August 22, 2008

UAE industrial sector contributed 20% of GDP in 2007 – Report

Mr Mohammed Khalfan Bin Kharbash UAE minister of state for finance & industry said that UAE’s industrial sector is the third largest economic producer, contributing almost 20% to GDP in 2007. The sector was worth AED 73 billion by the end of 2007, representing a 66% increase since 2003.

Mr Kharbash said that manufacturing units in UAE stood at 3,852 at the end of 2007, marking a 37.8% increase since 2003, when the government began prioritizing industry in its long term economic diversification plans. The industrial sector was now a key performer in the UAE, with no single sector dominating the landscape.

He added that "We will continue to foster progress in the industrial sector for the long term benefit not only of the economy, but also for sociological reasons as this sector can deliver fresh job and career opportunities for nationals. The government is now working to ensure global best practices are prevalent throughout the industrial and financial sectors."