The UAE government aims to attract new industrial investments worth more than $70 billion by 2025, said a report.
The investments from the Emiratis in the industrial sector has risen to Dh112 billion ($30.5 billion) last year, accounting for 86 per cent of the total investments in this vital sector to the national economy, reported state news agency Wam citing a senior minister.
"The future outlook of the UAE is transitioning to a knowledge-based economy, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors," remarked Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.
These will improve the country’s business environment and increase its attractiveness to foreign investment," Al Mansouri noted.
According to him, investments from both the overseas group and that of the GCC citizens into the industrial sector stood at Dh14 billion ($3.8 billion), he added.
Of the total Emirati investments last year, about 61 per cent was focussed on major industrial sectors along with F&B (food and beverage) platform, said the minister.
About 58 per cent of GCC investments focused on non-metalic mineral raw material and the mineral industries, while 58 per cent of foreign funding went to the F&B industries.