Gulf investments in aluminium set to reach $55bn by 2020
Gulf Aluminium Council, said aluminium production volume in Gulf region is expected to increase to five million tonnes by 2015, which accounts for 17.5% of the total global output, compared to 3.7m tonnes in 2012 or 11pc of the total world production, Gulf Daily News reported. Statistical data shows the Gulf aluminium industry is growing by 8.4pc annually, compared with an average annual global expansion of 3.5pc, making the Middle East the fastest growing aluminium market in the world. Gulf aluminium production reached 3,739,290 tonnes in 2012 compared with 3,488,357 tonnes in 2011, and is expected to increase to 5m tonnes by next year, making the Gulf region the biggest single player worldwide. Gulf investments in the aluminium sector are set to reach $ 55bn by 2020, compared with $ 30bn in 2011, powered by smelters’ expansion and new projects in the region, according to a forecast by global aluminium market analyst Harbor Intelligence.