The UAE’s iron company signed a contract worth $2 billion with Bahrain.

The company “Emirates Arkan Iron” has announced the signing of a 5-year contract with Bahrain Iron to supply raw iron pellets. The contract, valued at approximately 2 billion dollars (about 7.3 billion dirhams), was signed during the fourth meeting of the Integrated Industrial Partnership Initiative for Sustainable Economic Development, which was recently held in Bahrain.

The new agreement will contribute to enhancing the current cooperation between the two companies, which has multiplied by 16 times since 2009. Bahrain Steel Company will supply Emirates Arc Iron Co. with guaranteed quantities of high-quality raw iron pellets, which will enhance sustainable growth for the iron and steel industry in the region.

Saeed Ghumran Al Remeithi, the Chief Executive Officer of Emirates Steel, stated that through this strategic partnership with Bahrain Steel, they aim to enhance integrated industrial growth and ensure stable supply chains, while also strengthening their capabilities to manufacture high-quality steel products. This initiative aligns with the UAE’s vision of promoting partnerships and cooperation with regional countries, as well as achieving the goals of the integrated industrial partnership for sustainable economic development that was launched in 2022, with the aim of integrating resources, capabilities, and experiences owned by partner countries.

According to Dilip George, CEO of Bahrain Steel Group, the strategic cooperation between Bahrain Steel and Emirates Steel reflects a strong shared vision for collaboration and growth foar both companies.

We are pleased to play a significant role in supporting the economic development initiatives outlined in the industrial partnership for sustainable economic growth in the region.

Through this agreement, we emphasize our commitment to providing high-quality raw iron pellets to meet the growing needs of Emirates Steel Arcan.
The signing ceremony, which is part of a cooperative initiative involving the United Arab Emirates, Egypt, Jordan, and Bahrain, represents a significant step in enhancing the economic relations between these countries.

It also strengthens the strategic alliance between Emirates Steel and Bahrain Steel, thereby enhancing the growth prospects for both companies over the next five years.