Ali Majed Al Mansoori, the chairman of the Department of Economic Development, said the government will soon launch an initiative to boost industrial production in Abu Dhabi. Mona Al Marzooqi / The National
Ali Majed Al Mansoori, the chairman of the Department of Economic Development, said the government will soon launch an initiative to boost industrial production in Abu Dhabi. Mona Al Marzooqi / The Na

Abu Dhabi sets out plan to double industrial sector’s contribution to economy



Abu Dhabi is planning to double the size of its industrial base as a percentage of its GDP as it seeks to diversify its economy away from oil, said the chairman of the Department of Economic Development on Sunday.

Ali Majed Al Mansoori said the Government will soon launch an initiative to boost industrial production in the emirate, where industry’s contribution as a percentage of GDP could rise to 10 per cent from 5 per cent in the long run.

The plan, details of which he did not divulge, will contain many opportunities for the private sector, which the Government also wants to help, he said.

“In the next six months we will launch a plan for industrialisation,” Mr Al Mansoori said on the sidelines of a business forum organised by the Abu Dhabi Chamber of Commerce. “There will be many opportunities for strengthening the private sector and I am sure banks will be ready to finance.

“Encouraging the private sector is a priority and today marks the beginning of talks between the private sector and the Government and it will be followed later in the year by a workshop during which we will present projects.”

Abu Dhabi’s private sector accounts for 27 per cent of the economy, a figure the Government is hoping to boost to at least 40 per cent by 2030.

The push to diversify comes at a time when many Arabian Gulf countries are seeking to transform their economies to make them less dependent on oil.

Sultan Al Mansouri, the Minister of Economy, said last year that the country as a whole is aiming to nearly double manufacturing’s share of the economy from 11 per cent to 20 per cent by 2025.

The wider Arabian Gulf region could gain US$17.7 billion if its average diversification matches the OECD level, which is more than three-quarters of entire foreign direct investments in the GCC in 2013, according to the consultancy firm EY.

Oil, the UAE’s main export, accounts for 40 per cent of the country’s GDP, according to government statistics.

mkassem@thenational.ae

Follow The National's Business section on Twitter

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

 

 

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 
Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

EA Sports FC 24

Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 3.5/5

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.


Latest
Most Read
Top Videos