The United Arab Emirates has recorded a strong growth by about 29 billion Dirhams (7.9 billion U.S. Dollars) in the industrial sector last year amid efforts to reduce reliance on oil export earnings, government data showed.
From around 81 billion Dirhams (22 billion dollars) at the end of 2009, the cumulative industrial investment in the Arab world's second largest economy climbed to an all time high of 110 billion Dirhams (30 billion dollars) at the end of 2010, with an increase of 35.76 percent, according to an industrial report issued by the Ministry of Economy this week.
The UAE Minister of Economy Sultan Bin Saeed Al Mansoori said the ministry has adopted an effective strategy to develop the performance of the industrial sector to increase its contribution in the GDP to 25 percent in the coming years.
The report said 4,960 industrial establishments operating in the UAE until the end of 2010 are about 4,960, an increase of 316 facilities compared with 2009's number. In the first half of this year, the industrial licenses department in the ministry approved the renewal of 225 licenses and issued 1,375 industrial licenses in addition to 3,000 customs exemptions.
Like other Gulf oil producers, the UAE has been striving to diversify its oil-dependent economy and boost sources of income from the non-oil sector, taking advantage of its energy resources, developed infrastructure and a strategic location in the heart of a massive consumer market.