Thursday 21 June 2018

UAE sees strong growth in industrial sector

UAE, September 20, 2011

The UAE has recorded a strong growth in the industrial sector in 2010 where investments increased by Dh 29.024 billion  ($7.903 billion), an increase of 35.76 per cent.

Sultan Bin Saeed Al Mansoori, the UAE Minister of Economy, said that the ministry has adopted an effective strategy to develop the performance of the industrial sector in order to increase its contribution towards the GDP to 25 percent in the coming years.

Al Mansoori was speaking on the occasion of the issuance of the semi-annual report for 2011 from the Industrial Affairs Sector in the ministry.

According to the report, the industrial licenses department at the Ministry approved during the first half of this year the renewal of 225 licences, issued 1,375 industrial licenses and 3,000 customs exemptions.

The ministry also completed the industrial licensing system, which allows access to the initial approval and renewal of the license and industrial renewal and payment of registration in the system of industrial licensing and exemption of customs service.

Abdullah Sultan Al Fan Al Shamsi, adviser of the industrial sector at the ministry, said it was keen to complete the process of linking the electronic licensing system in the ministry and government departments, pointing out that the first meeting between the management of industrial licensing in the Ministry and the Higher Corporation for Specialised Economic Zones discussed the mechanism of linkage with the Ministry.

The report showed that the number of industrial establishments operating in the UAE until December 31, 2010 were about 4, 960 with an  investment volume reaching Dh101.189 billion ($27.553 billion), distributed all over the UAE, with an increase of 316 facilities compared to the number in 2009.– TradeArabia News Service

Tags: UAE | investment | Ministry of Economy | Report | Industrial Sector |

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