According to some market sources, it has been reported that the UAE-based steel producer, Hamriyah Steel, which is under sanctions, is set to be acquired by a Jordan-based firm. This acquisition is seen as a significant step to strengthen the company’s operations and accelerate its growth in the regional construction sector.
Hamriyah Steel is located in the Hamriyah Free Zone in Sharjah and has an annual production capacity of 1 million tons of rebar. However, the company has faced challenges in recent years due to the sanctions imposed. The buyer, who also owns a rebar plant with an induction furnace in Saudi Arabia, is taking action to improve Hamriyah Steel's financial and operational situation with their industry experience. In this context, it has been reported that a "shadow CEO" has been appointed to take a proactive approach in improving the company’s management processes.
The new owner aims to create synergies with their existing operations in Saudi Arabia to increase Hamriyah Steel’s production capacity and strengthen the company’s market share in the region. The financial details of the deal and the identity of the company have not yet been disclosed, but this development is expected to mark an important milestone in the UAE’s steel industry.
This strategic acquisition is expected to provide a strong foundation for Hamriyah Steel to re-grow and compete in broader markets.
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