Industrial capital in UAE manufacturing exceeds $20 billion
The UAE is investing heavily in its industrial manufacturing sector, stimulated by and the need to diversify the economy and booming economic growth which is fuelling demand for finished products and materials.
According to official figures released by the Ministry of Finance and Industry, the total cumulative industrial capital value of all non-oil and gas industrial projects in the UAE now exceeds $ 20 billion, creating 290,000 jobs.
The Middle East Manufacturing Exhibition (MEMEX), which takes place at the Abu Dhabi National Exhibition Centre (ADNEC) on 23 -25 November 2008, will provide a platform for regional manufacturers to meet local, regional and international suppliers. In addition, organisations looking to establish a base in the region will also be able to speak to key industry players and decision-makers, such as the Higher Corporation for Specialized Economic Zones - ZonesCorp.
Tim Wilson, Exhibition Manager, MEMEX, commented, “These figures represent massive commitment to the manufacturing sector, whose contribution to UAE GDP is second only to oil & gas. This new wave of manufacturers are catering for the ‘new economy’ providing machinery and tools for industries related to construction, shipbuilding, infrastructure, power generation and even retail. The traditional oil and gas and associated downstream industries are still vitally important to the regional economy but it is the success of diversification that is driving the non-oil growth.”
Wilson added, “For example, a number of high profile partnerships have been announced recently such as the Finmeccanica – Mubadala hi-tech industrial partnership, which will manufacture aerospace composites at an Abu Dhabi-based plant.
The first Industrial City of Abu Dhabi (ICAD 1) includes economic zones for base metals, building and construction products, electronics, plastics manufacturing and automotive industries and has already attracted $2.99 billion in investment. ICAD 2 has already attracted nearly $1.63 Billion with new projects including air conditioning water chillers, architectural hardware and aluminum windows and doors manufacturing.
Not to be left out, Dubai Industrial City is targeting $2 billion in investment over the next five years. So far DIC has invested $177 million and will build more than 500 factories for light and medium industries by 2015.”
One highlight this year at MEMEX will be the Industryscape conference, which runs in parallel with the exhibition will be the only platform for key discussions on the future of the Middle East industrial landscape. Stakeholders from investment and regulatory bodies to leaders in industry will be at the event to ensure their voice is heard in this growing marketplace. Delegates will join the region's leading decision makers, discussing the opportunities and challenges to forging the industrial landscape in the Middle East.
© 2008 Al Bawaba (www.albawaba.com)