Industrial Revolution: United Arab Emirates
The UAE has been one of the leading oil producers in the world with hydrocarbon exports exceeding $65 billion in 2017. Currently, the UAE’s non-oil sector is one of the most diversified in the region and contributes to around 70% of the GDP with plans to grow this contribution to around 80% in the next 15 years.
The UAE has a diversified economy and the GDP estimates of non-oil sector was reported around AED 1,100 billion at current prices due to the result of adapting economic diversification strategies by states and focusing on activities that can increase the dependence in non-oil sector.
The manufacturing sector contributes around 8.3% to the country’s total GDP. It is estimated to be around AED 118.04 billion in real prices. The contribution by the manufacturing industry has been constantly rising from AED 105 billion in 2012 to AED 121 billion in 2016. However, the industry took a hit on its contribution to the GDP and dropped to AED 118 billion in 2017. .
By 2025, the UAE’s manufacturing sector is expected to contribute 25% of the total GDP. In order to achieve this, the Government has made efforts to develop a series of long-term plans. The UAE vision 2021 provides a framework for transitioning UAE to a more knowledge-based economy. To fuel the industry sector, Dubai launched the Dubai Industrial Strategy 2030, which aims to transform this sector of the economy into a global platform for knowledge based, sustainable and innovative industries. This strategy has identified six industrial sectors and laid down 5 objectives to transform economic transformation.
At Buildzone Contracting, we aim to embark on this mission of expediting and widening the industrial construction at the United Arab Emirates by being a key player in supplying and constructing the country’s biggest landmarks.