His Excellency Eng. Saad Sherida Al Kaabi, Minister of State for Energy Affairs, opened the 17th Arab Steel Summit and the accompanying International Iron and Steel Exhibition, calling for strengthening the position of the Arab iron and steel industry on the global map and creating appropriate regulatory and investment conditions to stimulate its growth and enable it to compete at various levels.

In his opening speech at the summit, His Excellency Minister Al Kaabi pointed to a number of major challenges facing the steel industry in the Arab world, especially geopolitical fluctuations and crises that have a significant impact on the world’s economies and consequently on the growth and development of this industry.

His Excellency said: “This year has witnessed a strong recovery in demand for steel across the region, driven by massive infrastructure projects and a growing real estate market. However, Arab countries produce about 40 million tons of iron and steel annually out of a total global production of nearly two billion tons. This makes strengthening our position on the global map an important challenge that requires joint efforts to stimulate the growth of our industry and enable it to compete at various levels.”

His Excellency Minister Al-Kaabi called for aligning solutions to these challenges with a balance between economic, social and environmental goals, especially with regard to reducing the carbon footprint, which is the cornerstone of all sustainability strategies in the world. His Excellency also referred to the efforts of Qatar Steel Company, which has maintained a low carbon footprint since 1978 thanks to its use of MIDREX technology and production through electric arc furnaces, which reduced its carbon dioxide emissions to less than half the global average.

His Excellency added: “The Arab steel industry must pay special attention to investing in advanced technologies and promoting a culture of innovation, because the future will belong to those who are able to invest in research and development and artificial intelligence mechanisms.”

His Excellency the Minister of State for Energy Affairs concluded his speech by thanking the Arab Iron and Steel Union and its Chairman, Mr. Awad Al-Khalidi, and its Secretary-General, Dr. Kamal Joudi, wishing the participants success in their summit and a pleasant stay in their second country, Qatar.