Dubai to host steel summit as Middle East market projected to reach $60bn by 2031
By Business & Property Desk2 min read
Dubai will welcome top steel executives next month as the Middle East consolidates its position among the world’s fastest-growing steel markets, buoyed by massive infrastructure expenditure, expanding industrial output and rising demand for lower-carbon steel.
According to an analysis by Fastmarkets, the regional steel market is forecast to expand from $44 billion in 2026 to $60 billion by 2031, underpinned by nearly $2 trillion worth of infrastructure and industrial projects across the Middle East. The projection comes as steelmakers globally contend with shifting trade patterns, carbon-related regulations and market uncertainty.
Market Outlook and Investment
Industry leaders will gather to discuss these developments at the Middle East Iron & Steel (MEIS) 2026 conference, scheduled in Dubai from 16 to 18 November. The event will bring together senior executives from major steel producers and manufacturers, including EMSTEEL, Ezz Steel, Al Ittefaq Steel Products, Al Sharif Metals Group, UNICOIL and GravitHY.
The region’s growing importance is also reflected in production figures. Fastmarkets said Gulf Cooperation Council (GCC) crude steel output reached 21.6 million tonnes in 2025, a 9.5 percent increase from the previous year. Approximately 95 percent of the region’s crude steel production comes from electric arc furnaces, a technology widely recognised as less carbon-intensive than traditional steelmaking methods.
Regional Production and Low-Carbon Edge
“The past year has been challenging for many parts of the steel industry, making it more important than ever to focus on where real opportunities are emerging,” said Raju Daswani, chief executive of Fastmarkets. “The Middle East combines significant investment, growing demand, ambitious industrial development and a strong position in lower-carbon steelmaking.”
He added that the event would help industry participants “build relationships, identify commercial opportunities and better understand where this market is heading”.
Industry Leaders’ Perspectives
Regional producers say the Middle East’s industrial expansion is creating long-term opportunities for the sector.
“The Middle East is moving from ambition to delivery, supported by major investments in infrastructure, manufacturing and industrial development,” said Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL. “At EMSTEEL, our focus is to support this growth with reliable, high-quality steel while accelerating the transition towards lower-carbon production.”
He said the region has “the resources, capabilities and determination to play an increasingly important role in the future of the global steel industry”.
Discussions at the Dubai event will focus on infrastructure projects, steel demand, trade flows, tariffs, carbon regulations and the supply of key raw materials, including scrap, iron ore, direct reduced iron (DRI) and hot briquetted iron (HBI).
