ABU DHABI: The manufacturing sector's contribution to the UAE's non-oil GDP grew 2.5 pc to AED122 bn in real prices in 2018 from AED119.7 bn in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority .
Being a mainstay to a diversified economy, the sector has maintained its steady growth over the past five years, with its gross output growing 5 pc in 2017 as compared to 2016, during which manufacturing industries hit a growth rate of 4.8 pc.
Economic expansion is primarily driven by the non-oil sectors, including manufacturing, construction, transshipment, and financial service industries.
It's noteworthy that Abu Dhabi has embarked on an ambitious growth and diversification programme, Economic Vision 2030, to boost nonoil sector growth. The emirate has announced a three-year, AED 50 billion (USD13.6 bn) stimulus package to jumpstart nonoil activity in the capital emirate.
Efforts to promote key nonoil sectors and attract investment have been highlighted to boost activity across the UAE and create jobs, with new incentives offering 10-year residency visas for foreign investors and professionals (medical, science, technical fields) and 100% ownership of companies to foreign investors.
© Copyright Emirates News Agency (WAM) 2019.