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Dubai Investments assets in manufacturing grows to AED 3.05 billion |
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Dubai Investments has achieved consistent growth in its manufacturing business with total assets in the sector increasing to AED3.05 billion, constituting 19 percent of the company’s total assets worth AED16.11 billion as on 31st December, 2016. The company’s manufacturing business continues to play a major role in the growth of the manufacturing and industrial sector across the UAE, with strong contribution from its subsidiaries, particularly in the processing industries segment to the country’s non-oil Gross Domestic Product, GDP. The total income from Dubai Investments manufacturing activity grew to AED1.57 billion in 2016, a 15 percent increase compared to AED1.36 billion in 2015. The manufacturing companies of Dubai Investments are taking centre stage at the Manufacturing Expo 2017, being held in conjunction with the inaugural Global Manufacturing and Industrial Summit, GMIS, at the Paris Sorbonne University in Abu Dhabi, and co-hosted by UAE Government and the United Nations Industrial Development Organisation, UNIDO. Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said, "The manufacturing business, one of the core focus areas for Dubai Investments, has witnessed a strong growth thrust, particularly in the building materials, aluminium and steel sectors. As one of the pioneers in manufacturing sector in the UAE since the late-1990s, Dubai Investments has made significant contribution to the country’s non-oil GDP. The company has also prioritised some industries earmarked in the UAE Vision 2021 and Dubai Industrial Strategy, and these form the main pillars of its sustainable growth plans." He added, "Dubai Investments wants to reinforce its commitment to the manufacturing sector through a strong pipeline of projects in the future, which is endorsed in its strong participation at the GMIS. The summit is a testament to UAE’s growing role in developing a global, knowledge-based economy, which invests in global value chains and enabling a sustainable future for generations to come." The summit comes amidst a strong focus on manufacturing sector, with the UAE Ministry of Economy announcing that the country is targeting increasing the GDP share of the manufacturing sector from the current 11 percent to 20 percent by 2021 and 25 percent by 2025. |
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