https://arab.news/g2nx9
RIYADH: The UAE’s industrial sector contributed 197 billion dirhams ($54 billion) to the country’s gross domestic product in 2023, up 9 percent compared to 2022 figures.
Announced by the Ministry of Industry and Advanced Technology, this boost is mainly attributed to four main pillars, including providing a business-friendly environment that supports the growth and attractiveness of UAE firms, the Emirates News Agency, also known as WAM, reported.
The other divisions include increasing in-country value in the industrial sector, accelerating technological transformation to back productivity as well as competitiveness, and promoting sustainability.
The pillars align with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300bn.
“We aim to achieve sustainable economic development by amplifying efforts and building a robust industrial sector, supported by an integrated legislative and regulatory system,” Minister of Industry and Advanced Technology Sultan bin Ahmed Al-Jaber said.
He highlighted that the ministry continues to leverage advanced technology solutions to boost the industrial sector’s competitiveness and contribution to GDP.
“In 2023, the ministry achieved several milestones, including completing 30 percent of the Operation 300bn target, with the sector’s contribution to GDP reaching a projected 197 billion dirhams in 2023,” the minister added.
He continued to stress: “Since the launch of Operation 300bn in 2021, industrial exports grew by 17 percent, with the sector recording a 7 percent growth in productivity.”
The ministry also activated import substitution projects worth 9.3 billion dirhams, Al-Jaber disclosed.
“In 2023, the UAE ranked first regionally and 29th globally in the Competitive Industrial Performance Index, released by the United Nations Industrial Development Organization,” he emphasized.
The minister also revealed that the entity, in partnership with its strategic partners EDB, Mashreq Bank, and FAB, provided the industrial sector with competitive financing solutions amounting to 5.3 billion dirhams, marking a 70 percent growth from 2022.
“As part of its efforts to drive Emiratization in the industrial sector, the ministry launched several initiatives. These have boosted career growth for local talent in National ICV Program certified companies and employed more than 7,000 UAE nationals,” Al-Jaber said.
The UAE’s industrial sector continues to be a key engine of the country’s sustainable economic growth, supporting local production and empowering talent. It also provides opportunities for business expansion to investors, enabling them to promote their products and access key global markets.