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Saudi Arabia’s steel industry forecast to grow 9%

The construction sector in the Kingdom is considered as the largest and the fastest growing market in the Gulf region, with a huge growth potential, according to a new report by research firm RNCOS. As the appetite for steel is growing in the kingdom, its production will also grow at a CAGR of around 9 percent during 2012-15, the report said. Steel consumption in Saudi Arabia has grown rapidly in the past few years on the back of rising construction activities, growing investment in railways, and cheap and reliable energy supply, the report noted. In the next five years, the kingdom is expected to sustain its leadership in construction activities in the entire Middle East, it added.