Emirati investments in industrial sector stood at AED112 billion in 2016: Minister of Economy

ABU DHABI, — Emirati investments in the industrial sector amounted to AED112 billion in 2016, accounting for 86 percent of the total investments in this vital sector to the national economy, UAE Minister of Economy Sultan bin Saeed Al Mansouri has said.

Ahead of the Global Manufacturing & Industrialisation Summit, GMIS, to be held on 27th-30th March for the first time in Abu Dhabi, the minister told the Abu Dhabi-based Arabic language local daily, Al Ittihad, in an interview that the total investments in the country’s industrial sector rose to AED130 billion by end of 2016.

“Foreign investments came in the second place with AED14 billion, with GCC citizens in the third place with AED14 billion,” according to the minister.

“The future outlook of the UAE is transitioning to a knowledge-based economy, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. These will improve the country’s business environment and increase its attractiveness to foreign investment,” Al Mansouri noted.

The UAE government seeks to attract new industrial investments valued at more than US$70 billion by the year 2025 in keeping with the directives of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum to augment by 25 percent the industrial sector’s contributions to the country’s Gross Domestic Product by 2025.

The organisation of GMIS came in implementation of the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who made it explicitly clear during the World Government Summit in Dubai that “we will be celebrating that moment 50 years from now after we have loaded the last barrel of oil if our investment today is right,” the minister said.

He added that 61 percent of the UAE nationals’ investments last year were focussed on major industrial sectors along with the food and beverage platform, with 58 percent of GCC investments focussing on non-metalic mineral raw material and the mineral industries, and 58 percent of foreign investments going to the food and beverage industries.

GMIS will be a good platform for encouraging Emirati youth to develop new skills and capabilities that could qualify them for a significant role in the growth of the industrial sector, remarked the minister.

“The summit will incentivise our youth to develop more innovative thought patterns and forge out-of-the-box solutions and approaches to the current challenges, therefore helping in creating job opportunities and products conducive to reinforcing the “Made in UAE” brand”, the minister added.

The UAE will develop a set of legislation that are likely to ensure an investment-friendly environment in the industrial sector, including the foreign investment law, expected to be issued shortly to provide more incentives for businessmen to channel their investments to essential economic sectors, primarily the industrial sector, Al Mansouri said..

Source: Emirates News Agency