São Paulo – The United Arab Emirates’ minister of Economy, Sultan Al Mansouri, said the country plans on increasing the share of industry in Gross Domestic Product (GDP) to 20% by 2021. Last year, industry accounted for 16% of the economy, The National reported.
“The ministry is currently closely working with its strategic partners on a slew of laws and regulations that will develop the sector and bolster its attractiveness,” Mansouri said.
The Gulf country is aiming to slash oil’s share of total revenue from 30% to 20% by 2021. Measures being put in place include antidumping and foreign investment laws.
Abu Dhabi plans to increase its contribution to the national industrial GDP from 5% to 10% in the long run. Dubai has developed an industry-oriented strategy designed to add USD 43 billion to the economy by 2030. The strategy includes creating 27,000 jobs and increasing exports by USD 4.3 billion.
In the first half of this year, the UAE’s total non-oil trade, including exports and imports, was up 3% from the year-ago period, to USD 150.6 billion. The UAE had a GDP of USD 370.2 billion in 2015, according to the World Bank.
*Translated by Gabriel Pomerancblum