Abu Dhabi: Investments in the UAE's industries increased by Dh29.2 billion last year, the Ministry of Economy said in a statement yesterday, highlighting the growth trends in the industrial sector.
Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, said the ministry has adopted an effective strategy to develop the performance of the industrial sector in order to increase its contribution in the gross domestic product (GDP) to 25 per cent in the coming years.
"This is part of the UAE's economic diversification drive to increase sources of income from the non-oil sector and reduce the heavy dependence on oil revenues," Mohammad Amerah, an Abu Dhabi-based economist, told Gulf News, reacting to the development.
"The increase in industrial investments last year shows that they are going in the desired direction and the sector would become one of the major forces in the UAE economy in the coming years," Amerah added. Al Mansouri was speaking during the release of the "semi-annual report for 2011 from the Industrial Affairs Sector" in the ministry.
According to the report, the industrial licences department in the ministry approved during the first half of this year the renewal of 225 licences and issued 1,375 industrial licences and 3,000 customs exemptions.
The ministry, the statement said, has also completed the industrial licensing system which allows access to the initial approval and renewal of licences.
