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17 April 2024

Gulf states mull giant industrial firm

By Nadim Kawach

Gulf states are considering creating a giant company to undertake joint industrial projects within a long-term programme to expand the manufacturing sector and diversify oil-reliant economy, officials said on Saturday.


Industrialists from the UAE and its five partners in the Gulf Co-operation Council (GCC) floated the idea at their recent conference in Abu Dhabi, and officials said consultations are under way to bring it into fruition.


The joint-stock industrial company will be subscribed by the private sectors and governments of the Gulf states, according to the proposal, which was supported by the GCC industry ministers, who attended the conference last month.


“The conference has asked the Federation of the GCC Chambers of Commerce and Industry and the Gulf Organisation for Industrial Consulting (GOIC) to prepare feasibility study for the project,” Abdul Rahim Hassan Naqi, the federation’s secretary-general, said in a statement on Saturday.


“We have discussed the proposal with GOIC and its contribution. GOIC expressed its willingness to do its best to support the creation of this vital project. The feasibility study will be presented to the GCC industry ministers for endorsement when they meet on February 10.”


Officials gave no details of the company but GCC sources expected it to be a giant venture capable of creating large manufacturing projects.