H.E Matar Al Neyadi: A major breakthrough achieved by the local industry at the international level
Monday, May 20, 2019
In the 1970s, the industrial sector consisted of 4 primitive factories for plastic pipes, juices and oxygen gas, with an investment of only AED 260 million. Investments in the same sector now amount to AED 131 billion distributed over 6431 factories. The UAE has surpassed this simple start, and is now a major global supplier of aviation technology and a source of products from dozens of local industries, including aluminum, iron, pharmaceuticals, petrochemicals, food, cement and cables, to many countries around the world. Through this rapid process of development, the industry in the UAE has become a major contributor to the creation of new job opportunities, diversification of income sources and competitiveness in the UAE, while maintaining a high growth rate.
H.E Dr. Matar Al Neyadi, Undersecretary of the Ministry of Energy and Industry, said that the industry was one of the sectors that witnessed a great renaissance after the establishment of the Union. The State has succeeded in establishing a solid industrial base that promotes strong growth, progress and competitiveness. He pointed out that the sector has recorded major developments over the past years, becoming one of the main engines of development, with its contribution to the country's GDP expected to reach 20% by 2030, compared to 15% currently.
- Integrated system
The industrial sector in UAE is an integrated system that has the infrastructure and roads, labor cities, modern office complexes, and energy and other industrial requirements. Dubai accounts for 40% of the factories, while Abu Dhabi accounts for 40% of the sector's investments. Investment in the food industry is worth 40 billion dirhams According to data from the Ministry of Energy and Industry. The UAE has a booming industrial sector characterized by a variety of products, including light and transformative industries, heavy and strategic, characterized by the size and intensity of capital invested.
H.E Al Neyadi attributed the growth of the sector to the UAE's strong infrastructure of ports, advanced transportation routes and international airlines linking the East to the West and North to the South; as well as the development of legislation and laws that provide a stimulating investment environment and stability in the country and major industrial areas.
"The Ministry of Energy and Industry is working to stimulate the development of knowledge-based manufacturing capabilities in the field of manufacturing goods and services and optimize the utilization of modern digital technological solutions in industrialization to serve the country's goals of sustainable development and enhancing its ranking in the global competitiveness index. He stressed that the availability of the attractive legislative and investment environment in the UAE drives the industry sector to develop and grow.
- Coordination Council
H.E Matar Al Neyadi pointed out that during the past millennium, the UAE has joined a number of international and regional industrial organizations and institutions such as the United Nations Industrial Development Organization (UNIDO) and the Gulf Industrial Consulting Corporation to share experiences and learn about the experiences of other countries, in addition to launching the economic balance program, which aims to re-invest part of the armament contracts with international companies and the establishment of advanced industries.
In 2016, an industrial coordinating council was established in the UAE within the framework of the UAE Vision 2021 and the National Agenda aiming at developing a competitive and sustainable economy based on knowledge and innovation.
* Source: Al Ittihad Newspapers - translated by MOEI