority (Rakia), is an energy-efficient, environment-friendly mill that will manufacture 500,000 tonnes of deformed steel reinforcement bars per year.
"The establishment of RAK Steel comes at a time when the demand for steel is at an all time high, thanks to the continued construction boom in the UAE and the Middle East region," a statement said.
The value of projects under construction in the UAE alone is estimated at $220 billion, and it is in excess of $800 billion in the GCC as a whole. A significant amount of this value will be for steel.
Moreover, the Gulf Organisation for Industrial Consulting (GOIC) recently estimated that the UAE would use 44-66 million tonnes of rebar products over the next 15 years.
Dr Khater Massaad, CEO of Rakia, said, "RAK Steel, which commenced commercial production last month, will become the second largest producer of rebars in the UAE, and will effectively cater to the ever growing demand for steel in the region."
He said the Gulf region has one of the highest per capita consumption levels of steel products in the world; at about 440 kilos, it is far higher than the world average of 182 kilos.
"RAK Steel's sophisticated quality control laboratory and modern systems ensure that all quality standards are consistently met. The quality of the company's rebars has already received approval from leading consultants, contractors and Dubai Municipality, and we are confident of significantly growing our client base across the country in the shortest possible time."
RAK Steel produces rebars from 8mm to 40mm diameter in variable lengths of 6 to 18 metres to both British and American standards.
The company uses the superior Temperit process for manufacturing the rebars.
The Government established Rakia as a nodal government agency for invest-ors intending to set up businesses in industry, tourism and leisure, real estate and infrastructure in Ras Al Khaimah.
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