Sunday, 19 September, 2021

UAE’s industrial sector competitive in Arab world: UN

UAE’s industrial sector competitive in Arab world: UN

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DUBAI: The UAE’s industrial sector is the most competitive in the Arab world, according to a report by the UN.

It was ranked 30th globally in the UN global rankings index, climbing five places since 2020 and nine places in four years, helping to attract interest of global investors, report agencies.

The United Nations Industrial Development Organisation’s Competitive Industrial Performance Index report tracks 152 countries.

“The UAE is on its way to becoming a global destination for pioneering future industries, enhancing its attractiveness for investments, and incentivising advanced technology,” Dr Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, said in a statement.

The UAE plans to double the industrial sector’s contribution to national gross domestic product to Dh300 billion by 2031 from Dh133bn currently. Known as “Operation 300bn”, the plan was launched earlier this year with a target of supporting 13,500 industrial companies in the next decade.

The country’s industrial sector will receive financial backing from the government to support their operations and improve their competitiveness in export markets, the Ministry of Industry and Advanced Technology said in July.

The UN ranking validates the competitiveness of the country’s industrial sector and its business ecosystem, according to a statement issued on Sunday.

The UN report said the UAE had achieved sustainable growth in the industrial sector by incorporating advanced technology, promoting science-based education, balancing industrial progress with environmental sustainability and encouraging innovation.

“Thanks to the country’s attractive business environment to local and international investors in the industrial sector, the UAE is cementing its position as a global destination for pioneering future industries,” Dr Al Jaber said.

The UAE climbed the global industrial rankings by increasing its industrial performance in four out of eight indicators, according to the UN report. “The Emirates has ascended 14 places – from 31st to 17th – for its manufacturing exports per capita, while moving up to 32nd for its total manufacturing exports,” it said.