The UAE government aims to attract new industrial investments worth more than $70bn by 2025, said a report.
The investments from the Emiratis in the industrial sector has risen to AED112bn last year, accounting for 86% of the total investments in this vital sector to the national economy, reported state news agency Wam, citing a senior minister.
Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, said: “The future outlook of the UAE is transitioning to a knowledge-based economy, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. These will improve the countrys business environment and increase its attractiveness to foreign investment.”
According to him, investments from both the overseas group and that of the GCC citizens into the industrial sector stood at $3.8bn, he added.
Of the total Emirati investments last year, about 61% was focussed on major industrial sectors along with food and beverage (F&B) platform, said the minister.
About 58% of GCC investments focused on non-metalic mineral raw material and the mineral industries, while 58% of foreign funding went to the F&B industries.