Business | Technology
'Our role is to spot investment potential'
Fujairah's department of industry and economy says emirate poised for growth.
- By Fuad Ali, Staff Reporter
- Published: 23:55 October 23, 2008
Fujairah: With most economic indicators in positive territory, the emirate of Fujairah is on course to realising its true economic potential, a senior official said.
Plans are under way to build major factories and oil refineries to capitalise on Fujairah's geographical location and natural resources. The government is also expanding the emirate's main port and airport.
The emirate's popularity as a tourist destination has resulted in luxury hotel developments and investment in infrastructure such as roads.
Mohammad Bin Majid Al Aleeli, director-general of Fujairah's Department of Industry and Economy, spoke to Gulf News about the economic aspirations of the East Coast emirate.
Gulf News: What is the main role of your department in developing Fujairah's industry, and the economy in general?
Mohammad Bin Majid Al Aleeli: The department was set up in 1980 with the idea of developing the various sectors of economy by seeking out potential areas of investment through feasibility studies and geological surveys.
These surveys are an essential tool in finding out which of the many natural minerals available in the mountains and lands of the emirate could have an economically viable investment potential.
Fujairah has an abundant supply of clay, so in 1982 the Emirates Ceramics Factory was built to utilise this resource. Other resources have also been identified, like basalt, which has great fire insulating properties.
Our role is in finding and assessing any potential for investment in the emirate and then securing the technologies and financial investment needed to realise that potential.
What are your plans to further advance these industries and the economy as a whole?
We are constantly looking for ways of diversifying and boosting our economy. That is why the department, which also set up Fujairah Port, Fujairah Airport and Fujairah's Free Zone is always looking to invest in, and develop, these crucial institutions.
We are also working on improving the infrastructure of the emirate by developing the road system, improving the communications network and providing a better transport service.
On the tourism front, we set up a tourism office dedicated to attracting investment and selling Fujairah as a tourist destination. The Fujairah government has put the development of the tourism sector as one of its main priorities.
How has Fujairah benefited from its strategic location? And has its proximity to the larger economies of Dubai and Abu Dhabi been a blessing or a drawback?
Fujairah has benefited from being the alternative option to the volatile Arabian Gulf and being on the UAE's eastern gate.
We have the second largest bunkering port, the country's only airport in the East Coast and the ever expanding Fujairah port. Our proximity to Dubai and Abu Dhabi has many benefits. There have been, and will continue to be, many major investments by the two emirates in Fujairah because of the emirate's attractions. Apart from a number of major tourism and real estate projects, there is the oil pipeline from Abu Dhabi to Fujairah which is currently under construction and plans for oil refineries.
There is a shortage of power which is affecting a number of northern emirates. How has that impacted on the economic progress of Fujairah?
There is no doubt that the huge development in the UAE over the last few years has put an increased pressure on the resources of the country and lately an imbalance between the two has arisen. In Fujairah, the shortage in electricity supply has affected the rate of growth and will continue to do so in the short to medium term, but we hope the plans for new power generating facilities in the country will fill this shortage within two or three years.
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