Abu Dhabi (Etihad)
Emirates Arkan Steel Company announced that it has signed a 5-year contract with Bahrain Steel Company to supply iron ore pellets. The contract, worth about two billion dollars, was signed at the fourth meeting of the Integrated Industrial Partnership Initiative for Sustainable Economic Development, which was recently held in Bahrain.
The new agreement will contribute to strengthening the current cooperation between the two companies, which has increased 16 times since 2009. Bahrain Steel will supply Emirates Steel Arkan with guaranteed quantities of high-quality iron ore pellets, which will enhance the sustainable growth of the iron and steel industry in the region.
Engineer Saeed Ghumran Al Rumaithi, CEO of Emirates Steel Arkan Group, said: “Through this strategic partnership with Bahrain Steel, we seek to promote integrated industrial growth, ensure a stable supply chain, and enhance our capabilities to manufacture high-quality steel products. This initiative comes in line with the UAE’s vision to strengthen partnerships and enhance cooperation with countries in the region, as well as achieving the goals of the Integrated Industrial Partnership for Sustainable Economic Development, which was launched in 2022 with the aim of integrating the resources, capabilities and expertise owned by the partnership countries.”
For his part, Dilip George, CEO of Bahrain Steel Group, said: “The strategic cooperation between Bahrain Steel and Emirates Steel reflects the pillars of a strong shared vision for cooperation and growth for both companies. We are pleased to play an important role in supporting the economic development initiatives stipulated in the industrial partnership for sustainable economic growth for countries in the region.
Through this agreement, we confirm our commitment to providing high-quality iron ore pellets to meet the growing needs of the Emirates Arkan Steel Company.”
The signing ceremony, which is part of the cooperative initiative that includes the United Arab Emirates, Egypt, Jordan and Bahrain, represents a milestone in strengthening economic relations between these countries. The strategic alliance between Emirates Arkan Steel and Bahrain Steel also enhances the growth prospects of the two companies over the next five years.
2024-01-17 12:53:49
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