UAE industrial investments reach Dhs112b

28/03/2017 05:36 AST

Emirati investments in the industrial sector amounted to Dhs112 billion in 2016, accounting for 86 per cent 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), running from March,27th-30th for the first time in Abu Dhabi, the minister told to a local daily in an interview that the total investments in the country’s industrial sector rose to Dhs130 billion by end of 2016.

“Foreign investments came in the second place with Dhs14 billion, with GCC citizens in the third place with Dhs14 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 $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 per cent 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 per cent of the UAE nationals’ investments last year were focussed on major industrial sectors along with the food and beverage platform, with 58 per cent of GCC investments focussing on non-metalic mineral raw material and the mineral industries, and 58 per cent of foreign investments going to the food and beverage industries.

The Gulf Today