KHALEEJ TIMES, Thursday, Oct 12, 2017 | Muharram 22, 1439
6,303 factories running investments of Dh103b in UAE
Up to 6,303 factories have been running investments worth more than Dh103.1
billion in the UAE until the end of 2016, a top Ministry of Economy official
told Emirates News Agency, Wam.
"The food and beverage industry accounts for 30 per cent of the total volume of
the country's industrial sector followed by the primary mineral industries with
24 per cent, the non-metallic raw products industry with 14.9 per cent, refined
oil products with 6.6 per cent, the chemical industries with 6.5 per cent and
the metallic product industries with 5.5 per cent," Abdulla Al Saleh, the
Under-Secretary for Foreign Trade and Industry at Ministry of Economy, told Wam
on the sidelines of the UAE-Saudi Business Forum, held on Wednesday in Abu
The UAE and Saudi Arabia come in the16th position globally in terms of GDP, with
both countries accounting for 48 per cent of the total Arab GDP, he said, adding
that Saudi Arabia is the UAE's fourth major world trade partner, comprising 4.6
per cent of UAE's non-oil trade in 2016 and the country's top Arab partner,
making up 43 per cent of UAE's non-oil trade with GCC states and 27 per cent of
UAE's non-oil trade with all Arab nations.
Under the slogan 'Together Forever', the UAE-Saudi Business Forum was held under
the patronage of Sultan bin Saeed Al Mansouri, Minister of Economy, and Dr Majid
Al Qasabi, Minister of Commerce and Investment in KSA. The event saw the
participation of more than 1,000 officials, investors and entrepreneurs coming
from the two countries.
The forum included three sessions that covered key discussions on the national
transformation plans under UAE Vision 2021 and KSA Vision 2030; industrial
integration and the role of women in the economy. The forum also discussed key
ways on how to enhance cooperation across eight main sectors, including
industry, tourism, oil, aviation, construction, financial services, food stuff,
gold, jewellery, medicines and medical equipment.
The forum is part of the joint retreat called 'Khalwat Al Azm'. The outcomes of
the event are aimed at enhancing trade, economic and investment cooperation,
strengthening ties and opening new investment channels to promote
diversification of sources of income, attracting value added investments and
increasing the volume of non-oil exports.
The forum was organized by the Ministry of Economy, Abu Dhabi Department of
Economic Development and Abu Dhabi Chamber of Commerce and Industry in
cooperation with the Higher Corporation for Specialized Economic Zones
Al Mansouri delivered the opening speech wherein he expressed his pride in the
sincere brotherhood between the UAE and KSA, which represents a unique example
of cooperation at the Gulf and Arab levels, openly demonstrated by the
continuing efforts to enhance stability and growth of the region.
Al Mansouri pointed out that the bilateral relations between the UAE and KSA are
still witnessing continuous development and growth, driven by the firm will and
sincere determination of the leaderships of the two countries - led by the
President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the Custodian of
the Two Holy Mosques, King Salman bin Abdulaziz Al Saud - to advance cooperation
and synergy between the two countries across various fields of development.
"The UAE-Saudi Business Forum is a vital platform for further achieving greater
economic, trade and investment cooperation, based on a joint strategy that
focuses on investing in the development prospects and capabilities of the UAE
and KSA, which are the two largest Arab economies, as well as benefiting from
their huge commercial and investment potentials," he noted.