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UAE secures $13 billion FDI for manufacturing projects.
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| 18 Oct 2010 |
More than $13 billion in foreign direct investment was secured by the UAE during 2009, according to an FDI report by the Economic and Social Commission for Western Asia. In total the UAE attracted $13.7 billion with approximately 95% earmarked for manufacturing projects.
The feel good factor for the manufacturing sector landscape comes at a time when organisers and participants are beginning to make their final preparations for MEMEX the Middle East manufacturing show, which takes place at the Abu Dhabi National Exhibition Centre (ADNEC) on 28-30 November 2010. The focus of the event is on technology, machinery, tools, and solutions for the industrial and associated industries in the Middle East
"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.
Elsewhere in the region, Saudi Arabia attracted over $21 billion, Oman $2.7 billion and Kuwait with over $500 million. Indeed, collectively over the last seven years the GCC region has secured over $137 billion in foreign direct investment funding 349 manufacturing projects, creating 126,000 jobs. During this period, the UAE attracted 155 of these projects valued at $17.3 billion, employing nearly 38,600 people.The Abu Dhabi Economic Vision 2030 has identified 17 core and support sectors to attract FDI and attain a sustainable growth economy. These sectors use the products and services on display at MEMEX 2010, and include basic industry and manufacturing, petrochemicals and plastics, aerospace, food and beverage processing, pharmaceuticals, and construction materials.
New this year at MEMEX is a dedicated Woodworker Zone for the latest in woodworking machinery and tools, providing networking opportunities with professionals in the wood processing, woodworking, furniture, carpentry, joinery, cabinet making, interior design and the wooden building material manufacturing sector.
“Metal working, woodworking, surface treatment, machine tools and welding were the top five product sectors exhibited last year and we have increased the machinery display space by 50% to accommodate further growth this year,” added Pillai.
This year organiser’s IIR Middle East expect 120 companies exhibiting, representing 400 brands from 16 countries, more than 3,000 decision makers from more than 25 countries have already registered to attend, primarily from across the Middle East and North Africa (MENA).
The Abu Dhabi Department of Economic Development (DED) is the leading partner of the MEMEX 2010 show.
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