EMSTEEL has delivered another strong quarter, underscoring its momentum as one of the region’s most resilient and forward-looking industrial players. Group revenue rose 13 per cent year-on-year in Q3 2025 to Dhs2.17bn while in the first nine months of year, the group’s revenue rose 10 per cent to Dhs6.5bn.

The group delivered strong operational performance, increasing total steel sales volumes by 9 per cent year-on-year (YoY).

Strong UAE market demand and optimised capacity utilisation enabled the full conversion of semi-finished products into finished goods to better serve customers. As a result, sales volumes of finished steel products rose by 21 per cent YoY to 2.4 million. Additionally, cement and clinker sales volumes rose by 17 per cent YoY to 2.3 million tonnes.

Additionally, under the leadership of group CEO engineer Saeed Ghumran Al Remeithi, the company is not only expanding its operational footprint but also accelerating its decarbonisation drive through initiatives such as the TrueGreen framework, the electric process gas heater pilot, and green hydrogen readiness.

In this interview with Gulf Business, Al Remeithi discusses EMSTEEL’s performance, market outlook, and how the company is positioning itself at the centre of the UAE’s industrial growth and global transition toward low-carbon steel production.

How would you summarise EMSTEEL’s performance in Q3 2025 and for the first nine months of the year, what were the major drivers and where did you face your toughest challenges?

EMSTEEL delivered a strong performance in Q3 2025 and across the first nine months of the year, achieving solid growth in both revenue and profitability despite persistent global headwinds. Group revenue rose 13 per cent year-on-year in Q3 2025 to Dhs2.17bn, bringing nine-month revenue to Dhs6.5bn, up 10 per cent compared to 2024. EBITDA increased 108 per cent in Q3 and 28 per cent year-on-year for the first nine months, reaching Dhs823m, reflecting stronger execution, efficiency, and product mix optimisation.

The main growth drivers were robust domestic demand, particularly in rebar, alongside higher finished steel and cement sales. The company’s focus on value-added, higher-margin products underpinned profitability, supported by cost discipline and operational excellence.

The toughest challenges came from global pricing pressure, rising imports, and ongoing trade tensions, which continue to reshape international steel flows.

However, EMSTEEL’s strong local base, efficient operations, and diversified portfolio allowed it to maintain solid performance and strengthen its financial position, ending the quarter with a net cash balance of Dhs711m.

With your outlook for the remainder of 2025, what are the key risks and opportunities you’re seeing in terms of volumes, margins and regional market dynamics?

Looking ahead to the remainder of 2025, EMSTEEL remains cautiously optimistic. Domestic and regional demand continues to be supported by strong infrastructure and housing activity in the UAE and GCC, providing visibility for stable volumes through year-end. We expect continued momentum in value-added steel, particularly rebar and wire rod, while the cement business remains resilient on the back of ongoing construction projects.

The main opportunities lie in expanding our TrueGreen low-carbon steel portfolio and capturing demand from regional mega-projects linked to energy, industrial, and urban development. Our strong balance sheet and operational efficiency also give us flexibility to invest in future growth and innovation.

On the risk side, global pricing pressure and elevated imports remain key challenges, as Chinese and Turkish exports continue to weigh on margins across international markets. Trade policy uncertainty and raw material cost volatility may add further pressure. However, EMSTEEL’s efficiency gains, disciplined cost control, and focus on high margin, differentiated products position the Group well to sustain profitability and competitiveness through these headwinds.

You’ve recently launched a Green Finance Framework to support low‑carbon steel and cement production. How will this affect your investment strategy and execution in the near term?

The Green Finance Framework is a key enabler of EMSTEEL’s sustainability and growth strategy. It aligns our financing structure with our decarbonisation roadmap, ensuring that future investments directly support low-carbon steel and cement production. This framework allows us to access sustainability-linked funding at competitive rates, strengthening our ability to reinvest in efficiency, technology, and clean energy initiatives.

In the near term, it will help accelerate projects such as our Electric Process Gas Heater pilot, renewable energy integration, and further expansion of our TrueGreenproduct line. These initiatives not only reduce emissions but also enhance our competitiveness in markets where sustainability credentials are becoming a key differentiator.

EMSTEEL has signed a partnership to use steel slag in cement production, which is central to your decarbonisation agenda. How do you expect this circular economy approach to impact your production cost, sustainability credentials and competitive positioning?

The initiative to use steel slag in cement production is a major step forward in EMSTEEL’s circular economy journey. Transforming steelmaking by-products into a valuable raw material for cement reduces waste and lowers reliance on natural clinker, which helps cut both emissions and production costs.

This integration enhances efficiency across our steel and cement operations, reducing the group’s overall carbon footprint while improving cost competitiveness. It also strengthens EMSTEEL’s position as a sustainability leader, demonstrating how industrial symbiosis can deliver tangible environmental and economic benefits.

In the long run, this circular model supports our goal of reducing emissions by 40 per cent in steel and 30 per cent in cement by 2030, while reinforcing our reputation as a trusted, low-carbon materials partner for infrastructure and construction projects across the region.

In manufacturing, you’ve committed to installing electric process‑gas heaters (e‑PGH) at your DRI plant and advancing green hydrogen use. How are these initiatives progressing and what timelines do you foresee for them contributing meaningfully to your operations?

The Electric Process Gas Heater (ePGH) project marks a significant milestone in EMSTEEL’s decarbonisation roadmap. The pilot unit, launched earlier this year at our DRI plant, has already demonstrated strong results, eliminating more than 2,200 tonnes of CO₂ annually by replacing gas-fired heaters with electric alternatives. Building on this success, we plan to expand ePGH technology across additional lines over the next two years as part of our wider energy transition programme.

In parallel, we are advancing our green hydrogen readiness strategy to integrate hydrogen into future DRI production. Feasibility studies and infrastructure assessments are underway to ensure scalability and reliability once regional hydrogen supply becomes commercially viable.

Given the UAE’s infrastructure and industrial growth ambitions, how is EMSTEEL positioning itself to support the national agenda, and at the same time differentiate itself internationally in the green steel and building materials space?

EMSTEEL is deeply aligned with the UAE’s industrial growth and sustainability agenda. We are expanding our production of high-strength, value-added steel to support the country’s infrastructure, energy, and manufacturing projects under Operation 300bn, while ensuring our materials meet the highest global standards of quality and sustainability. Through the TrueGreen brand, we are delivering low-carbon steel with verified, transparent emissions data – enabling builders, developers, and financiers to meet their net-zero goals.

Internationally, EMSTEEL is differentiating itself as a regional pioneer in green steel and circular manufacturing. Our ResponsibleSteelcertification, MSCI “AA” ESG rating, and advances such as the electric process gas heater and hydrogen-based rebar position us among the world’s most responsible steel producers.

This dual focus – supporting national development while leading in industrial decarbonisation – ensures EMSTEEL remains both a key enabler of the UAE’s growth ambitions and a globally recognised benchmark for sustainable, next-generation steel production.

What is your outlook for the coming year for the global and regional steel sector?

The global steel sector is expected to remain mixed in the near term, with moderate demand growth but continued pricing pressure. Global consumption is stabilising after two challenging years, and while China’s exports remain high, policy support in key economies and recovering industrial activity should bring gradual balance to supply and demand by late 2026.

Regionally, the outlook is more positive. The GCC continues to be one of the world’s strongest growth markets, driven by large-scale infrastructure, energy transition, and industrial diversification projects under national development plans such as the UAE’s Operation 300bn and Saudi Arabia’s Vision 2030. Steel demand across the region is projected to grow by around 4–5 per cent in 2026, supported by these structural drivers.

For EMSTEEL, this environment presents both opportunity and responsibility. Our focus on value-added and TrueGreen steel, strong financial base, and operational efficiency ensure we are well-positioned to capture growth, protect margins, and continue leading the transition toward sustainable, low-carbon steel production in the region.

It’s peak IPO season in Dubai, with a succession of companies trying to capture the ever-growing retail investor demand for quality stock picks. Even as other stock markets – such as the red-hot one in the US – as well as assets such as gold and Bitcoin also try to draw in more investments their way.

For the DFM and ADX, it’s been an interesting year, with both of the UAE’s stock markets signing up new investors to trade in listed stocks. The returns for these investors have been solid, with some recently listed companies continuing to offer bumper returns.

In an interview, Amer Halawi, head of Research at the securities company Al Ramz, offers his take on what individual investors should keep an eye on.

While shares of most recent government-owned entities that went public are doing well, some private companies are yet to find their feet with investors. Is that going to be a real concern with retail investors?

Some short-term oriented people might want to make a lot of money on the first day of listing.
But the real value in IPOs comes when companies enter the market with a good business model and need money to expand over the course of the next few years.

If we look at the overall performance numbers for IPOs in the GCC in the four years since 2021, the numbers on average are 13 per cent up on the first day, 19 per cent in the first week, 22 per cent the first month, 25 per cent the first three months, and then 25 per cent plus over six months, and so on.

On average, across the cycle, IPOs are doing double digit performances, from inception until the first year of the IPO. This in any book is a good performance.

Of course, there are divergences between countries. So Saudi Arabia’s IPOs is not going to be the same as the UAE. Abu Dhabi is going to be different from Dubai’s.
We find that the Dubai IPOs perform at par with Abu Dhabi over the long term, but in the short term they don’t perform as well. So there’s going to be some granularity, but overall the IPO cycle in the GCC is solid.

But that sustained level of share price gains don’t seem to be happening this year…

This year, the cycle is not as strong as it usually is. If I look at the first half of 2025, the number of Gulf IPOs is comparable to the first half of 2024 – 20 deals this year, 22 deals last year.

By total proceeds, we’re up 26 per cent, so $4.76bn raised in H1 2025 versus $3.77bn raised in H1 2024. This by any standard is a very, very good performance.

The UAE is a different story – it is weaker, and the proceeds for the UAE are almost half of what they were in the same time period last year. So, let’s recap the IPOs. The IPO cycle is strong, it’s solid.

People are complaining because they’re not making as much as they used make before, but we’re still in a good place.

So your message is consistent for retail investors – own for the long term?

My response is that IPOs are doing better long term and that they continue to do well. So just like every other investment, if you expect to get rich quick, this is not the place. If you go for value, if you identify the fundamentals, then yes, you have a chance.

You have the domestic and global funds lining up as cornerstone investors in UAE and Gulf IPOs. But what about fund inflows into secondary market action?

It’s not just about IPOs, and it’s not just about older listed companies or new listings. It’s about the wider investment landscape.
The stock market performance has been incredible in the UAE. It was a bonanza for investors buying secondary stock. This is where the real money was.

We saw expansion in the market capitalization of the DFM by a very significant measure. Foreign institutional flows have increased and the performance for anybody who was in the market or went in – let’s exclude IPOs for a second – is really, really good.

The IPOs did not do as well, but another part of the ecosystem did really, really well. And so if you think of the ecosystem as a whole, the ecosystem is doing well.

UNIESTATE, one of the UAE’s leading real estate developers, is commemorating its 30th anniversary with the launch of a new sales centre at Saaha Offices, Burj Khalifa, Downtown Dubai. The milestone marks three decades of consistent growth, stability, and significant contributions to the UAE’s dynamic urban landscape.

The exclusive launch event brought together key UNIESTATE executives and a select group of brokers for a ribbon-cutting ceremony, followed by a guided tour of the state-of-the-art sales centre. Designed to embody the company’s blend of forward-thinking innovation and deep-rooted heritage, the new space represents both a celebration of legacy and a strategic move into the company’s next chapter.Over the past thirty years, UNIESTATE has steadily shaped communities across the UAE. Known for delivering spacious homes in established neighborhoods, the company has built a reputation for combining comfort and functionality in its developments. With an evolving portfolio, UNIESTATE continues to set benchmarks for modern living, underpinned by experience, trust, and quality.

Flagship development

Central to this new phase is Playa Viva, UNIESTATE’s flagship residential project on Al Marjan Island, Ras Al Khaimah. Positioned alongside the highly anticipated Wynn Resort, Playa Viva exemplifies the company’s commitment to crafting elevated living experiences in high-growth destinations that promise both lifestyle appeal and long-term investment value.

Ebrahim Al Zaabi, UNIESTATE CEO, said, “The launch of our Downtown Dubai sales centre signals more than just a change of address, it marks the beginning of a reinvigorated trajectory where our heritage meets our ambition for the future. This office also strengthens our relationship with the UAE brokerage community, providing a unique space to engage with our team and showcase our developments.”

UNIESTATE invites brokers and prospective buyers to explore upcoming opportunities and visit the Playa Viva show apartment on-site.

The visit offers a firsthand experience of the brand’s design, scale, and quality, alongside the chance to connect with the company’s dedicated sales team and learn more about future developments.

The planned Etihad Rail network for the UAE is expected to include a stop at Al Maktoum International Airport (DWC), a move set to transform the nation’s travel landscape. Paul Griffiths, CEO Dubai Airports, envisions an integrated system where passengers en route to the airport can check in their baggage at train stations, effectively merging air and rail travel into a single, seamless journey.

This vision, once realised, will position the UAE among the few nations globally offering a truly unified transport ecosystem, enabling travelers to move effortlessly from city centers to airport terminals without handling their luggage twice. For a country known for its innovation and infrastructure prowess, the Etihad Rail–DWC connection represents a critical step toward redefining mobility and enhancing the passenger experience across the Emirates.

Read more-Etihad Rail partners with United Trans, Via to integrate rail into Citymapper app

Griffiths acknowledged that shifting the entire operations of Emirates and its sister airline Flydubai to DWC will be a formidable challenge.

Together, the two carriers account for nearly two-thirds of passenger traffic at Dubai International Airport (DXB). However, he stressed that the move is necessary as DXB continues to operate near full capacity.

According to a report in FlightGlobal, Griffiths said the transition is not only a response to demand but also part of a broader strategy to reimagine the UAE’s aviation infrastructure for the next generation of travelers. The new airport, designed for long-term scalability, will eventually be supported by the Etihad Rail network, offering passengers a convenient and sustainable way to access DWC from across the Emirates.

Once operational, the DWC rail stop will serve as a key hub in this transformation, allowing passengers to board trains from cities such as Abu Dhabi, Sharjah, or Fujairah, check in their luggage en route, and arrive directly at the airport ready to fly.

Etihad Rail: Building the backbone of UAE mobility

Etihad Rail, the developer and operator of the UAE’s national railway network, is moving confidently toward launching passenger services by 2026. The network’s expansion aligns with the UAE’s ambition to create a world-class, integrated transport system that combines rail, road, and air connectivity.

A report by WAM highlighted that Etihad Rail aims to strengthen links between major cities and communities while meeting the highest international standards for safety, comfort, and efficiency. The passenger network will stretch across 11 cities and regions, from Al Sila in the west to Fujairah in the east, passing through key destinations such as Ruwais, Al Mirfa, Sharjah, Al Dhaid, Abu Dhabi, and Dubai.

At the Global Rail 2025 Exhibition and Conference in Abu Dhabi, Azza Alsuwaidi, deputy CEO of Etihad Rail Mobility, said the company is forging partnerships to create integrated first- and last-mile solutions. “Our focus is on ensuring passengers enjoy smooth and connected journeys,” she noted, emphasising collaboration with municipalities, transport providers, and digital platforms to ensure convenience at every stage.

A seamless, digital, and sustainable travel experience

Etihad Rail’s passenger trains will be designed to accommodate up to 400 passengers per trip, with multiple daily departures connecting major cities. Travel times will include 57 minutes from Abu Dhabi to Dubai, 70 minutes to Ruwais, and 105 minutes to Fujairah.

Alsuwaidi explained that the service will adopt a “digital tickets first” approach and feature fully segregated routes to enhance safety and eliminate collision risks. Onboard, passengers will find spaces for work, reading, and relaxation, reflecting a growing demand for comfort and productivity during transit.

She added that the company remains on schedule to begin operations in 2026, guided by three core principles: quality, safety, and reliability. With DWC expected to become one of the largest and busiest airports in the world, Etihad Rail’s direct connection to it will ensure that the UAE’s future travel hubs are not only globally competitive but also environmentally sustainable.

Etihad Rail’s long-term vision extends beyond standard passenger trains. Plans for a high-speed rail link connecting Abu Dhabi and Dubai are advancing, with trains expected to travel at speeds of up to 350 kilometers per hour.

Once complete, the journey between the two cities will take just 30 minutes, further enhancing the attractiveness of rail travel as a practical alternative to road transport. Alsuwaidi noted that this high-speed project could contribute approximately Dhs145bn to the UAE’s GDP over the next fifty years, reinforcing the nation’s position as a leader in advanced mobility infrastructure.

Yango partnership: Completing the first and last mile

Supporting this vision of seamless connectivity, global technology company Yango Group has entered into a Memorandum of Understanding (MoU) with Etihad Rail to integrate first- and last-mile ride-hailing services into the upcoming passenger network. The agreement, signed in October 2025 at the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi, aims to simplify end-to-end travel through smart mobility solutions.

The collaboration covers operational processes at and around Etihad Rail stations, including designated pick-up and drop-off zones, streamlined vehicle access, and peak-hour traffic management. A second phase of the partnership will explore deeper digital integration, potentially allowing passengers to book and pay for both rail and ride-hailing services through a single platform.

Yango brings extensive global experience to the initiative, having completed over 1.2 billion trips with 2.1 million registered drivers across more than 30 countries. With Etihad Rail projecting 36.5 million passengers annually by 2030, this partnership will play a crucial role in ensuring reliable last-mile connectivity to key destinations, including DWC.

As Dubai prepares to transition its aviation operations to DWC, the integration of Etihad Rail and smart transport platforms like Yango will position the airport as one of the world’s most connected mobility hubs. Passengers could, in the near future, plan a complete journey—from booking a Yango ride to the nearest train station, checking in their luggage at that station, and arriving directly at DWC for departure—all through a unified digital interface.

Such innovations not only improve convenience but also support the UAE’s sustainability agenda by reducing road traffic and emissions. For businesses, this integrated infrastructure offers new opportunities in logistics, travel technology, and urban development.

From Griffiths’ vision of baggage check-in at train stations to Etihad Rail’s nation-spanning network and Yango’s smart-mobility partnership, the UAE is steadily building the foundation for a new era of travel. The DWC stop on the Etihad Rail line will serve as a physical and symbolic junction, where the country’s ambitions for aviation, transport, and technology converge.

When operational, this integrated system will not only transform the passenger experience but also reinforce the UAE’s global reputation for innovation in infrastructure and connectivity.

The GCC Power Grid which links six Gulf states expects to invest more than $3.5bn over the next 10 years to strengthen the grid, integrate renewable sources and open new export opportunities to neighbouring countries, the head of the grid’s operator GCCIA told Reuters on Tuesday.

The GCC grid is due to connect to Iraq next April, its first external link beyond the region, and is also looking at connecting to Jordan and Egypt and possibly Syria in future, said Ahmed Al-Ebrahim, CEO of the Gulf Cooperation Council Interconnection Authority (GCCIA).

GCCIA’s transmission system links the grids of all six Gulf Cooperation Council member states, stretching from Oman to Kuwait.

“The region’s renewable energy capacity will be very large in the future, and the opportunities ahead are extremely promising,” Al-Ebrahim said. Saudi Arabia’s aim to generate 50 per cent of its electricity from renewable sources by 2030, for example, would create major potential for power exports from the Gulf to Egypt and eventually to Europe, he said.

GCCIA will finance the projects and recover the costs through annual fees paid by member states.

Ahead of the GCC grid connecting to Iraq, negotiations are under way to finalise electricity export agreements between Iraq and Gulf states, Al-Ebrahim said.

The project costs exceeded $300m, financed by GCCIA with no profit margin, and the authority expects to recover its investment over seven years through transmission tariffs, he said.

Jordan is also part of the expansion plans, and Syria could follow. “The first and most important step for us is the connection with Iraq, and then we will look at future opportunities,” Al-Ebrahim said.

He said data centers and artificial intelligence (AI) projects in the Gulf pose a “major challenge” to power grids because of high and fluctuating demand.

“This is where the importance of interconnection comes in, to stabilise the grids and reduce the impact of this fluctuation,” he added.