The Abu Dhabi 2015 report, issued by the Oxford Business Group, confirmed the growing importance of the role played by the industry sector at a time when the emirate is making efforts to diversify its economy to establish a long-term path of growth that is less dependent on the hydrocarbon sector.
Abu Dhabi’s industrial strategy seeks to harness the competitive advantages that abound in the emirate, in terms of resources, location, infrastructure and generous government support, in order to become a leader in a range of sectors from petrochemicals to steel, Alittihad reports.
“The industrial sector contributed 5.7 per cent to the emirates’ GDP in 2013 compared with 5.3 per cent in 2012, with an estimated rate of 12.6 per cent to the non-oil GDP, according to the Statistics Centre – Abu Dhabi.”
The share of the sector’s contribution has remained stable since the beginning of the decade, reaching 5.6 per cent in 2010 and five per cent in 2011. This is due to the rapid growth of the industrial sector in harmony with other sectors.
Abu Dhabi Economic Vision 2030, which serves as the emirate’s work program for economic development in the long term, expects the industrial sector to contribute 25 percent of GDP by the year 2030.
This requires a huge investment from both the public and private sectors in a series of other categories ranging from petrochemicals to steel and food industry.
The vision determines a number of important sectors of focus for the emirate in order to support the diversification of the economy, with an emphasis on sectors with large capital and export trends.
Abu Dhabi is planning to achieve an annual growth of 7.5 per cent in these industries and increase the share of its contribution to the GDP.