Arab world’s second-largest economy projects to raise industrial contribution

The second-largest economy of the Arab world, the United Arab Emirates (UAE) is devoted to executing its tactics of reinforcing priority industrial spheres like heavy industry and upgrading their contribution to the nation’s economic development, according to Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

On 10^th April 2022, Dr Sultan’s also said during his visit to the Gulf Extrusions headquarters at Jebel that innovation, sustainability and foresight are pillars of the industrial sector’s growth.

The Ministry of Industry and Advanced Technology would pursue to support the industrial companies in alluring foreign capital and consolidate the UAE’s position as a most attractive global destination for fresh investment and industries.

Dr Al Jaber said, “The UAE gives great importance to all national industrial projects.”

“It is part of our desire to develop an environment that contributes to enhancing their success in line with the UAE’s efforts to raise the participation rate of the industrial and advanced technology sectors in the national economy, as well as enhance the UAE’s attractiveness to global investors.”

The UAE projects to augment the contribution of the industrial sector to the country’s economy in the upcoming 10 years by creating employment and attracting foreign investment.

In 2021, the country announced Operation 300 billion, which focuses on somewhat more than double the contribution of the industrial sector to the nation’s economic achievement from Dh133 billion in March 2021 to Dh300 billion ($81.68bn) by 2031.

The Foreign Direct Investment (FDI) remains the sustainability of the strategy aligning with committed financing and an in-country value programme that will explicit spending towards domestic products and suppliers. However, the all-inclusive Operation 300 billion eyes to support 13,500 SMSE in the next decade.

Dr Al Jaber further added, “The UAE has become a major destination for global industrial companies and investments in industrial and advanced technology, and the ministry plans to further develop the industrial sector by delivering advanced infrastructure, flexible and accessible finance, an enabling legislative environment for companies and businesses.”

“Today, we are helping national companies and factories attract global industrial projects by providing the appropriate environment and solutions to support their growth, development and progress towards promising new horizons in the future.”

The minister’s visit to Gulf Extrusions, which is one of the world’s leading manufacturers of aluminium extrusion products and it, is part of the ministry’s strategy of direct communication with companies in the industrial sector.

Gulf Extrusions ranks as the biggest aluminium extrusion facility in the Middle East, with an annual production capacity of 70,000 tonnes. The extrusion company grabbed the major share of the domestic market but also exports its extruded products to the rest of the GCC, wider Middle East, India, and South-East Asian markets, Australia, Africa, Europe, Canada and the US.

Majid Al Ghurair, the Managing Director and Christian Witsch, the CEO of Gulf Extrusion briefed about the company’s expansion plans to Dr Al Jaber during his tour.

Al Ghurair said, “We highly appreciated the focused dialogue on how to increase the export shares of the UAE in the aluminium downstream industry and even more the very active ministerial engagement in making it happen in a very fast time.”