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The Industrial Sector's Contribution to The UAE's GDP Reaching 197 Billion Dirhams in 2023

The Ministry of Industry and Advanced Technology announced on 18 of January outstanding achievements for the year 2023, the most prominent of which was the completion of 30% of the target of the AED 300 billion project since its launch in 2021. This led to the industrial sector's contribution to the gross domestic product reaching AED 197 billion last year.


The ministry also confirmed that UAE industrial exports grew by 17% since the launch of the project, reaching a value of AED 187 billion.


The ministry stated that the results were achieved by focusing on four key pillars. Which are, providing an ideal industrial business environment that supports the growth and attractiveness of companies and investors in the UAE and enhancing the national content in the industrial sector also accelerating the pace of technological transformation that supports efficiency and competitiveness and promoting the leadership of sustainable industrial transformation.


Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said “the  ministry's continuing efforts aim to drive industrial sector growth and competitiveness to the gross domestic product, and benefit from integrated and modern work systems and advanced technology solutions.”


Dr. Al Jaber added that the ministry achieved many positive results that support the growth of the industrial sector during 2023. The most prominent of these was the completion of 30% of the target of the AED 300 billion project, which led to the contribution of the industrial sector to the gross domestic product reaching AED 197 billion by the end of 2023.


He continued that since the launch of the AED 300 billion project, the UAE's industrial exports have increased by 17%, industrial productivity has grown by 7%, and import substitution projects with 9.3 billion Dirhams.


In 2023, the UAE ranked first regionally and 29th globally in the UNIDO's Competitive Industrial Performance Index.


Dr. Al Jaber said that the ministry, in cooperation with its strategic partners, Mashreq Bank and First Abu Dhabi Bank, provided the industrial sector with financing solutions with 5.3 billion Dirhams, a growth of 70% from 2022. He pointed out that 90% of the beneficiaries of these solutions are small and medium-sized enterprises.


Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology, said that the Industrial Technological Transformation Index is a key pillar of the National Strategy for Industry and Advanced Technology. It has been used to assess and develop a technology transformation roadmap for 153 companies.


Moreover, he 300 Billion Project, is the largest and most comprehensive plan yet for developing the industrial sector in the UAE. The project aims to increase the industrial sector's contribution to the gross domestic product from its current 133 billion dirhams to 300 billion dirhams by 2031.


Edited by Chloe Mansola


Text GDP on coin stacks by Marco Verch licensed under CC BY 2.0 DEED


 


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Tags: #UAE #GDP #Industry



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