Thursday 7 December 2023

Khaled Al Hosani

UAE mining strategy aims to increase sector share of GDP

ABU DHABI, September 26, 2023

The UAE has launched its first mineral wealth strategy, which aims to increase the mining sector's contribution to non-oil GDP to 5 percent by 2030, according to a senior official.
Khaled Al Hosani, Director of the Geological and Mineral Resources Department at the Ministry of Energy and Infrastructure, said that mining is one of the UAE’s most promising sectors, a Wam news agency report said.
The mineral wealth strategy has been launched in collaboration with local authorities and the private sector, aligning with global and regional trends, he said.
He said the ministry aims to increase the number of companies in mining and manufacturing industries, boosting the sector’s added value and increasing relevant exports by 2026, as well as substituting mining extraction industry imports valued at $558 million with local products by 2026.
Al Hosani made the statement ahead of the eighth edition of the Fujairah International Mining Forum and its accompanying exhibition (from 26th to 28th September) under the theme “Mining Investment, Sustainable Development”.
The ministry also targets declaring six geological reserves in collaboration with relevant authorities, and registering them with Unesco by 2030.
“The ministry has conducted geological and mineral surveys, produced geological maps, and built a geological and geophysical database. The first mineral survey was carried out in 1975, resulting in the preparation of various geological maps. From 2002 to 2006, modern geological maps were developed for mountainous regions and adjacent areas through detailed geological studies, including fieldwork,” he added.
From 2006 to 2012, the second phase of the survey was completed, covering the remaining areas of the country. This phase produced over 47 geological maps, both paper and digital, and approximately 20 specialist reports covering various geological fields. Additionally, the ministry established a geological and geophysical database representing the outcomes and outputs of its geological and geophysical surveys, he said.


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