Abu Dhabi: An important manufacturing summit backed by the United Nations will be held in Abu Dhabi next year as the UAE’s economy diversifies and moves away from oil related industry.
The world’s first Global Manufacturing and Industrialisation Summit (GMIS) will be held at the Paris-Sorbonne University in Al Reem Island from March 27 to 30, organisers announced on Monday.
The event brings together more than 1200 businessmen and government officials from across the world to deliberate on changes taking place in the manufacturing industry and how to make the sector more competitive.
Badr Al Olama, a member of the GMIS organising committee and the CEO of Strata Manufacturing said the manufacturing is extremely important as it is contributing to 84 per cent of the global trade.
“Around half a billion people are employed in the manufacturing industry with the sector contributing an average of 16 per cent of the global GDP in the last ten years,” he said while announcing the details of the event at a press conference in Abu Dhabi.
“In the UAE alone, we expect that manufacturing will grow from 14 per cent of the UAE’s GDP to 25 per cent of the UAE’s GDP. This constitutes $70 billion [Dh250 billion] new investments in the manufacturing sector.”
He said some companies like Emirates Global Aluminium, Abu Dhabi Ship Building, Strata Manufacturing and other facilities in the northern Emirates are reinforcing the position that the UAE can take in the global manufacturing environment.
Abu Dhabi has set a vision, the vision 2030 in terms of diversification, where the UAE will be going and what kind of industrial activity will be happening, he added.
The event will take place as oil revenues dwindle due to drop in oil prices and Gulf economies focus on diversification. From more than $110 per barrel in 2014, oil prices have plunged to less than $50 per barrel in recent times.
The Economist Group, which is developing the GMIS event programme said the global economic growth remains sluggish due to geo-political factors, tightening of the energy market and expectations for collective climate actions and the reduction of emissions.
“Over the course of the summit, GMIS will set out a roadmap for the sector as a whole in driving growth in the global economy and addressing pressing global challenges,” said Kay Westmoreland, head of Middle East and Africa at The Economist Group.
Abu Dhabi to unveil industrial strategy 2016-2020
Abu Dhabi is set to unveil its Industrial Strategy 2016-2020 to give a boost to the industrial sector, according to Ayman Al Makkawy, director general of Industrial Development Bureau.
He said the strategy is currently in final approval and will be launched soon.
“The new strategy will be a roadmap to strengthen Abu Dhabi’s position in global value chain across many industries. It will link large industries with small and medium enterprises to give a boost to the economy,” he said.
