By Staff writer
UAE Minister of Economy Sultan bin Saeed Al Mansouri said the investment will double from its current level
The UAE plans to attract over $70 billion (AED257 billion) in industrial investments by 2025, according to the country's Minister of Economy.
The investment will increase the industrial sector's share to the country's gross domestic product (GDP) to 25 percent, up from from the current 16 percent by 2025, said Sultan bin Saeed Al Mansouri
The investment boost is aimed to make the industrial sector as the driving force in the country’s economic growth.
The slump in global oil prices has not had any significant impact on the UAE’s development as the share of non-oil sectors in the economy stood at 69 percent of GDP, news agency WAM quoted the minister as saying.
In October this year, the cabinet approved a $67.57 billion (AED248 billion) federal budget for the next five years, with the prime focus on education, social development and health. The budget for 2017 was set at $13.23 billion (AED48.7 billion).
“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,” Al Mansouri said.
“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," he added.
The minister said Abu Dhabi was planning to launch its own industrial strategy later this year, emphasising “the government recognises available opportunities in the industrial sector and is determined to invest in the future of industries.”
Dubai launched the 2030 Dubai Industrial Strategy in June this year, aiming to evolve into a global platform for knowledge-based, sustainable and innovation-focussed businesses.
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.