Bulk of FDI to be channelled into manufacturing
Up to 95% of FDI reserved for manufacturing in 2009 according to report
According to figures from the Economic and Social Commission for Western Asia, the UAE attracted US $13.7 billion in foreign direct investment (FDI) in 2009, reserving 95% for manufacturing.
The statistics were released ahead of this year’s MEMEX, the Middle East Manufacturing Exhibition, to be held at Abu Dhabi National Exhibition Centre (ADNEC) on November 28-30, 2010.
Broken down, the figures show Saudi Arabia attracted more than $21 billion, Oman $2.7 billion and Kuwait more than $500 million. Funding in the region over the last few years has created 126,000 jobs.
"While manufacturing has been hard-hit particularly in the US and Europe, here in the UAE and the wider region, significant investment is being made to expand the manufacturing base,” said Binu Pillai, exhibition director of MEMEX 2010.
Under the Abu Dhabi Economic Vision 2030, 17 sectors have been identified for further FDI, including basic industry and manufacturing, petrochemicals and plastics, aerospace, food and beverage processing, pharmaceuticals, and construction materials.
The Abu Dhabi Department of Economic Development (DED) is the leading partner of the MEMEX 2010 show. Organiser IIR Middle East expects 1220 companies to participate, representing 400 brands from 16 countries.
