Search DubaiPRNetwork.com

Home >> Energy and Industry

Figures' GCC chemical industry to sustain region's non-oil economic growth

Tuesday, November 28, 2017/ Editor -  

Share

Home >> Energy and Industry

The UAE chemical industry has the highest contribution among all GCC states, accounting for 52% of manufacturing revenue

Dubai, United Arab Emirates, 28 November 2017 :   Data released in a new report by the Gulf Petrochemicals and Chemicals Association (GPCA) has highlighted the role of the chemical industry in diversifying the regional economy and accelerating non-oil economic growth. According to the report, in 2016 the GCC chemical industry contributed around $43.8 billion to the GCC economy, equal to almost one third of manufacturing value added and 29% of manufacturing revenue. 

The UAE chemical industry’s contribution was the highest among all GCC states, accounting for 52% of manufacturing revenue. Off the back of significant investments over the past decade, the UAE almost doubled its share in overall regional capacity from 4.7% in 2006 to 8.5% in 2016. 

Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA, who met with key regional media during a roundtable, commented, “The past year has been a very positive time for the regional chemicals industry. The UAE industry’s growth has thrived post 2009 outpacing the overall GCC production index. This indicates the country’s aspirations to position the UAE as a key regional manufacturer of petrochemicals and fertilizers, while maintaining a healthy environment to sustain such aspirations. The following days of the Annual GPCA Forum will bring the entire sector together in unity and multiply our successes and learnings.”

“The sector’s contribution to economic growth has also been exemplary, which highlights the role of the industry as a key enabler in the journey towards economic diversification. For every job created in the industry, there are about three jobs created in other sectors. To sustain this growth, chemical output from the region has had to grow by 9.2% over the past decade,” he continued.

GCC chemicals output grew at the fastest pace in five years, with chemical production growing 8.5% from 2015 levels, reaching 158.8 million tons.
In 2016, the GCC chemical industry reported $77 billion in sales revenue, down 3% from the previous year as a result of changes in global petrochemical prices. The chemicals industry directly employs 152,100 people in the GCC, while investing $584 million in research and development. 
was released ahead of the 12thAnnual GPCA Forum taking place from 27-29 November 2017 at Madinat Jumeirah, Dubai.
 


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Roger Dubuis Excalibur Skeleton Double Flying Tourbillon-"No Boxing No Life ...

Eberhard & Co. 8 Jours Grande Taille a modern take on a classic timepiece

Heart disease strikes Indian expats younger than ever, reveals a clinical study

Trend of the season - Animal Print | GUESS

Lamborghini Huracán Performante is officially Jeremy Clarkson's Car of the ...

Global steel demand reinforced by the investment activities recovery in develope ...

Jafza Participation at Sial 2018 in Paris to Attract Investment From F&B Industr ...

Say Hello to the Next Generation of HP Sprocket

The All-new Dubai Fitness App Launches Open Registration for the City to Take th ...

Gitex Shopper Competition Winner Drives Away in a Brand-new MG ZS

Tommy Hilfiger - American Icon collection

New survey by HSBC reveals the prosperity of overseas residents, they're warned ...

ICAEW: Firms must be reimagined to survive digital era

Lenovo Announces Strategic Partnership With Emitac Enterprise Solutions (Ees) to ...

Ericsson and Intel score another feat with multivendor data call on 39GHz

New Research Shows Facebook Making Strides Against False News

Dubai Health Authority employees raise funds to build 100 wells in countries of ...

Their Royal Highnesses Present First Medals to Invictus Games Sydney 2018 Compet ...

American Dream: a Capsule Collection Celebrating Guess' Iconic Heritage'

MAGGI Introduces Soups for Kids