More than $13 billion in foreign direct investment was secured by the UAE during 2008, according to an FDI report by the Economic and Social Commission for Western Asia. In total the UAE attracted $13.7bn with some 95 per cent earmarked for manufacturing projects.
Elsewhere in the region, Saudi Arabia attracted over $21bn, Oman $2.7bn and Kuwait with $500 million. Indeed, collectively over the last seven years the GCC has secured over $137bn in foreign direct investment funding 349 manufacturing projects, creating 126,000 jobs. During this period, the UAE attracted 155 of these projects valued at $17.3bn employing nearly 38,600 people.
The feel-good factor for the manufacturing sector landscape comes at a time when organisers and participants are beginning to make their final preparations for Memex, the Middle East manufacturing show, which takes place at the Abu Dhabi National Exhibition Centre (Adnec) on November 28-30. The focus of the event is on technology, machinery, tools, and solutions for the industrial and associated industries in the Middle East
"While manufacturing has been hard-hit particularly in the US and Europe, here in the UAE and the wider region, significant investment is being made to expand the manufacturing base,” said Binu Pillai, Exhibition Director of Memex 2010.