Qatar imported crushed stones worth $386m in 2014by Kim Kemp on Mar 1, 2016
Qatar imported a total of 25.5million tonnes of crushed stones worth $386m (QAR1.41bn) in 2014.
A statement issued by State Holding, a Qatar-based company focused on investment efforts on the industrial and real estate sectors in the Mena region and Europe, said that after the Qatari government lifted the 150,000 tonne limit on importing construction material, Fujairah (the UAE) has become the number one exporter of gabbro to the local market.
The 4th International Forum for Industrial Rocks and Mining Expo (IFIRME), was held at the Fujairah Exhibition Centre from February 23 to 25.
Co-partners and main sponsors, Fujairah-based Oryx Industries, Bahrain's First Equity Partners and Qatar's State Holding, participated at IFIRME's fourth edition, which was held under the title ‘Innovation for Economic Development and Sustainability in the Mining Sector’, The Peninsula reports.
The event is organised by the Fujairah Natural Resources Corporation, in cooperation with the UAE's Ministry of Energy and the Arab Industrial Development and Mining Organisation.
IFIRME has proven to be an effective forum for professionals to meet and discuss industry issues, ranging from investment opportunities and expansion into new markets to how the region's growing real estate sector is driving a need for high quality rock products in construction projects.
Industrial materials and rocks are used as a base material in a variety of industries globally, with industrial rocks often used for their physical or chemical properties in various manufacturing or commercial applications.
State Holding's deputy CEO, Bader Al Kashti, said: "As the country prepares to host the FIFA World Cup 2022, Qatar is intensifying work across many areas of its infrastructure.
“To this end, the country's imports of crushed stones surged by 19% in 2014, over the previous year… (making) the country the second largest importer of stones in the world, after Russia".
He added, "Fujairah-based Oryx Industries is a major investment of State Holding, and recognises the significance of the Qatari market's growing need for industrial rock and gabbro products.”
Nasser Barakat, CEO of Oryx Industries, said that IFIRME 2016 is a good forum the company to exhibit its product line and, “to share our products and services with potential industry partners and customers, including our transportation and logistics services.
“The strategic partnership that was formed last year with FEP and State Holding has allowed us to look at expanding on our dominance in the region's industry sector," he continued.
Hasan Al Mansoor, FEP's Director of Investments, added “We are also excited with the fact that Oryx Industries has expanded its geographical presence in the GCC which includes the top three main markets for quarry products: Qatar, Kuwait, and Bahrain."