(MENAFN - Khaleej Times) Aerospace aviation and defence to contribute up to 3% to abu dhabi?s gdp
Abu dhabi’s booming aerospace aviation defence industries are expected to contribute one to three per cent to gross domestic product.
Speaking at the two-day global aerospace summit that attracted more than 900 executives from 52 countries homaid al shemmari chief executive officer of aerospace at mubadala said that abu dhabi has a well-thought-out strategy to diversify its economy from oil dominance by 2030.
The economic vision 2030 plan had identified new areas of comparative advantage where abu dhabi will be investing heavily in order to boost knowledge based economy and job creation he said.
Al shemmari said that abu dhabi is keen to invest in aerospace aviation defence services and satellite industries as these hi-tech sectors fulfill its economic growth objectives as abu dhabi wants to invest in capital-intensive highly-automated industrial sectors where it has comparative advantage.
Abu dhabi has 7000-strong workforce including 30 per cent emiratis while there are plans to add another 5000 more until 2025 in these sectors he said.
Meanwhile experts from the aviation and aerospace sectors discussed the challenges and opportunities faced by supply chain players at the abu dhabi suppliers forum held in the lead to abu dhabi’s second global aerospace summit. ndustry leaders shared details of their current partnerships in the middle east and identified possible partnership strategies in the future.
“our 2.5 billion commitment with local organisations such as strata mubadala and tawazun precision industries is indicative of how focused we are on working with our uae partners” added jay campbell a boeing executive speaking at the forum.