Abu Dhabi industrial sector attracts foreign investors

Wam

• 46 foreign companies licenced in 2023
• Mining, chemicals and metals top list
• Emirate set 2031 manufacturing target

The Abu Dhabi Chamber of Commerce has said that the number of industrial licences issued by the emirate last year increased by 51 percent. 

The total now stands at 363, excluding free zones.

Statistics from Abu Dhabi Chamber also revealed that 46 foreign companies secured industrial licences in the emirate, with mining support services attracting 13 from overseas – the most of any sector. 

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Abu Dhabi Chamber said this number was more than 2022 but did not provide a comparison figure.

It added that chemicals and basic metals also saw “significant foreign participation” last year.

The increase in licences is part of the Abu Dhabi Industrial Strategy, which was launched by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in June 2022. 

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The emirate wants to double the size of the manufacturing sector to AED172 billion, create 13,600 skilled jobs and increase Abu Dhabi’s non-oil exports by 143 percent to AED178.8 billion by 2031. 

The strategy also aims to improve the UAE’s ranking in global industrial competitiveness indicators, where it sits 29th.

Abu Dhabi reported 7.7 percent growth in non-oil GDP during the third quarter of 2023 compared to the same period in 2022.

Manufacturing, which is the leading non-oil activity, reached a value of AED26.3 billion, contributing over 17 percent to the non-oil GDP and 9 percent to the overall GDP.