The UAE has recorded strong growth in the industrial sector with total volume of investments reaching AED77 billion in 2008, according to the UAE Ministry of Economy Annual Industrial Report 2008, announced, today. There are 4,219 industrial units in the country, which employ over 318,000 people, reported the official news agency WAM.
The Annual Industrial Report 2008 focuses on the performance of industries and highlights the growth from 2004 to 2008, categorised according to sectors and geographical location. Compared to 2004, when there were 3,036 industrial units in the country, by last year, the sector grew by 40 per cent, with investment volume more than doubling in four years. The number of people employed in industries also grew by about 40 per cent.
His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said that the Report reflects the strength of the country’s industrial sector, which contributes immensely 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.” The Report highlights the growth in new industrial licences and the customs exemptions provided on the import of raw materials, equipment, accessories, semi-processed or intermediate goods and packing and wrapping materials.
Mr Al Mansouri said that one of the key areas of the Ministry’s growth strategy focuses on developing the country’s industrial sector and strengthening its competitiveness globally. He said that the Government is committed to further strengthen local industries, as highlighted by the exemptions of AED12 billion granted during the five-year period from 2003 to 2008.
“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 Mr Al Mansouri.
