Latest news with #QatarSteel
Arab News
10-02-2025
- Business
- Arab News
Qatar, Bahrain sign $1.27bn steel deal
JEDDAH: Qatar Steel and Bahrain Steel have signed a $1.27 billion agreement to supply 5 million tonnes of the product over five years, aiming to enhance industrial cooperation and strengthen the sector in the region. Qatar's Ministry of Commerce and Industry announced the agreement on Feb. 9, saying that the deal falls within the framework of the Industrial Partnership for Sustainable Economic Development, which promotes private-sector collaboration across member states. The initiative supports a range of industries, including agriculture, food, and fertilizers. It also extends to pharmaceuticals, textiles, and chemicals. Additionally, the program benefits sectors such as plastics, manufacturing, and minerals. The Gulf's steel industry has experienced significant expansion, driven by major investments in infrastructure and industrial projects. The ministry highlighted that this strategic partnership would provide Qatar Steel with a stable supply of essential raw materials, enhancing production efficiency and supporting sustainable economic growth. The agreement is expected to create new investment opportunities, enhance industrial competitiveness in both Qatar and Bahrain, and strengthen local supply chains. By reducing reliance on imported raw materials, the deal aims to boost economic resilience and market stability across the region. Bahrain Steel, an iron ore pelletizing company located in the heart of the Arabian Gulf, operates twin plants with a combined capacity of 12 million tonnes of pellets. The company represents a $3.5 billion investment and plays a central role in the region's steel industry, according to its website. Producing a range of pellets for both direct reduction and blast furnace steelmaking, Bahrain Steel sources raw materials via its own port terminal. Three-quarters of its finished products are exported. Established in 1974 as the Arabian Gulf's first integrated steel plant, Qatar Steel began commercial production in 1978 and has been a wholly owned subsidiary of Industries Qatar since 2003. Headquartered in Messaieed Industrial City, south of Doha, it also operates a UAE-based subsidiary, Qatar Steel Company FZE.
The National
09-02-2025
- Business
- The National
Qatar and Turkey join regional integrated industrial partnership
Qatar and Turkey joined the five existing member states of the integrated industrial partnership for sustainable economic development at Sunday's fifth meeting of the group in Doha. The multilateral regional partnership was originally launched in Abu Dhabi in 2022 and consisted of the UAE, Bahrain, Egypt, Jordan and Morocco. Sunday's meeting witnessed the signing of agreements and projects with a reported book value of $2bn, including a significant raw materials deal between Bahrain Steel and Qatar Steel. The UAE delegation was led by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and included Omar Al Suwaidi, undersecretary at the ministry, who presented a detailed report on the group's activity. Dr Al Jaber, also the chairman of Masdar and the managing director and group chief executive of Adnoc, said the expanded partnership presented a "unified vision" for economic development. 'We welcome the accession of the state of Qatar and the republic of Turkey to the integrated industrial partnership, and we are confident that this step will contribute to enhancing the common interests of all members, especially given the two countries' leading industrial and economic status, and a record of successes in various sectors, especially in the industrial sector, which is a pivotal element in supporting qualitative investment opportunities at regional and global level," he said in comments reported by Wam news agency. 'The integrated industrial partnership is a distinguished model of a success story that started in Abu Dhabi, as it resulted in transforming a number of agreements signed in previous meetings into tangible projects that we see today on the ground. We are pleased to witness today the announcement of a number of new projects and agreements in vital and priority sectors.' The UAE's non-oil foreign trade hit a record Dh3 trillion ($816.7 billion) last year − up 14.6 per cent year on year − as the country continues to diversify its economy and forges closer trade ties with countries around the world.
