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27400
Thu, 10/30/2008 - 14:04
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Industry sector booms
Abu Dhabi, Oct 30, 2008 (WAM) - Investment in the UAE's industrial sector is set to rise from Dh72.6 billion in 2007 to Dh100bn by 2010 and Dh120bn in 2012, says a Ministry of Economy official according to a report in “Emirates Business.”
Saeed Abdullah Al Roken, Director of Industrial Development, said the growth would be driven by major projects such as a Dh22bn aluminium plant and a Dh3bn steel plant in Abu Dhabi.
"Several industrial cities are under construction in Dubai and Sharjah as well as the Icad 1, 2, 3 and 4 industrial projects in Al Ain," he added.
"The country is focusing on vital and strategic industries such as petrochemicals, steel, cement and aluminium. Industry is viewed as an important part of the diversification of the economy.
"The UAE is investing in countries with diverse natural resources as the country has few natural resources of its own. The government is keen to secure a supply of the raw materials needed by the industrial sector," said Al Roken.
At the regional level, the industrial sector contributes 10 per cent of the GCC's GDP and is expanding. Revenues rose from Dh161.8bn in 2002 to Dh307bn in 2006 and then to Dh487.7bn last year.
The Gulf Organisation for Industrial Consulting (GOIC) said investment in industry by GCC members will double to Dh760bn by 2012. GCC countries see the industrial sector as a strategic means of diversifying their economic base in the long term and reducing their reliance on income from oil. "The UAE comes second after Saudi Arabia in terms of industrial investment," said a GOIC official. "Of the Dh487.7bn invested in industry in the region last year, Saudi Arabia accounted for Dh296.8bn and the UAE Dh72.6 bn. Qatar invested Dh43.5bn, Kuwait Dh31.3bn, Bahrain Dh26.1bn and Oman Dh17.6bn."
The chemical industry received the lion's share of Dh273bn across the region, followed by building materials with Dh55.6bn, synthetic minerals with Dh43bn, foodstuffs, drinks and tobacco with Dh38.1bn, natural minerals with Dh30bn, paper, printing and publishing requirements with Dh11.3bn, textiles and readymade garments with Dh7.8bn and wood and furniture with Dh4.4bn. The remaining Dh24.2bn investment is distributed among other industries.
UAE Ministry of Finance figures reveal that investment in the country's food, drink and tobacco industry rose to Dh32.1bn in 2007 from Dh8.9bn in 2003.
Investment in the textiles and readymade garments sector amounted to Dh960 million last year while wood and furniture accounted for Dh822m.
Saeed Abdullah Al Roken, Director of Industrial Development, said the growth would be driven by major projects such as a Dh22bn aluminium plant and a Dh3bn steel plant in Abu Dhabi.
"Several industrial cities are under construction in Dubai and Sharjah as well as the Icad 1, 2, 3 and 4 industrial projects in Al Ain," he added.
"The country is focusing on vital and strategic industries such as petrochemicals, steel, cement and aluminium. Industry is viewed as an important part of the diversification of the economy.
"The UAE is investing in countries with diverse natural resources as the country has few natural resources of its own. The government is keen to secure a supply of the raw materials needed by the industrial sector," said Al Roken.
At the regional level, the industrial sector contributes 10 per cent of the GCC's GDP and is expanding. Revenues rose from Dh161.8bn in 2002 to Dh307bn in 2006 and then to Dh487.7bn last year.
The Gulf Organisation for Industrial Consulting (GOIC) said investment in industry by GCC members will double to Dh760bn by 2012. GCC countries see the industrial sector as a strategic means of diversifying their economic base in the long term and reducing their reliance on income from oil. "The UAE comes second after Saudi Arabia in terms of industrial investment," said a GOIC official. "Of the Dh487.7bn invested in industry in the region last year, Saudi Arabia accounted for Dh296.8bn and the UAE Dh72.6 bn. Qatar invested Dh43.5bn, Kuwait Dh31.3bn, Bahrain Dh26.1bn and Oman Dh17.6bn."
The chemical industry received the lion's share of Dh273bn across the region, followed by building materials with Dh55.6bn, synthetic minerals with Dh43bn, foodstuffs, drinks and tobacco with Dh38.1bn, natural minerals with Dh30bn, paper, printing and publishing requirements with Dh11.3bn, textiles and readymade garments with Dh7.8bn and wood and furniture with Dh4.4bn. The remaining Dh24.2bn investment is distributed among other industries.
UAE Ministry of Finance figures reveal that investment in the country's food, drink and tobacco industry rose to Dh32.1bn in 2007 from Dh8.9bn in 2003.
Investment in the textiles and readymade garments sector amounted to Dh960 million last year while wood and furniture accounted for Dh822m.
