UAE Industrial Sector Boosts Economy with $54 Billion Contribution in 2023

Dubai, UAE (January 19, 2024): The United Arab Emirates (UAE) witnessed a robust performance from its industrial sector in 2023 with a significant contribution of $54 billion to the national Gross Domestic Product (GDP). This represents a remarkable 9% increase compared to the figures of 2022, highlighting the sector’s growing importance as a driver of economic growth and diversification.

Commenting on the achievement, Sultan bin Ahmed Al-Jaber, UAE Minister of Industry and Advanced Technology, emphasized the government’s commitment to further strengthening the industrial sector. He stated, “We aim to achieve sustainable economic development by amplifying efforts and building a robust industrial sector, supported by an integrated legislative and regulatory system.”

  • He continued to stress: “Since the launch of Operation 300bn in 2021, industrial exports grew by 17 percent, with the sector recording a 7 percent growth in productivity.” 
  • The ministry also activated import substitution projects worth 9.3 billion dirhams, Al-Jaber disclosed. 
  • “In 2023, the UAE ranked first regionally and 29th globally in the Competitive Industrial Performance Index, released by the United Nations Industrial Development Organization,” he emphasized. 
  • The minister also revealed that the entity, in partnership with its strategic partners EDB, Mashreq Bank, and FAB, provided the industrial sector with competitive financing solutions amounting to 5.3 billion dirhams, marking a 70 percent growth from 2022. 
  • “As part of its efforts to drive Emiratization in the industrial sector, the ministry launched several initiatives. These have boosted career growth for local talent in National ICV Program certified companies and employed more than 7,000 UAE nationals,” Al-Jaber said.
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