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Gulf charts pathway to clean steel production

1 August 2024

 

Steel manufacturing accounts for 7%-9% of global carbon dioxide (CO2) emissions and is considered a hard-to-abate industry. With a forecast for strong growth in global steel production in the coming decades, changes need to be implemented to bring steelmaking in line with the UN Paris Climate Agreement goal of limiting global warming to 1.5 degrees Celsius.

The need for the international steel industry to slash CO2 and greenhouse gas emissions dominated the agenda at UN climate change summit Cop28 in Dubai last December, with about 35 companies and six industry associations, including the World Steel Association, endorsing the Industrial Transition Accelerator. The initiative aims to scale implementation and delivery of decarbonisation in the steel, aluminum, cement, transportation and energy sectors.

There are many levers for steel decarbonisation, including the electrification of heat generation, improving energy efficiency and increasing the utilisation of scrap steel. However, to reach net-zero, further steps are needed to address the emissions associated with coal’s role as a reducing agent in ironmaking. Breakthrough technologies that can accomplish this include hydrogen direct reduction to replace coal; carbon capture, utilisation and storage; and electrolysis-based, or green hydrogen-supported, production processes.

The Middle East and North Africa accounts for just 5% of global steel output. Despite this low market share, however, steelmakers in the region – particularly in the Gulf – have committed billions of dollars to investments in steel projects that could implement most proven clean technologies.

To reach net-zero, further steps are needed to address the emissions associated with coal’s role as a reducing agent in ironmaking

Saudi clean steel projects

Saudi Aramco, the kingdom’s sovereign wealth institution the Public Investment Fund (PIF) and Chinese steel manufacturing conglomerate Baoshan Iron & Steel Company (Baosteel) signed a joint venture agreement in May 2023 to establish an integrated steel plate manufacturing complex in Saudi Arabia’s Ras Al-Khair Industrial City.

The facility is expected to have a production capacity of up to 1.5 million tonnes a year (t/y). It will mainly cater to industrial sectors such as pipelines, shipbuilding, rig manufacturing, offshore platform fabrication and tank and pressure vessel manufacturing, as well as the construction, renewables and marine sectors.

The plant will be equipped with a natural gas-based direct reduced iron (DRI) furnace and an electric arc furnace to reduce CO2 emissions from the steelmaking process by up to 60% compared to a traditional blast furnace. The DRI plant will be compatible with hydrogen without major equipment modifications, potentially reducing CO2 emissions by up to 90% in the future, Aramco says.

The partners have invited contractors to submit engineering, procurement, installation and construction proposals for the project, which are due by 30 July.

Separately, Indian industrial conglomerate Essar Group is advancing its planned $4bn Green Steel Arabia project, which will also be located in Ras Al-Khair. Essar’s integrated steel complex will have a production capacity of 4 million t/y, and a cold rolling capacity of 1 million t/y, along with galvanising and tin plate lines. The complex will also have two DRI plants, each with a production capacity of 2.5 million t/y.

In September 2023, Essar signed a memorandum of understanding (MoU) with Jeddah-based Desert Technologies to develop solar energy solutions to power its Green Steel Arabia project. Under the agreement, Essar and Desert Technologies will look to develop solutions for renewable energy generation – mainly solar photovoltaic power – and storage for the planned complex.

The parties will also explore opportunities for other similar projects in the region, Mumbai-headquartered Essar said at the time.

A third major clean steel project in the kingdom has been announced by Turkish steelmaker Tosyali Holding, which will invest up to $5bn in the venture. Tosyali said in January that it intends to produce steel with the help of green energy sources and will increase its solar energy output 10-fold to 2,500MW, up from the 240MW it currently uses.

Fuat Tosyali, Tosyali’s chairman, said the increase in solar output will be facilitated by a $1.5bn investment, as well as through plans to buy a stake in a hydrogen energy company.

UAE makes strides

Clean steel production efforts in the UAE have been led by Emirates Steel Arkan, the country’s largest steel manufacturer. The company has partnered with Japan's Itochu to develop a low-carbon iron processing plant in Abu Dhabi that will be capable of processing high-grade Brazilian iron ore into reduced iron, which will be sent to Japan.

The proposed plant will be built in collaboration with Japan’s JFE Steel and is expected to produce about 2.5 million metric tonnes a year of reduced iron starting in 2027. CSN Mineracao, a Brazilian company in which Itochu maintains a stake, will supply the iron ore.

Emirates Steel and Abu Dhabi National Energy Company (Taqa) have also started the concept design for an electrolyser plant that they are jointly developing. Powered by renewable energy, the plant will have a hydrogen output capacity of 160MW, which will be used in the production of steel.

Abu Dhabi aims to establish a large-scale steel production hub with an overall capacity of 15 million t/y. This projected capacity will be in addition to Emirates Steel Arkan's existing production level of 3.5 million t/y, according to the firm's group chief projects officer, Hassan Shashaa.

Meanwhile, Dubai-headquartered Liberty Steel signed an MoU in December 2023 with Abu Dhabi’s AD Ports Group to invest in a green iron production facility in Khalifa Economic Zones Abu Dhabi.

Under the MoU, the two companies will explore the establishment of a green iron production facility and related port infrastructure and conveyor system at Khalifa Port in Abu Dhabi. The MoU is part of Liberty’s early-stage concept development to convert its magnetite ore into green iron in the UAE, using gas and transitioning to green hydrogen once it becomes available at scale in the next decade.

Green steel producers [in Oman] could benefit from cheap, locally available green hydrogen feedstock

Oman’s green steel plans

The largest green steel project in Oman is being developed by Vulcan Green Steel (VGS), the steel arm of Vulcan Green, which is owned by India’s Jindal Steel Group. VGS broke ground on the estimated $3bn project in December 2023.

The planned facility, covering 2 square kilometres in the Special Economic Zone at Duqm (Sezad), will have two production lines of 2.5 million t/y each, comprising DRI units, an electric arc furnace and a hot strip mill. 

Set for completion by 2026, the planned facility will primarily utilise green hydrogen to produce 5 million t/y of green steel. This will make it the world’s largest renewable energy-based green steel manufacturing complex once it is commissioned.

Sezad could also host another large-scale green steel project if Japanese steel manufacturer Kobe Steel and Tokyo-based Mitsui & Company are able to achieve the final investment decision on a preliminary agreement they signed in April last year to develop a low-carbon iron metallics project.

The two Japanese firms agreed to conduct a detailed business study in line with the goal of commencing low-carbon dioxide iron metallics production by 2027. The project is expected to produce 5 million t/y of DRI using a process called Midrex, where DRI is produced from iron ores through a natural gas or hydrogen-based shaft furnace.

Green steel producers in the sultanate could benefit from cheap, locally-available green hydrogen feedstock if the Amnah consortium – which won the first land block contract that Hydrogen Oman (Hydrom) auctioned last year – achieves the financial investment decision on its planned project by 2026.

The estimated $6bn-$7bn project will supply green hydrogen to domestic and overseas steel producers, Amnah project director Mark Geilenkirchen told MEED last year.

The planned integrated facility is expected to have a capacity of 220,000 t/y of green hydrogen and will require up to 4.5GW of renewable energy capacity. Unlike other projects in the region that aim almost exclusively to export their green hydrogen derivative products such as ammonia, Amnah is considering converting or using green hydrogen to support sustainable steel production.

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Indrajit Sen

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    In response, Cairo is pursuing an increasingly diversified approach to its foreign policy, geared expressly towards economic survival and only minimal geopolitical triage.

    The unifying logic is resilience: preserving economic stability, state authority and external relevance in the face of an increasingly constrained environment of regional instability, negative economic multipliers and shifting global power structures.

    Diplomatic overtures

    At the regional level, Cairo has reinserted itself as a diplomatic actor of consequence, but this activism is best understood as a reaction rather than an expression of regional leadership.

    Cairo’s mediation role in Gaza, particularly following the January 2025 ceasefire, has become the symbolic centrepiece of its foreign policy identity, but its efforts in this area ultimately stem from the conflict’s direct strategic relevance to Egypt.

    By convening an extraordinary Arab summit in March 2025 and advancing its own reconstruction framework, Cairo sought to position itself as a key custodian of Gaza’s next chapter and – more cynically – a potential beneficiary of the post-war process.

    Yet Egypt’s role remains structurally bounded, with Cairo operating less as an agenda-setter than as a facilitator within frameworks principally shaped by US priorities, Israeli security imperatives and Gulf financing.

    In this context, Cairo’s efforts reflect a bid to maintain diplomatic relevance and remain indispensable in a situation where it ultimately lacks decisive influence.

    A similar pragmatic logic shapes Egypt’s posture in the Horn of Africa.

    Faced with the unresolved Grand Ethiopian Renaissance Dam (GERD) dispute, Cairo has shifted away from diplomatic and legal confrontation towards alliance-building with Somalia and Eritrea, seeking leverage through regional networks.

    In Sudan, Cairo’s posture reflects a harder security logic. It supports the Sudanese Armed Forces out of a fear – arguably justified – of the outcomes that any further weakening of the central government in Khartoum could bring to Egypt’s borders.

    A fragmented Sudan would threaten not only Egypt’s southern flank, but also its Red Sea trade and Nile water security, compounding its concerns related to the GERD.

    Across the board, the pattern is that Egypt’s engagement is reactive and shaped more by vulnerability and risk aversion than by strategic assertiveness.

    Cairo is therefore an actor that is at once diplomatically present and vocal on regional crises, yet rarely instrumental in shaping events; its diplomacy is structurally constrained by informal allegiances and external dependencies.

    Strategic breadth

    Aside from its broadly cautious posture, Egypt’s foreign policy and domestic economic policy also exhibit deliberate diversification and geopolitical hedging.

    In recent years, Cairo’s fragile position – amid the stymying of Suez Canal revenue flows – has intensified its outreach to diverse political and financial backers, including countries with which it has previously been at odds.

    Although the IMF remains a constant presence in Egypt’s fiscal landscape, the past few years have seen Cairo leverage its relationships with the UAE, Saudi Arabia, Qatar and Turkiye to attract billions of dollars in foreign direct investment and financial support.

    The recourse to support from Qatar and Turkiye is particularly notable given Egypt’s diplomatic decoupling from both in 2013 following the ousting of president Mohamed Morsi, whom both countries supported.

    Diplomatic ties with Turkiye were formally severed in 2013, and the relationship worsened in 2014 over Ankara’s support for a rival faction in the Libyan civil war. Cairo then cut ties with Doha in 2017 following the Gulf diplomatic crisis.

    Diplomatic ties with Turkey were formally severed in 2013 and the relationship further worsened in 2014 over Ankara’s support for a rival faction in the Libyan civil war. Cairo then formally cut ties with Doha in 2017 following the Gulf diplomatic crisis.

    These tensions were gradually eased from 2021: the Al-Ula Declaration rehabilitated relations with Qatar, while back-channel engagement with Turkiye led to the restoration of diplomatic relations in 2023.

    In this light, while the UAE’s $35bn in foreign direct investment and the $5bn in support from Saudi Arabia in 2024 align with past politics, the $7.5bn in support from Qatar in 2025 and the $350m defence deal with Turkey in 2026 represent the new.

    Cairo is also rapidly expanding its trade ties with China. By May 2025, 2,800 Chinese companies had invested $8bn in Egypt, according to Egypt’s General Authority for Investment and Free Zones. Total Chinese investments, including state-backed loans and development projects, amount to tens of billions of dollars and have consistently placed China as Egypt’s top trade partner over the past decade.

    Egypt’s accession to Brics in 2024 is a natural corollary of its growing ties with China.

    This contrasts with the $1.3bn in annual US military financing, which is conditional on Egypt purchasing and maintaining US-origin defence equipment and – implicitly – on remaining deferential to US and Israeli security concerns regarding Palestine.

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    Turning the corner

    The widening breadth of Cairo’s fiscal and financial backers is making it less reliant on any single source of support. While the IMF’s loans and reform programme underpin overall fiscal stability, Egypt’s outreach is increasingly enabling it to tackle outstanding liabilities.

    For instance, Egypt’s Ministry of Finance announced that 50% of the proceeds from a recent $3.5bn land sale to Qatar would be used to service domestic and external debt.

    The financially extractive aspect of Cairo’s foreign relations also represents a clear avenue of success for President Abdul Fatah Al-Sisi’s government, in sharp contrast with its limited ability to shape the geopolitical environment.

    And in the immediate term, it may be all that Cairo needs.

    With growth rising and inflation dropping, Egypt appears to be in a position to claw itself back from the fiscal cliff that has loomed over it for the past two years.

    That would be a significant achievement. And with domestic fortunes secured, Cairo could perhaps turn its attention outward again – towards projecting influence across the region.

    Image: Doha, Qatar – September 15, 2025: Egypt’s President Abdul Fatah Al-Sisi delivering his statement at the Emergency Arab-Islamic Summit to address the Israeli attack on Qatar

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  • MEED set to turn 69 years old next month

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    Register for MEED’s 14-day trial access 

    MEED celebrates its 69th birthday early next month – a journey characterised by huge transformations and upheavals in the region, but with one constant that MEED has lived by from day one: the goal of helping the world understand what is happening in the Middle East and how to benefit from it. 

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    In its early days, MEED was the only comprehensive source of information on the Middle East. Now it is the region’s leading subscription-based online business intelligence service, offering – as it has done done for decades – the latest business news, interspersed with political updates, comment and analysis.

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    The first issue of Middle East Economic Digest (MEED) was published on 8 March 1957 as a hand-printed newsletter in the wake of the Suez invasion.

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    “My job was to fill the 100-or-so envelopes of the subscribers and take them to the post office. Many people would pass by on press day to help collate and staple the newsletter,” he recalled.

    Collard, a feisty champion of Arab causes and the driving force behind MEED for its first two decades, had the foresight to realise the potential the Middle East offered to Western business. 

    A noted economic analyst on the developing world, Collard produced MEED from her one-roomed office on a hand-cranked Ronco printing machine, with the help of two part-time secretaries. 

    It is no coincidence that the first edition coincided with International Women’s Day, a fitting occasion for a remarkable woman who, by the late 1960s, was brought in to advise Prime Minister Harold Wilson on Middle East affairs. 

    Among the friends and relatives who helped staple and stuff envelopes with the 12-page newletter was Essa Saleh al-Gurg, later to become the UAE’s ambassador to the UK, who was then training as a banker in London.

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    “Until the oil boom of the early 1970s, when MEED really took off, we were just about making ends meet,” said Wallace. “We could not afford to hire seasoned journalists or experienced commentators and mostly took British graduates straight from university.

    “This changed a little when oil peaked around the end of 1979 at $37.42 a barrel ($111 at today's prices), but we still preferred to take on graduates and train them on the job due to our high requirement for balanced reporting and tight, accurate writing, which also needed to be finely nuanced to avoid censorship in some countries.

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  • Contract award nears for Abha airport expansion PPP

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    Saudi Arabia’s Civil Aviation Holding Company (Matarat) and the National Centre for Privatisation & PPP (NCP) are said to be close to awarding a contract to develop and operate a new passenger terminal building and related facilities at Abha International airport.

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  • Roshn and Agility to develop logistics park in Saudi Arabia

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    Saudi Arabian gigaproject developer Roshn Group has signed an agreement with Kuwait’s Agility Logistics Parks (ALP) to establish a joint venture to develop a Grade A logistics park in the kingdom.

    The agreement was signed on the sidelines of the Public Investment Fund Private Sector Forum in Riyadh on 9 February.

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    READ THE FEBRUARY 2026 MEED BUSINESS REVIEW – click here to view PDF

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  • Saudi Arabia seeks Qassim airport PPP interest

    10 February 2026

    Saudi Arabia’s Civil Aviation Holding Company (Matarat), through the National Centre for Privatisation and PPP (NCP), has issued an expression of interest (EoI) for a tender to develop the Prince Naif Bin Abdulaziz International airport in the Qassim region.

    The EoI notice was issued on 9 February, and companies have until 23 February to submit responses. 

    The project scope includes the redevelopment of the passenger terminal as well as other associated facilities such as airside infrastructure, including runway, taxiways and aprons.

    The project will be developed on a design, finance, construction, operations, maintenance and transfer basis.

    The latest development follows Matarat Holding and NCP prequalifying five teams to bid for a contract to develop the new Taif international airport project in Mecca province in January.

    According to local media reports, four consortiums and one standalone company have been prequalified to proceed to the next stage of the project.

    The new Taif International airport will be located 21 kilometres southeast of the existing Taif airport, with a capacity to accommodate 2.5 million passengers by 2030.

    The clients opted for a 30-year build-transfer-operate (BTO) contract model, including the construction period.

    Previous tenders

    The Taif, Hail and Qassim airport schemes were previously tendered and awarded as PPP projects using a BTO model.

    Saudi Arabia’s General Authority of Civil Aviation (Gaca) awarded the contracts to develop four airport PPP projects to two separate consortiums in 2017.

    A team of Tukey’s TAV Airports and the local Al-Rajhi Holding Group won the 30-year concession agreement to build, transfer and operate airport passenger terminals in Yanbu, Qassim and Hail.

    A second team, comprising Lebanon’s Consolidated Contractors Company, Germany’s Munich Airport International and local firm Asyad Group, won the BTO contract to develop Taif International airport.

    However, these projects stalled following the restructuring of the kingdom’s aviation sector.

    Saudi Arabia has already privatised airports, including the $1.2bn Prince Mohammed Bin Abdulaziz International airport in Medina, which was developed as a PPP and opened in 2015.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15614875/main.png
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