Middle East – While the oil dollar had previously been the main contributor to massive economic growth in the Gulf region, its sharp decline in value has turned a trade surplus into deficit, investment into austerity, and expansion into contraction. At the same time, it has led to diversification away from oil, according to Salam Sharif, president of the Bureau of Middle East Recycling (BMR).
Speaking at the 6th BMR International Conference held recently in Dubai, the chairman of the UAE-based Sharif Group lamented the harsh impact of global economic trends on the Middle East where the oil price has determined the fate of so many sectors.
The BMR’s president also pointed to the importance of co-operation between BMR and other national and regional associations in overcoming trade challenges – ‘all for the good of their members and the industry as a whole’, he underlined. The BMR event was attended by more than 450 metal producers, traders, recyclers and consumers from not only around the region but also worldwide.
The 7th BMR International Conference will be held in March 2018, again in Dubai.
Check out our photo gallery for more pictures of the 6th BMR International Conference.