DUBAI:The UAE’s industrial sector saw investments with Dh130 billion ($35.39 billion) during the first half of 2017, 2 per cent up on 2016 levels, a minister said on Wednesday.
Abdullah Sultan Alfan Al Shamsi, Assistant Undersecretary for Industrial Affairs at the Ministry of Energy and Industry, told delegates to the Industrial Arbitration Forum in Sharjah, “Encouraging industrial investment is a key focus of government plans and initiatives that will develop national industries with a particular focus on value-adding industries that support the transition to a post-oil economy for sustainable growth and high competitiveness.”
The forum, organised by Takheem, the Sharjah International Commercial Arbitration Centre, is “one of the most important channels of communication through which we hope to discuss the best methods and practices,” said Abdullah Deaifis, Chairman of the Executive Committee of Tahkeem.
Al Shamsi said the enhancement of commercial arbitration practices for the industrial sector, including developing solutions and legal applications according to the best international standards, represented an important step for increasing investment in the industrial sector.
The UAE was “intent on providing the industrial sector with an investment-conducive environment and attractive incentives,” he added.
He said the Ministry of Energy and Industry was collaborating with federal and local sate departments, and the private sector, to achieve the national target of increasing the industrial sector’s contribution to national GDP from 16 per cent to 20 per cent by 2021 and 25 per cent by 2025.
“Encouraging industrial investment is a key focus of government plans and initiatives that will develop national industries with a particular focus on value-adding industries that support the transition to a post-oil economy for sustainable growth and high competitiveness,” he added.
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