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At the Global Logistics Forum, Neom’s Chief Investment Officer, Manar Al Moneef, announced that Neom is set to become the world’s largest consumer of construction materials over the next decade, with projected demand for steel comprising 20% of the global steel market.
“From elevators to cement, Neom’s requirements are immense,” Al Moneef stated. “Put simply, Neom will be the largest customer for these materials for decades to come.”
“From elevators to cement, Neom’s requirements are immense”
In 2022, the top global importers of iron and steel included the United States ($43.2 billion), China ($41.4 billion), Germany ($36 billion), Italy ($30.2 billion), and Turkey ($25.6 billion). By comparison, Saudi Arabia imported just 0.98% of the global iron and steel supply, valued at $5.53 billion.