Doha: Qatar Steel and Bahrain Steel have entered into a significant agreement valued at USD 1.266 billion, as announced by the Ministry of Commerce and Industry. The deal, which spans five years, involves the supply of 5 million metric tons and aims to bolster industrial collaboration and strengthen the steel sector across the region.
According to Qatar News Agency, the ministry highlighted that this agreement is part of the broader Industrial Partnership for Sustainable Economic Development. The initiative encourages agreements between private sector entities within member states, targeting enhanced cooperation across various sectors such as agriculture, food, fertilizers, medicines, textiles and clothing, chemicals, plastics, manufacturing products, and minerals.
The strategic partnership is expected to secure a stable supply of vital raw materials for Qatar Steel’s operations, thereby improving production efficiency and promoting sustainable economic growth in the region. The ministry also projects that the agreement will open up new investment opportunities, boost the competitiveness of industrial sectors in both Qatar and Bahrain, and support regional efforts to build robust local supply chains. This development is anticipated to lead to greater self-sufficiency in raw materials, positively impacting national economies and market stability.