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28120
Mon, 11/03/2008 - 14:27
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https://oananews.org//node/28120
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Dh2.2bn pumped into industry in 2007 to diversify economy
Dubai, Nov 3, 2008 (WAM) - The UAE pumped nearly Dh2.2 billion into food, chemicals and other manufacturing projects in 2007 as it pushed ahead with an industrial drive to diversify its oil-reliant economy, according to official figures according to a report in “Emirates Business.”
Dubai emerged as the largest industrial investor last year, with a total capital of around Dh774 million, more than a third of the UAE's 2007 manufacturing investment, showed the figures by the Ministry of Economy.
Other key investors were Fujairah and Ras Al Khaimah while Abu Dhabi remained the dominant industrial investor over the past six years.
From around Dh70.424 billion at the end of 2006, the total industrial capital pumped by the UAE since 2001 grew to nearly Dh72.636bn at the end of 2007 and the capital is projected to surge by the end of this year.
"Industrial investment in the UAE has steadily grown over the past years and is expected to increase in the next years as the country is focusing on this sector in its economic diversification plans," the Emirates Industrial Bank said.
By the end of 2007, industrial investment by Abu Dhabi, the UAE's main oil and gas producer, totalled nearly Dh38.9bn, more than half the country's total manufacturing investments, the figures showed.
Dubai remained the second largest investor, with a total manufacturing capital of around Dh17.1bn, nearly a quarter of the country's industrial capital.
Fujairah came third, with around Dh6.4bn, followed by Ras Al Khaimah, with industrial investment of nearly Dh4.1bn. Industrial capital stood at Dh4.03bn in Sharjah, Dh1.49bn in Ajman and Dh483m in Umm Al Qaiwain.
Last year's funds were invested in 275 industrial units, raising the total number of manufacturing projects to 3,852. They included around 1,548 units in Dubai, 1,120 in Sharjah and 550 in Ajman. Abu Dhabi had only 312 industrial projects at the end of 2007 but experts said they were mostly large ventures.
Sector-wise, food and beverages received the lion's share of the investments, with a total capital of Dh32.1bn. The chemicals sector was the second largest recipient, with total investments standing at Dh15.4bn. Other major investment sectors were metals and minerals.
According to estimates by the Doha-based Gulf Organisation for Industrial Consulting (GOIC), the UAE was the second largest industrial base in the six-nation Gulf Cooperation Council (GCC). Saudi Arabia, the world's dominant oil power, topped the list with industrial investment of around US$80bn (Dh294 billion) at the end of 2007, more than 60 per cent of the GCC's total.
Heavy investments in industrial enterprises have sharply boosted the sector's share of the gross domestic product in the UAE, surging from only Dh35bn in 2000 to Dh50bn in 2004 and a record Dh90.5bn in 2007.
Its contribution stood at 12.3 per cent of the GDP of Dh729bn last year, the second largest GDP component after the hydrocarbon sector, according to the Central Bank.
A breakdown showed nationals controlled the bulk of the industrial investment, with a share of Dh61.9bn, more than 85 per cent of the total. Around Dh8.1bn is held by foreigners and the rest by other GCC investors.
Besides contributing to economic diversification programmes, industrial projects created a large number of jobs, standing at 288,180 at the end of 2007.
The report gave no figures on industrial exports but the UAE has recorded a sharp rise in such exports over the past 15 years.
Their value was projected to have exceeded Dh15bn last year compared with Dhs6bn in 1995.
Dubai emerged as the largest industrial investor last year, with a total capital of around Dh774 million, more than a third of the UAE's 2007 manufacturing investment, showed the figures by the Ministry of Economy.
Other key investors were Fujairah and Ras Al Khaimah while Abu Dhabi remained the dominant industrial investor over the past six years.
From around Dh70.424 billion at the end of 2006, the total industrial capital pumped by the UAE since 2001 grew to nearly Dh72.636bn at the end of 2007 and the capital is projected to surge by the end of this year.
"Industrial investment in the UAE has steadily grown over the past years and is expected to increase in the next years as the country is focusing on this sector in its economic diversification plans," the Emirates Industrial Bank said.
By the end of 2007, industrial investment by Abu Dhabi, the UAE's main oil and gas producer, totalled nearly Dh38.9bn, more than half the country's total manufacturing investments, the figures showed.
Dubai remained the second largest investor, with a total manufacturing capital of around Dh17.1bn, nearly a quarter of the country's industrial capital.
Fujairah came third, with around Dh6.4bn, followed by Ras Al Khaimah, with industrial investment of nearly Dh4.1bn. Industrial capital stood at Dh4.03bn in Sharjah, Dh1.49bn in Ajman and Dh483m in Umm Al Qaiwain.
Last year's funds were invested in 275 industrial units, raising the total number of manufacturing projects to 3,852. They included around 1,548 units in Dubai, 1,120 in Sharjah and 550 in Ajman. Abu Dhabi had only 312 industrial projects at the end of 2007 but experts said they were mostly large ventures.
Sector-wise, food and beverages received the lion's share of the investments, with a total capital of Dh32.1bn. The chemicals sector was the second largest recipient, with total investments standing at Dh15.4bn. Other major investment sectors were metals and minerals.
According to estimates by the Doha-based Gulf Organisation for Industrial Consulting (GOIC), the UAE was the second largest industrial base in the six-nation Gulf Cooperation Council (GCC). Saudi Arabia, the world's dominant oil power, topped the list with industrial investment of around US$80bn (Dh294 billion) at the end of 2007, more than 60 per cent of the GCC's total.
Heavy investments in industrial enterprises have sharply boosted the sector's share of the gross domestic product in the UAE, surging from only Dh35bn in 2000 to Dh50bn in 2004 and a record Dh90.5bn in 2007.
Its contribution stood at 12.3 per cent of the GDP of Dh729bn last year, the second largest GDP component after the hydrocarbon sector, according to the Central Bank.
A breakdown showed nationals controlled the bulk of the industrial investment, with a share of Dh61.9bn, more than 85 per cent of the total. Around Dh8.1bn is held by foreigners and the rest by other GCC investors.
Besides contributing to economic diversification programmes, industrial projects created a large number of jobs, standing at 288,180 at the end of 2007.
The report gave no figures on industrial exports but the UAE has recorded a sharp rise in such exports over the past 15 years.
Their value was projected to have exceeded Dh15bn last year compared with Dhs6bn in 1995.
