UAE industry contracts 7.2 pct during pandemic, exports valued at $22.9 billion

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The value of the United Arab Emirates industrial exports from January to October 2020 reached $22.9 billion (AED84.2 billion), according to figures from the Federal Competitiveness and Statistics Center.

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While the country’s industrial sector saw growth in the two years leading up to 2020, the COVID-19 pandemic is estimated to have caused a 7.2 percent contraction in 2020, according to data from the World Bank.

The World Bank does forecast a recovery with growth of 0.3 percent in 2021 and 2.6 percent in 2022, however.

A ten-year plan to more than double industrial output by 2031 was announced by the country’s leaders on Monday.

The UAE’s industrial sector’s contribution to GDP accounted for some 10 percent of the total in 2019, according to a report issued by Colliers International Middle East and North Africa.

Development of the industrial sector will provide incentives for investment and bring about a surge in exports, member of the board of directors of the Abu Dhabi Chamber of Commerce and Industry Hamad Al Awadhi said in a statement carried by the official WAM news agency.

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