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UAE Industrial Investments Rise 6pc to Dh77 Billion |
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1/28/2009 10:24:13 AM |
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Annual investments in UAE's industrial sector rose six per cent to Dh77 billion in 2008 from Dh72.6 billion in 2007, according to the UAE Ministry of Economy.
The number of industrial units in the UAE grew to 4,219 from 3,852 in 2007, the Annual Industrial Report 2008 released on Tuesday by the Ministry shows. The sector employs over 318,000 people compared to 290,000 jobs in 2007.
UAE's non-oil manufacturing sector, the third-largest contributor to the economy, was worth Dh72.6 billion at the end of 2007, contributing nearly 20 per cent to the gross domestic product (GDP). The annual report focuses on the performance of industries and highlights the growth from 2004 to 2008. Compared to 2004, when there were 3,036 industrial units in the country, the sector grew by 40 per cent by 2008, with investment volume more than doubling in four years. The number of people employed in industries also grew by about 40 per cent.
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that the report reflected the strength of the country's industrial sector, which contributes to the overall economic growth. "The policy of economic diversification and the efforts to encourage industries and manufacturing have paid strong dividends. Our objective is to make the country a preferred destination for investments in hi-tech and heavy industries for global investors," he said.
Al Mansouri said that one of the key areas of his ministry's growth strategy focused on developing the country's industrial sector and strengthening its competitiveness globally. The government is committed to further strengthen local industries, as highlighted by the exemptions of Dh12 billion granted during the five-year period from 2003 to 2008, he pointed out. "The noticeable achievement in the past four years is the setting up of new competitive and productive industries in the fields of energy, petrochemicals and basic metal industries," said Al Mansouri.
The UAE, which has been investing heavily in its industrial manufacturing sector in a move to diversify the economy, was targeting to attract total investments of Dh120 billion by 2012. Analysts said the goal seemed ambitious given the current global economic crisis and the deepening credit crunch.
Last year, Saeed Abdullah Al Roken, Director of Industrial Development, was quoted as saying that investment in the industrial sector was set to surge to Dh100 billion by 2010 and Dh120 billion in 2012.
Analysts said most of the growth would be driven by a spate of industrial cities which are under way in Dubai and Sharjah in addition to the Industrial City of Abu Dhabi (ICAD 1, 2, 3 and 4) project. Central to the non-oil industrialisation drive are mega projects including a Dh22 billion aluminium plant and a Dh3 billion steel plant in Abu Dhabi.
Abu Dhabi's ICAD 1, which features economic zones for base metals, building and construction products, electronics, plastics manufacturing and automotive industries, has already attracted $2.99 billion in investment. ICAD 2 has attracted $1.63 billion with new projects, while Dubai Industrial City is targeting $2 billion in investment over the next five years. So far DIC has invested $177 million and will build more than 500 factories for light and medium industries by 2015.
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Source:Zawya.com |
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