Qatar Steel and Bahrain Steel have announced a $1.266 billion deal [1] to enhance industrial cooperation and strengthen the steel industry in the region. The agreement, which covers the supply of 5 million metric tons of raw materials over five years, was revealed at a joint press conference held in Doha.
The deal is part of the Industrial Partnership for Sustainable Economic Development, aimed at fostering bilateral cooperation in various sectors, including agriculture, food, fertilizers, medicines, textiles, chemicals, plastics, and manufacturing products. Qatar’s Ministry of Commerce and Industry highlighted that the agreement ensures a stable supply of essential raw materials for Qatar Steel’s operations, enhancing production efficiency and supporting sustainable economic development in the region.
The strategic partnership is expected to generate new investment opportunities, enhance the competitiveness of the industrial sectors in both countries, and support regional efforts to develop strong local supply chains. Additionally, the agreement aims to achieve greater self-sufficiency in raw materials, contributing positively to national economies and market stability.
The announcement has been well-received by industry experts, who believe that the deal will bolster the steel industry’s growth and resilience in the Gulf region. As Qatar and Bahrain continue to navigate economic challenges, this agreement represents a significant step towards a more sustainable and profitable future for their steel industries.
Sources:
[1] Qatar and Bahrain Announce $1.3 Billion Steel Deal https://www.arabianbusiness.com/industries/qatar-and-bahrain-announce-1-3bn-steel-deal