Regional fabricators urged to take benefit of sliding Euro

The upcoming SteelFab 2016 will offer the regional steel fabrication and metal working industry an unprecedented opportunity to source machinery from Europe at an economical rate, thanks to the depreciating Euro against the US dollar.

Another key factor that will help the regional industry is the impressive presence of European manufacturers and brands at the show, which will be held at Expo Centre Sharjah from January 17 to 20, 2016.

“This is an exceptional opportunity. There is no better time than now to take advantage of a falling Euro and such a large presence of European exhibitors at one place. SteelFab 2016 offers a unique opportunity for regional fabricators to invest in the latest machinery and equipment,” said Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah.

The UAE dirham is pegged to the US dollar, which has gained nearly 15% against the euro over the last year and the Europe’s common currency is expected to drop further due to the European Central Bank’s government bond-buying programme. The euro to dollar exchange rate has been hovering around $1.1 for quite some time, which is a significant fall from over US$1.35 just 18 months ago.

Countries with a dollar-linked currency can expect to see lower prices on European goods as the sliding euro allows cheaper imports, and an interest rate increase in the US means the dollar will rise further and a euro-dollar parity is likely in the near future.

Increasing foreign presence has always been a strong point of SteelFab and exhibitors from Europe form a major chunk of overseas participants.

More than 25 exhibitors have already confirmed their presence in the German Pavilion. Over 100 Italian exhibitors and brands too will be taking part this time, while visitors can also expect to see participants from the Netherlands, Portugal, France, Lithuania, Ireland, Belgium, Finland and Spain.

“SteelFab 2016 also offers trade visitors an opportunity to directly purchase machinery from European exhibitors, which will help them further reduce their purchase bill and take the fullest advantage of the market conditions,” added Mr Midfa.

The 12th SteelFab 2016 will feature more than 370 exhibitors representing nearly 1,000 brands from across the world, besides new special focus areas, special pavilions, live displays, technical seminars and product presentations.