Bahrain asks to be excluded from Saudi steel export ban

Monday, 07 Feb 2011
Arab Steel reported that CEO of Bahrain Trade and Industry Chamber asked for the need to exclude his country from the steel export ban decision since Bahrain is the little brother for the Kingdom of Saudi Arabia pointing out that the Bahraini side will send an official statement including this demand and its aspects to the Gulf Chambers Council soon.
He said that “I ask for this since this relation contains a kinship and many mutual interests between the two countries also the social, economic, and political closeness that distinguishes us and makes us the closest to integration on all levels making from us a good example for the start of the Gulf economic integration and puts us next to a unified Gulf market to be the encouraging role model.”
In Bahrain large businesses are currently carried on due to many construction projects it's not a secret that Bahrain depends on Saudi Arabia in the businesses especially in the field of logistic services.
Hinting that most Bahraini imports are in fact Saudi exports making the volume of the exchange amount less and expected to increase in the few days to come.
It's said that Ministry of Trade and Industry has found solutions to create the balance between the demand and offer in the steel markets after it issued a decree in 2008 to ban the steel export to abroad following the crisis that happened due to the doubling increases for the steel prices which reached phantom prices boosting the construction costs and obstructing many private and government projects.(sourced:Arab Steel)