Figures' GCC chemical industry to sustain region's non-oil economic growth
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.
Home >> Energy and Industry Section
Hotel Indigo Redefines Art Experience with Launch of Keerthana's First Supper
Roghani, Golestan claim Padel crown at 11th Nad Al Sheba Sports Tournament
ADNOC Distribution Shareholders Approve New Five-Year Dividend Policy As Company ...
flydubai adds two destinations in the Kingdom of Saudi Arabia
Media Statement on the occasion of Zayed Humanitarian Day: Humaid Al Dhaheri, Ma ...
Snap, Savour and Win: Dubai Food Festival and Gulf Photo Plus Launch Photograph ...
Greenpeace MENA Reveals North Africa's Polluters- Time for Urgent Action!
Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Duba ...
Dubai Shopping Malls Group Set To Delight Shoppers With New ‘Shop. Scan & Win' E ...
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...
Union Coop joins forces with Emirates Skywards
Identity and Dubai Police in Wheelchair Basketball final at Nad Al Sheba Sports ...
Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agr ...
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for ...
5th Ramadan Heroes supports 224,000+ beneficiaries in two weeks
Call for Entries for Milestone Tenth Edition of Van Cleef & Arpels Middle East E ...
Emirates Adds Saf On Flights From Amsterdam Schiphol Airport
Formula E Races Into Asphalt 9: Legends With Time-Limited Events Ahead Of Tokyo ...