Saudi’s NEOM Drives Global Steel Demand
October 16th, 2024

A fifth of the world’s steel is being used by Saudi Arabia’s mega project, according to this article from Semafor:
Mockup of Neom’s floating industrial hub Oxagon.

Neom.com

A fifth of the world’s steel is being gobbled up by just one site: Saudi Arabia’s behemoth project NEOM.

So said NEOM’s Chief Investment Officer Manar al-Moneef during Riyadh’s Global Logistics Forum this week, according to AGBI. Discussing the ongoing work on the futuristic coastal city, Moneef also said Neom was using up 5% of the global logistics market, a necessity to keep up with demand for construction and delivery up the slopes of the Trojena mountain project and across the sea to nearby islands.

The $500 billion project’s demand on logistics and steel to cement and elevators means that, “Put simply, Neom is gonna be the largest customer over the next few decades,” she said. Some NEOM projects have been delayed as the government prioritizes developments in Riyadh and other cities.

This entry was posted on Wednesday, October 16th, 2024 at 9:43 am and is filed under Saudi Arabia.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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