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Al Saleh .... industrial sector fast becoming a major contributor to
the UAE economic growth

Industrial investment key to UAE economic growth

DUBAI, February 21, 2015

The UAE’s gross domestic product (GDP) is less dependent on oil due to diversification of revenue sources and higher inflow of investment into the industrial sector which is fast becoming a major contributor to the country's economic growth, said an official.

The industrial sector generates a large number of jobs, which is an important aspect that calls for boosting of various kinds of industrial investments in developing countries and emerging markets, remarked Abdulla Al Saleh, the undersecretary, UAE Ministry of Economy, Foreign Trade Sector ahead of a key meeting.

The UAE Ministry of Economy is organising the annual investment meeting (AIM) from March 29 to April 1 at the Dubai International Convention and Exhibition Centre under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

The industrial investments would be one of the key topics at the upcoming event.

“Industrial investment holds high importance in this year’s AIM agenda, as it is considered a key pillar that contributes significantly to the GDP of developed economies,” stated Al Saleh.

AIM 2015 will be focused on the topics of diverse options and policies for innovation and technology transfer through foreign direct investment (FDI).

It will also discuss enabling regulatory frameworks for host countries to encourage innovation and technology transfer, in addition to raising the topic of developing high-end industries, and the underlying factors behind Asia’s successful case studies.

The forum will also discuss investment in mining as well as companies' strategies and FDI factors to develop high end industries.

Dawood Al Shezawi, the chief executive of AIM's organizing committee, said the meeting would discuss in depth industrial investment and challenges facing it, given its global economic significance.

According to him, the industrial development has acquired high importance in all markets, including emerging ones.

“Industrial investment triggers high interest among investors, because it is considered a magnet for capital and brings innovative products, especially in technology, energy, renewable energy agriculture and other industries,” he added.

“Emirates Global Aluminium (EGA) is a Strategic Partner of AIM 2015. It is a giant industrial entity and global leader in the production of aluminum. It represents the ideal industrial model, being one of the largest aluminum companies in the world,” said Al Shezawi.

EGA is a 50/50 joint venture company of Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai.

This merger came into effect in 2013, creating the 5th largest global producer of aluminum. EGA has an aggregate enterprise value of more than $15 billion.-TradeArabia News Service




Tags: UAE | economy | investment | industrial |

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