By Mohamed Idrees

Riyadh – Mubasher: Demand on the Saudi Steel sector is likely to increase 10% during the fourth quarter of 2016, said Mansour Ben Fahd Al-Qahtani, the CEO of Al-Rajhi for Iron Works & Decoration.

Low steel prices have become "encouraging" for the development of some private projects, the CEO noted, adding that the domestic product has significantly become better than the global imported materials.

"We don't fear of competiveness at all", the CEO told Mubasher, commenting on the company's future expansion plans, assuring that it will expand into a number of foreign markets, along with the current co-operation of the housing ministry.

"We implement a number of projects in cooperation with the Saudi ministries, including the housing ministry, as we recognize how import to provide high-quality products for state projects at reasonable prices", Al-Qahtani pointed out. 

Regarding the economic status amid the steep decline in oil prices, the kingdom is to see a new growth rate this year, which is lower than the previous five-year rates, Al-Qahtani expected, considering lower rate an ordinary response to more than a 60% slide in oil prices over two years.