6,303 factories running investments of AED103 billion in UAE

Up to 6,303 factories have been running investments worth more than AED103.1 billion in the UAE until the end of 2016, a top Ministry of Economy official told Emirates News Agency, WAM.

"The food and beverage industry accounts for 30 percent of the total volume of the country's industrial sector followed by the primary mineral industries with 24 percent, the non-metallic raw products industry with 14.9 percent, refined oil products with 6.6 percent, the chemical industries with 6.5 percent and the metallic product industries with 5.5 percent," said Abdulla Al Saleh, the Under-Secretary for Foreign Trade and Industry at Ministry of Economy, told WAM on the sidelines of the UAE-Saudi Business Forum, held today in Abu Dhabi.

The UAE and Saudi Arabia come in the16th position globally in terms of GDP, with both countries accounting for 48 percent of the total Arab GDP, he said, adding that Saudi Arabia is the UAE's fourth major world trade partner, comprising 4.6 percent of UAE's non-oil trade in 2016 and the country's top Arab partner, making up 43 percent of UAE's non-oil trade with GCC states and 27 percent of UAE's non-oil trade with all Arab nations.

Under the slogan ‘Together Forever,’ the UAE-Saudi Business Forum was held today in Abu Dhabi under the patronage of Sultan bin Saeed Al Mansouri, Minister of Economy, and Dr. Majid Al Qasabi, Minister of Commerce and Investment in KSA. The event saw the participation of more than 1,000 officials, investors and entrepreneurs coming from the two countries.

The forum, which was held at the Emirates Palace Hotel, included three sessions that covered key discussions on the national transformation plans under UAE Vision 2021 and KSA Vision 2030; industrial integration and the role of women in the economy. The forum also discussed key ways on how to enhance cooperation across eight main sectors, including industry, tourism, oil, aviation, construction, financial services, food stuff, gold, jewelry, medicines and medical equipment.

The forum is part of the joint retreat called ‘Khalwat Al Azm,.’ The outcomes of the event are aimed at enhancing trade, economic and investment cooperation, strengthening ties and opening new investment channels to promote diversification of sources of income, attracting value added investments and increasing the volume of non-oil exports.

The forum was organized by the Ministry of Economy, Abu Dhabi Department of Economic Development-and Abu Dhabi Chamber of Commerce and Industry in cooperation with the Higher Corporation for Specialized Economic Zones (ZonesCorp).

UAE Minister of Economy delivered the opening speech wherein he expressed his pride of the sincere brotherhood between the UAE and KSA, which represents a unique example of cooperation at the Gulf and Arab levels, openly demonstrated by the continuing efforts to enhance stability and growth of the region.

Al Mansoori pointed out that the bilateral relations between UAE and KSA are still witnessing continuous development and growth, driven by the firm will and sincere determination of the leaderships of the two countries--led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the Custodian of the Two Holy Mosques, H.H. King Salman bin Abdulaziz Al Saud--to advance cooperation and synergy between the two countries across various fields of development.

"The UAE–Saudi Business Forum is a vital platform for further achieving greater economic, trade and investment cooperation, based on a joint strategy that focuses on investing in the development prospects and capabilities of the UAE and KSA, which are the two largest Arab economies, as well as benefiting from their huge commercial and investment potentials," he noted.