The GCC chemical industry contributed around $43.8 billion to the GCC economy in 2016, equal to almost one third of manufacturing value added and 29 per cent of manufacturing revenue, according to a recent report.

The data released in the new report, titled ‘2016 GCC Petrochemical and Chemical Industry Facts and Figures’ by the Gulf Petrochemicals and Chemicals Association (GPCA), highlighted the role of the chemical industry in diversifying the regional economy and accelerating non-oil economic growth.

The report was released ahead of the 12th Annual GPCA Forum taking place from November 27 to 29 at the Madinat Jumeirah, Dubai.

Dr Abdulwahab Al Sadoun, secretary general, GPCA, who met with key regional media during a roundtable, said: “The sector’s contribution to economic growth has also been exemplary, which highlights the role of the industry as a key enabler in the journey towards economic diversification.”

“For every job created in the industry, there are about three jobs created in other sectors. To sustain this growth, chemical output from the region has had to grow by 9.2 per cent over the past decade,” he added.

GCC chemicals output grew at the fastest pace in five years, with chemical production growing 8.5 per cent from 2015 levels, reaching 158.8 million tonnes.

In 2016, the GCC chemical industry reported $77 billion in sales revenue, down 3 per cent from the previous year as a result of changes in global petrochemical prices.

The chemicals industry directly employs 152,100 people in the GCC, while investing $584 million in research and development, it stated. – TradeArabia News Service