Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.
In July, Abu Dhabi announced it’s aiming to double the contribution of its industrial sector to its gross domestic product (GDP) by 2031 as part of a broader effort to diversify its economy away from oil.
In 2022, the industrial sector contributed $24.72 billion to Abu Dhabi’s GDP, or 16.4% of its non-oil GDP and just over 8% of its total GDP. Abu Dhabi, about half of the UAE’s industrial sector, wants to increase this to $46.8 billion by 2031.
Recently, Abu Dhabi announced its plans to invest $2.7 billion in six programs to achieve its goal of doubling the size of its manufacturing sector, creating 13,600 skilled jobs, and boosting non-oil exports by 2031.
“The programs include talent development, ecosystem enablement, Industry 4.0, circular economy, homegrown supply Chain, and value chain development,” said Eng Arafat Al Yafei, Executive Director of the Industrial Development Bureau (IDB).
One year after launching the Abu Dhabi Industrial Strategy (ADIS), the number of new industrial licenses has increased by 16.6%, and manufacturers in the emirate have invested an additional $3.38 billion, bringing total capital investments to $104.5 billion by the end of June 2023.
The Abu Dhabi Chamber is committed to helping businesses and growing Abu Dhabi’s industrial sector, said CEO Ahmed Khalifa Al Qubaisi.
“This key sector is advancing steadily, especially following the launch of ADIS by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, which aims to consolidate the Emirate’s position as the most competitive industrial hub in the region,” he said.
Loading the player...
How can brands keep people and the planet at the center? Muna Al Gurg gives us an insight