Tuesday, 25 March 2008

$50m steel factory opened in RAK

$50m steel factory opened in RAK
By a staff reporter KHALEEJ TIMES 25 March 2008

DUBAI — Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, on Sunday 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 inauguration ceremony was attended by senior officials of RAKIA, dignitaries from Ras Al Khaimah Government, customers and suppliers.

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. The value of projects under construction in the UAE alone is estimated at $220 billion, while 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.

RAK Steel produces rebars from 8mm to 40 mm 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.

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