Industry across the country is set for a big boost as the Government aims to raise the sector's contribution to GDP to 25 per cent in the next 15 years, the Minister of Economy says.
It currently accounts for about 15 per cent of economic output, said Sultan Al Mansouri.
To achieve the goal, local and federal governments need to work hard to ease investment and foreign ownership rules, he said.
"This is really the challenge," he said yesterday. "All the laws and regulations being worked on should really enhance and attract the investment into the industrial sector. If we provide the right environment, we should be able to have a contribution of the industrial sector of up to 25 per cent to the UAE."
The Government also needs to focus on attracting the right type of industries, he said.
"It has to offer a long-term return and more stable type of industry," he said. "It will take a lot of focus on the type of industries the UAE wants to attract."
Petrochemicals was one area in which the country had not done enough to tap downstream opportunities, he said, adding that expanding the petrochemicals industry would "open the world for us".
The UAE has been focusing on channelling investment into a mixture of energy-intensive industries as it strives to diversify its economy away from oil. Petrochemicals, aluminium, glass and steel are among the industries it has started from scratch.
Officials recognise, however, that to expand the country's industrial sector into new areas they need to attract foreign investment and expertise.
A step has already been taken in that direction with the approval by the Cabinet in December of a new companies law. The legislation potentially eases strict ownership rules for companies in certain sectors.
"The companies law is almost done now and is with the National Assembly," said Mr Al Mansouri. "There are certain areas within there that allows for foreign ownership of 100 per cent. With that in mind and the Government making the right decision about attracting proper investments in industrial sectors, hopefully we will be able to address the issue of national ownership."
Growth in the overall economy this year depends on how oil prices fare, he said. GDP expansion, however, was likely to be higher than the estimate for last year of 3.3 per cent, he said.
Mr Al Mansouri made the remarks on a tour of an Emirates Glass factory in Dubai yesterday. Emirates Glass is a cornerstone in the UAE's drive to establish an industrial footprint, he said.
The company is doubling production capacity at its plant in the emirate to 3.5 million square metres, said Khalid bin Kalban, the managing director and chief executive of Dubai Investments, a diversified conglomerate that owns Emirates Glass. The plant specialises in coating architectural flat glass and exports to more than 28 countries.
Dubai Investments also aims to increase the output at Emirates Float Glass, its plant in Abu Dhabi, from 450 tonnes per day to 600 million tonnes. The factory makes products for homes, buildings and cars.
Dubai Investments has about Dh300 million (US$81.6m) of debt coming due this year, part of which it will repay and the rest it will restructure, Mr bin Kalban said.
It may consider issuing a sukuk of between Dh750m and Dh1 billion this year to raise cash for glass expansion projects, Mr bin Kalban said.
"We are going for a Dh750m sukuk, but some banks in negotiations are telling us to clear the old debt so we may push the Dh750m to Dh1bn," he said.
tarnold@thenational.ae
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The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Zayed Sustainability Prize
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m, Winner SS Lamea, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer).
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,400m, Winner AF Makerah, Sean Kirrane, Ernst Oertel
6pm: Handicap (PA) Dh80,000 1,600m, Winner Maaly Al Reef, Brett Doyle, Abdallah Al Hammadi
6.30pm: Handicap (PA) Dh90,000 1,600m, Winner AF Momtaz, Antonio Fresu, Musabah Al Muhairi
7pm: Handicap (PA) Dh80,000 2,200m, Winner Morjanah Al Reef, Brett Doyle, Abdallah Al Hammadi
7.30pm: Handicap (TB) Dh100,000 2,200m, Winner Mudarrab, Jim Crowley, Erwan Charpy
INDIA'S%20TOP%20INFLUENCERS
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THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
