The latest news about the growth of the UAE’s industrial sector
In an increasingly globalized business environment, foreign trade and manufacturing activities are the most important factors in a country’s economic development. The United Arab Emirates is no exception to this rule and clearly recognizes the benefits achieved through the development of the manufacturing sector.The UAE’s industrial sector currently accounts for 14 percent of GDP and the government plans to increase this to 25 percent over the next 15 years, in particular through significant investments in petrochemicals, metallurgy and fertilizers.
In 2011, global industrial production is estimated at $9.962 billion, an increase of 2 percent from 2005 to 2010. At the same time, the non-oil sector is projected to grow by 9% from 2012 to 2013, largely due to industrial production.
Nevertheless, the Middle East and a number of other countries are already almost completely independent of the oil and gas industry, thanks to a very strong expansion of industrial production. Key sectors contributing to the intensive growth of the UAE economy are:
– Aluminum and metal
– Crystal and glass
– Electronics and electrical engineering
– Home & Garden
– Equipment & Tools
– Marble and Stone Construction
– Medical equipment
– Paint and varnish coatings
– Paper Production
At the end of 2011, the number of non-oil manufacturing companies in the UAE stood at over five thousand, indicating the United Arab Emirates’ strong economic growth.
In addition to this, Dubai has already announced its bid to host the World Expo in 2020, entitled “Connecting People, Creating the Future”. The exhibition, held for six months every five years, attracts millions of tourists from around the world. In the history of exhibition events, the World Expo has never before been held in the Middle East, Africa and Southeast Asia.
Dubai’s industrial output is currently estimated at $54.4 billion, providing a 13 percent increase in GDP compared to 2007. Overall, Dubai’s manufacturing sector grew by 24% between 2006 and 2011.