Dubai – “ASWAQ”
The UAE plans to attract over US$70 billion (AED257 billion) in industrial investments by 2025, aimed at making the industrial sector as the driving force in the country’s economic growth, according to the emirate’s Minister of Economy, Sultan bin Saeed Al Mansouri.
The minister was quoted as saying to the news agency WAM, that the investment will increase the industrial sector’s share to the country’s gross domestic product (GDP) to 25 percent, up from the current 16 percent by 2025. The recent slump in global oil prices has not significantly affected the UAE’s development as the share of non-oil sectors in the economy stood at 69 percent of GDP.
The UAE government is also drafting important legislations, including laws regarding foreign investments, to make investment in the industrial sector even more attractive, Al Mansouri said.
The cabinet had, in October this year, approved a federal budget of US$67.57 billion (AED248 billion) for the next five years, mainly focusing on education, social development and health with a budget set at US$13.23 billion (AED48.7 billion) for 2017.
Al Mansouri added, “The UAE’s vision for the future revolves around a sustainable and innovation-based and knowledge-based economy in which qualified human resources play a major role. Further, there are indicators that it is preparing for a significant industrial progress in the coming period, thanks to a higher degree of integration between national industrial companies and the development of new industrial sectors featuring innovation and the use of modern technology.”
The minister mentioned Abu Dhabi was planning to launch its own industrial strategy later this year, realizing the government’s recognition on the opportunities available in the industrial sector and is determined to invest in the future of industries.
Meanwhile, Dubai has launched its “2030 Dubai Industrial Strategy” in June this year, aiming to evolve into a global platform for knowledge-based, sustainable and innovation-focused businesses.