NOW COUNTRY’S THIRD LARGEST ECONOMIC PRODUCER, SAYS KHARBASH

Release date: 4th February 2008

The Emirates’ industrial sector has made huge strides over the past four years and is now the country’s third largest economic producer, according to Dr. Mohammed Khalfan Bin Kharbash, UAE Minister of State for Finance & Industry.

Addressing the Dubai Industrial Investment and Partnership Forum (DIIPF), which runs at the Dubai World Trade Centre until February 6, the Minister said the industrial sector contributed nearly 20% to the country’s GDP last year.

He told delegates that the sector was worth some AED73 billion (US $ 19.9 billion) by the end of last year – a 66.4% increase on its AED44 (US $ 12 billion) value in 2003 when the Government began prioritizing industry in its long-term economic diversification plans. The number of manufacturing units in the country stood at 3,852 at the end of last year – a 37.8% increase on the 2003 total of 2,795.
Dr. Kharbash said the industrial sector was now a key performer in the UAE Government’s strategy of delivering a balanced economy with no single sector dominating the landscape.

“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,” said the Minister. “The Government is now working to ensure global best practices are prevalent throughout the industrial and financial sectors.”

The DIIPF has been organized by the Dubai Export Development Corporation (DEDC) in conjunction with the Department of Economic Development and the Gulf Organisation For Industrial Consulting. The Forum, which has an exhibition running alongside it, is aimed at promoting industrial investment, subcontracting and partnership with special focus on the small-to-medium sector.

The Forum, which is being held under the patronage of His Highness Sheikh Hamdan Bin Rashid Al Maktoum, UAE Minister for Finance & Industry, is an initiative of DEDC and is part of its campaign to reduce import dependence and promote self-sufficiency.

Addressing the Forum, DEDC’s Chief Executive, Engineer Sa’ed Al Awadi said the Dubai Government recognized the challenges of global competition and was moving quickly to address them.

“Hence, the rapid launch of new initiatives and the creation of laws to ease the process of upgrading the quality of goods produced in Dubai as well as the development of systems to stimulate their export,” said Al Awadi

“There is no doubt that the whole community will benefit from these efforts as they will provide more jobs for future generations, increase local output and achieve high economic growth rates.”