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DUBAI / WAM
Chemical industry in Arabian Gulf countries registered $77 billion in revenues in 2016, three percent less than the
previous year due to fluctuation in
international oil prices, an official said.
Kuwait News Agency (KUNA), quoted Dr Abdulwahab Al-Sadoun, Secretary General of the Gulf Petrochemicals and Chemicals Association, as saying chemical industries in the GCC contributed around $43.8 billion to GCC economies in 2016, or 29 percent of manufacturing industries. Al-Sadoun said production of chemicals increased 8.5 percent in 2016 to reach 158.8 million tonnes. Chemical industry’s contribution to the manufacturing industries in Saudi Arabia grew from 23 percent in 2015 to 27 percent last year. The UAE came second with 17 percent, and each of Kuwait and Oman with four percent and then Bahrain with two percent. The industry makes up the second largest manufacturing sector in the region, producing over $108 billion worth of products a year.