UAE’s industrial sector shows positive outlook: Report
The UAE’s industrial sector has witnessed significant growth in investments and finances in recent years, owing to extensive support from both the federal government and private entities. The UAE’s industrial sector’s contribution to the country’s GDP surpassed AED 210 billion in 2024, a significant increase of 57% compared to 2020
During the first nine months of 2024, banks operating in the UAE injected AED5.537 billion in funding for the manufacturing sector, according to data from the Central Bank of the UAE (CBUAE). It helped in increasing the financing portfolio for the sector by about 6.2 percent during the nine months, from AED 89.315 billion at the end of 2023, with a growth rate of more than 37 percent over the past decade, as per reports.
Continuous efforts by UAE leadership
The UAE leadership’s continuous efforts to develop and progress advanced technology have helped give a boost to the industrial sector in 2024. According to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, the industrial sector’s contribution to the UAE’s GDP has surged by 57%, with projections now exceeding $56.7 billion.
He also revealed that the growth in the UAE’s industrial exports has increased by 63%. The minister added that the exports are expected to surpass $51.3 billion since the establishment of the Ministry of Industry and Advanced Technology in 2020.
The UAE launched the “300 Billion Project” with the aim of developing the UAE’s industrial sector and strengthening its role in stimulating the national economy. “It has been a game-changer in enhancing in-country value and industrial production, ensuring sustainable supply chains and self-sufficiency,” Dr Al Jaber explained.
To boost the UAE’s industrial growth, the UAE also launched key initiatives such as the “Make it in the Emirates” campaign to invite local and international investors, innovators, and developers to join the country’s efforts. Since its launch, the initiative has successfully identified more than 2,000 products valued at $38.61 billion for local manufacturing.
Additionally, the National In-Country Value (ICV) programme, part of the UAE’s “Projects of the 50,” has redirected massive expenditure into the national economy, over $81 billion, with an 181% increase in spending by participating companies and entities. The program has also helped in the creation of 19,000 private-sector jobs for Emiratis, including 2,500 jobs in advanced and service industries within one year.
The UAE’s industrial sector currently demonstrates a highly competitive and supportive environment to solidify the country’s position as the regional leader in industrial competitiveness and quality infrastructure.
The industrial sector’s contribution to Abu Dhabi’s GDP grew 9.7% year on year to 90.8 billion dirhams ($24.72 billion) in 2024, according to government statistics, reported by Reuters.
