Sharjeel Azhar, CEO of Al-Ittifaq Steel, stated that the company’s largest markets are concentrated within the region and explained that Al-Ittifaq Steel was the first Saudi exporter to Canada, and has also exported to Hong Kong, Singapore, and countries in the Far East. However,
With current global steel price levels, Azhar believes the main focus at this stage will be on the GCC markets, with the possibility of expanding beyond them when market conditions allow.
Regarding the targeted markets within the Gulf, Azhar confirmed that the UAE market looks very promising, although the company has not yet started exporting to it, but it is one of the first Saudi mills to have obtained the necessary certification for that.
In assessing demand within the GCC and the Middle East, Azhar said that Saudi Arabia and the UAE are the most active markets, with the UAE market experiencing positive growth, while Saudi Arabia is working on implementing huge projects that provide significant support for demand.
He added that the biggest global challenge is the oversupply compared to demand, but he remains optimistic about the Saudi market, supported by a young population, strong spending, and large infrastructure projects. He noted that the Middle East and North Africa region grew by about 4% last year, with Saudi Arabia expected to continue its strong growth in the near term.
Azhar revealed that the company has been considering initial public offering plans for some time, and is currently seeking to complete internal restructuring processes before moving to the public offering step in the Saudi market within a medium-term vision.
