Senior Ministry of Economy official reveals figures as UAE continues to build its industrial reputation
More than 6,300 factories worth more than AED103.1 billion ($28 billion) were operating in the UAE at the end of 2016 as the country continues to build its industrial sector as part of moves to diversify the economy.
Abdulla Al Saleh, the Under-Secretary for Foreign Trade and Industry at Ministry of Economy, told state news agency WAM that food and beverage accounts for the biggest slice of the sector with 30 percent.
Primary mineral industries followed with 24 percent, ahead of the non-metallic raw products industry with 14.9 percent, refined oil products with 6.6 percent, the chemical industries with 6.5 percent and the metallic product industries with 5.5 percent, he said on the sidelines of the UAE-Saudi Business Forum held in Abu Dhabi on Wednesday.
The forum included three sessions that covered key discussions on the national transformation plans under UAE Vision 2021 and Saudi Vision 2030, industrial integration and the role of women in the economy.
The forum also discussed key ways on how to enhance cooperation across eight main sectors, including industry, tourism, oil, aviation, construction, financial services, food stuff, gold, jewellery, medicines and medical equipment.
The outcomes of the event are aimed at enhancing trade, economic and investment cooperation, strengthening ties and opening new investment channels to promote diversification of sources of income, attracting value added investments and increasing the volume of non-oil exports, WAM reported.
Sultan bin Saeed Al Mansoori, UAE Minister of Economy, told the forum that bilateral relations between the UAE and Saudi Arabia are still witnessing continuous development and growth.
"The UAE–Saudi Business Forum is a vital platform for further achieving greater economic, trade and investment cooperation, based on a joint strategy that focuses on investing in the development prospects and capabilities of the UAE and Saudi Arabia, which are the two largest Arab economies, as well as benefiting from their huge commercial and investment potentials," he added.