It has been announced by a senior government official on Monday that the UAE seeks to attract more than $70 billion in industrial investments by 2025.
Sultan Bin Saeed Al Mansouri, Minister of Economy, said in a statement that the investments in the country will help increase the share of the industrial sector to 25% (which will be 10% increment compared to last year). The investment would also ensure that the industrial sector would be the driving force of the country’s economic growth.
Al Mansouri also added, “The slump in global oil prices has not had any significant impact on the UAE’s development as the share of non-oil sectors in the country’s economy stands at 69 per cent of GDP and that the limited impact of oil was further evidenced by the Cabinet’s recent approval of the new budget”.
In 2015, the Cabinet approved a Dh248 billion federal budget for the next five years. This budget focuses on social development, education as well as health. Also, another budget was made for the preceding year (2016) which was set up at Dh48.7 billion.
“The UAE’s vision for the future revolves around a sustainable and innovation-based and knowledge-based economy in which qualified human resources play a major role. There are indicators that it is preparing for a significant industrial progress in the coming period, thanks to a higher degree of integration between national industrial companies and the development of new industrial sectors featuring innovation and the use of modern technology” Al Mansouri.