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Gulf invests $18bn in new steel plants

More than $18bn is being invested in 46 steel manufacturing plants throughout the Gulf in an attempt to close the widening gap between supply and demand for steel, according to Proleads, which monitors major construction projects across the region from initial study to completion. Saudi Arabia with 17 and the UAE with 16 are leading the way in steel plant projects individually varying in value from $2bn to $15m. Of the top ten projects, four are in Saudi Arabia, three in the UAE, two in Qatar and one in Oman.