The manufacturing sector’s contribution to the UAE’s non-oil GDP grew 2.5 percent to Dh122 billion ($33.2 billion) in real prices last year from Dh119.7 billion ($32.5 billion) in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority.
Being a mainstay to a diversified economy, the sector has maintained its steady growth over the past five years, with its gross output growing 5 percent in 2017 as compared to 2016, during which manufacturing industries hit a growth rate of 4.8 percent.
Economic expansion is primarily driven by the non-oil sectors, including manufacturing, construction, transshipment, and financial service industries stated the report.
Abu Dhabi has embarked on an ambitious growth and diversification program, Economic Vision 2030, to boost nonoil sector growth.
As part of this, the emirate has announced a three-year Dh50 billion ($13.6 billion) stimulus package to jumpstart nonoil activity, said the report.
Efforts to promote key non-oil sectors and attract investment have been highlighted to boost activity across the UAE and create jobs, with new incentives offering 10-year residency visas for foreign investors and professionals (medical, science, technical fields) and 100% ownership of companies to foreign investors, it added.
TradeArabia News Service