Manufacturing sector adds $33b to UAE’s non-oil GDP

ABU DHABI / WAM

The manufacturing sector’s contribution to the UAE’s non-oil gross domestic product (GDP) grew 2.5 percent to AED122 billion ($33.21 billion) in real prices in 2018 from AED119.7 billion in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority.
Being a mainstay to a diversified economy, the sector has maintained its steady growth over the past five years, with its gross output growing 5 percent in 2017 as compared to 2016, during which manufacturing industries hit a growth rate of 4.8 percent.
Economic expansion is primarily driven by the non-oil sectors, including manufacturing, construction, transshipment, and financial service industries.
It’s noteworthy that Abu Dhabi has embarked on an ambitious growth and diversification programme, Economic Vision 2030, to boost non-oil sector growth. The emirate has announced a three-year, AED 50 billion ($13.6 billion) stimulus package to jumpstart nonoil activity in the capital emirate.
Efforts to promote key non-oil sectors and attract investment have been highlighted to boost activity across the UAE and create jobs, with new incentives offering 10-year residency visas for foreign investors and professionals (medical, science, technical fields) and 100% ownership of companies to foreign investors.