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Transformative Industries Added 16% To GDP By End Of Q3, Minister Of Economy |
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Investment in the Transformative industries sector in the UAE reached AED130 billion by the end of September of this year compared to more than AED 127.6 billion in 2015, according to a report issued by the Ministry of Economy to on the occasion of the 45th National Day. ''The sector’s contribution to the national Gross Domestic Product, GDP, amounted to nearly 16 percent at fixed prices,'' the report said. It noted that the UAE’s GDP tripled in the past 10 years, climbing from almost AED 511 billion in 2006 to AED 1.58 trillion in 2015. The figure is expected to reach AED 1.8 trillion by the end of 2016. The growth rate at constant prices reached 3.8 percent last year compared to 3.1 percent in 2014. ''The state’s industrial sector has performed positively despite the economic challenges. As of the end of September 2016, the growing number of industrial facilities totalled 6,250, including 158 factories licensed until the end of the third quarter," Sultan bin Saeed Al Mansouri, Minister of Economy, added. ''Food and beverages led the other industrial sectors in terms of size of investment at AED 40 billion, representing 30 percent of the total. Basic metals ranked second at AED 32 billion or 25 percent, followed by non-metallic raw minerals at third place at 15 percent or AED 19 billion of investments,'' he noted. As of the third quarter of 2016 the Ministry had issued around 316,000 certificates of origin for various export products, of which about 276,000 were for locally made products. Additionally, the Minister noted that the government’s economic diversification policy is one of the core pillars of the UAE’s economic resilience, resulting in its increased capability to address economic difficulties and challenges. The Minister of Economy said that the government's economic policies give utmost importance to the industrial sector due to its vital role in the state’s economic development and diversification policy. The industrial sector is driving the national economy and supporting local prosperity and sustainable development in a post-oil stage. The country’s solid approach and diversification plans, he said, have led to the non-oil sector’s contributions to the gross domestic product, GDP, in 2015 rising at about 77 percent at current prices and 70 percent at constant prices. He revealed that the manufacturing, construction, retail, real estate, storage, transportation, telecommunications, and tourism industries, among others, recorded substantial GDP contributions, demonstrating the country’s steady and balanced steps towards a post-oil era coupled with well-informed policies and programmes to guarantee sustainable development. The UAE has also shown resilience despite a major global economic slowdown, decline in the number of emerging economies, and trade and investment instability in some parts of the region. Statistics and collected data as well as national and international economic indicators have proven the country’s advancement, showing once again the soundness of our economic approach and the strong performance of our vital sectors," the minister added. |
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