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Wed 28 Jan 2009 07:05 AM

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$21bn invested in UAE industrial sector in 2008

Economic minister says employment in sector has grown 40% in past four years.

The UAE recorded strong growth in the industrial sector with total volume of investments reaching 77 billion dirhams ($21 billion) in 2008, according to the UAE Ministry of Economy Annual Industrial Report 2008.

The report revealed there are 4,219 industrial units in the country, employing more than 318,000 people.

The report focused on the performance of industries and highlighted the growth from 2004 to 2008.

Compared to 2004, when there were 3,036 industrial units in the country, the sector grew by 40 percent, with investment volume more than doubling in the four years. The number of people employed in industries also grew by about 40 percent.

Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said that the report reflected the strength of the country’s industrial sector, which contributed 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,” he said.

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.

“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,” added Mansouri.

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