Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GCC industrial investments exceed $338 billion  Join our daily free Newsletter

MENAFN - Arab News - 10/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Total Industrial investments in the GCC have jumped from 81 billion in 1998 to 338 billion in 2012.
The Gulf Organization for Industrial Consulting (GOIC) revealed some figures about the progress of industrial activities in GCC countries.
The number of firms in the GCC jumped from 7,089 in 1998 to 15,165 in 2012. The number of workers grew from 55,9420 workers to 1.34 million workers.
Most of these investments were in the areas of chemicals, refining petroleum products, base metals, construction metals, building materials and food industries.
GOIC highlighted these figures during the "Reality and prospects of UAE national industrial sector" conference in Sharjah, according to a press release here.
It is taking place with the support of Sheikh Sultan bin Mohammed Al-Qasimi, member of the Supreme Council of the UAE and Ruler of Sharjah.
This conference aims at introducing high-quality UAE industries at the regional and international levels and discussing means of developing and diversifying them.
GOIC Secretary General Abdulaziz bin Hamad Al-Ageel gave a keynote speech in which he highlighted the Gulf industrial sector development.
Al-Ageel said: "More than 83 percent of GCC industrial firms are small and medium industries, but most industrial investments are in the area of big industries. More than 95.8 percent of the cumulative investments in the industrial sector of the Gulf."
He added: "As to the contribution of the industrial sector in GCC countries' GDP, it ranged between 9.5 percent and 10.5 percent from 2001 to 2012, except for 2008 when it was reduced to 8.5 percent because of the global financial crisis."
GCC countries also maintained a positive growth in the manufacturing industry value added in terms of the GDP throughout the last five years.
The GOIC secretary general stressed the role of GOIC in supporting industrial development projects in GCC countries by developing GCC industrial and economic databases, preparing several studies about the industrial sector and suggesting industrial investment opportunities in GCC countries.
In addition, GOIC provides public and private sectors with technical consulting services.
It also prepares studies and reports at the regional level, notably the GCC industrial map project that shed light on missing industries and target industries in GCC countries.
The organization suggested and promoted several investment opportunities in different GCC countries in coordination with chambers of commerce and industry and ministries of industry and trade.
Al-Ageel reiterated GOIC's will to keep up with international developments and their repercussions on manufacturing industries and knowledge-based industries in GCC countries.
The organization publishes an annual report about the readiness of GCC countries to move to knowledge-based industries.
In the last three years, analysis has led to two groups of states: the first is for countries that achieved remarkable progress toward knowledge-based industries and includes Saudi Arabia, UAE and Qatar.
These countries will be ready to move to knowledge-based industries by 2020 if they manage to fix their current vulnerabilities.
As to the second group, it includes Kuwait, Oman and Bahrain. They should deploy additional efforts to move to knowledge-based industries.
Al-Ageel also commended GCC countries for their achievements in this area.
He said: "Knowledge-based industries and industry innovation clusters have five pillars, and human resources is the most important pillar. In this regard, GCC countries made a quantum leap in terms of expanding the reach of basic, secondary and university education. Nevertheless, further efforts should be deployed to improve the quality and quantity of professionals in the area of knowledge. As to the second pillar, it is a framework for developing knowledge-based industries. GCC countries adopted excellent macroeconomic policies, and while frameworks of business policies still differ between these countries, they are generally solid but with some room for overcoming a number of restrictions."
The GOIC secretary general said: "The third pillar is a combination of capital, funding and liquidity. Although they are largely available in the region, there is a need to expand financing structures that are necessary to develop knowledge-based industries. Innovation systems are the fourth pillar. They encompass collective assets and operations boosting innovation in business applications. Foundations for supporting innovation systems in the GCC are being laid, but these initiatives are still immature and require additional time and attention in order to reinforce innovation capacities."
As to the fifth pillar, Al-Ageel said: "It is knowledge-based industry infrastructure; GCC countries have a relatively advanced infrastructure to develop knowledge-based industries, but further changes to some policies should be implemented."
He reiterated: "GCC countries need a specific policy for knowledge-based industries, since this type of knowledge has several implications on policies such as protecting knowledge assets and investing in producing or using knowledge assets. Government policies can develop appropriate frameworks to protect intellectual property that encourages producing and sharing knowledge between all stakeholders.
In addition to that, technical infrastructure and innovation are necessary, but they are not enough to prove the active development of manufacturing industries and to reinforce knowledge-based industries. These industries require appropriate legal and business environments in order to prosper and thrive in open and competitive markets. In fact, policies play a major role in determining these conditions."
Al-Ageel reminded governments and industrial investors that "knowledge-based strategies rely on competitive advantages in different countries. Therefore, industries with competitive advantages have a wide reach and benefit from established skills. They need comprehensive political reforms to provide a vibrant work environment which reduces bureaucracy barriers, improves access to financing and regulatory and statutory frameworks, and help improving education that is the first milestone toward responding to the pressing need for human capital."
Al-Ageel said: "Governments should play a bigger role in providing knowledge networks and public-private partnerships (PPPs). Such measures would reinforce knowledge-based industries, give priority to small and medium knowledge-based industries and boost privatization."

 


Arab News




  MENA News Headlines
 Apr 19 2015 - 83.7% annual increase in railway revenues during December: CAPMASDaily News Egypt
(MENAFN - Daily News Egypt) There has been an 83.7% increase in the revenues of railway transportation during December 2014, reaching EGP 99.4m, according to the Central Agency for Public ...

 Apr 19 2015 - QNB Al-Ahli net profits up 30% in MarchDaily News Egypt
(MENAFN - Daily News Egypt) Net profits for Qatar National Bank (QNB Al-Ahli) reached EGP 622m in March, marking a 30% increase compared to the same month in 2015, the bank announced ...

 Apr 19 2015 - Egypt- Minister of International Cooperation predicts further economic growthDaily News Egypt
(MENAFN - Daily News Egypt) The global decrease in oil prices is of benefit to Egypt, on the one hand, but may have a negative impact, on the other, according to Minister of International Cooperation ...

 Apr 19 2015 - Egypt, CMI sign MoUDaily News Egypt
(MENAFN - Daily News Egypt) Minister of International Cooperation Naglaa Al-Ahwani has signed a Memorandum of Understanding (MoU) with World Bank Vice President for the Middle East and North Africa ...

 Apr 19 2015 - Notorious conman reveals holes in Egyptian investment marketDaily News Egypt
(MENAFN - Daily News Egypt) Prosecution investigations revealed that a notorious conman, known as Al-Mestarayah, has only EGP 7m in six Egyptian banks, contrary to the EGP 300m that he has allegedly ...

 Apr 19 2015 - UAE, Egypt sign deal to construct 50k housing unitsMENAFN
(MENAFN) The United Arab Emirates are set to sign a construction deal with Egypt that includes the building of 50 thousand housing units in Egypt's new capital project, Amwal Alghad reported.The ...

 Apr 19 2015 - Kuwait finalises investment arm in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) Kuwait has completed the lengthy establishment of a company through which the state's future investments in Egypt will be carried out, a source familiar with the Gulf ...

 Apr 19 2015 - Egypt- Anti-death penalty group pleas to halt execution of 7 citizensDaily News Egypt
(MENAFN - Daily News Egypt) The "Against the Death Penalty" group met with the National Council for Human Rights (NCHR) after urgently appealing the council to stop the execution of seven citizens in ...

 Apr 19 2015 - Egypt receives $27m OPEC loanDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of International Cooperation signed a loan worth $27m with the OPEC Fund for International Development to support Ain Shams Specialized Hospital.This came on ...

 Apr 19 2015 - Sudanese judiciary to review detained fishermen case within 2 weeksDaily News Egypt
(MENAFN - Daily News Egypt) Sudanese Foreign Ministry Spokesperson Aly Sadek said the issue of the detained Egyptian fishermen, who were taken in Port Sudan Tuesday accused of crossing the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help