Gulf region's investments in the aluminum sector are forecast to reach $ 55 billion by 2020, compared to $30 billion in 2011, thanks to smelters' expansion and new projects in the region.
Statistical data shows that the Gulf aluminum industry is growing by 8.4 percent annually, compared to an average annual global expansion of 3.5 percent, making the Middle East the fastest growing aluminum market in the world, said the event organizers who cited figures by Harbor Intelligence, a firm specialized in global aluminum markets' trends, analysis and forecasts.
Gulf region's aluminum production reached 3,739,290 tons, in 2012 compared to 3,488,357 tons in 2011 and is expected to increase to 5 million tons by 2015, making the Gulf region the biggest single player worldwide, the organizers added.
They say the region is not only one of the key aluminum producers in the world, but is also among major consumption markets of the metal.
The aluminum industry contributes significantly to the region-wide efforts to diversify economies beyond oil and gas. With widening scope, facilities and capabilities, the sector has helped increase foreign trade, create more jobs and expand regional economies.
Spanning through a wide range of industries, including transportation, aerospace, aviation, packaging and construction, aluminum is a prerequisite for industrialization in the Gulf region.
The Gulf aluminum industry has several competitive advantages over its counterparts across the globe. These include huge reserves of raw materials, energy and natural gas.