UAE invests in steel
Authorities in United Arab Emirates have reportedly agreed to invest more than $2 billion (£1.02 billion) in building three new steel plants.
The production facility at Fujairah and the two at Hamriya will be the first of 16 new steel manufacturing plants in the federation, reports Emirates News Agency.
A further 30 facilities are planned in other Gulf Cooperation Council countries, as governments attempt to end the steel shortage that has stifled the progress of property development in the region.
In addition to helping with the building of new developments, the decision to construct the steel plants could benefit those who already own investment property in United Arab Emirates.
One recent report revealed that the average rent on a residential property in Abu Dhabi grew by 15 per cent in the first quarter of 2008, with the recent influx of foreign workers contributing to the rise.
The new industrial developments could result in more workers looking for accommodation in the area.
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