Share of Manufacturing in Abu Dhabi’s Economy Set for Continuing Growth
Abu Dhabi-UAE: 23 April, 2013 – The manufacturing industry continues to help drive diversification of the Abu Dhabi economy, according to the most recent report by the Statistics Centre Abu Dhabi (SCAD). Manufacturing in 2011 accounted for 16.6 per cent of the total gross output of economic activities, second only to the oil and gas sector which led with 41.7 per cent.
Mubadala Industry, a business unit of Mubadala Development Company (Mubadala), is supporting this shift to underpin the diversification of Abu Dhabi’s revenue sources. Through world-scale metals and mining businesses, and interests in the utilities sector, Mubadala Industry continues its contribution, according to Ahmed Yahia Al Idrissi, Executive Director.
Al Idrissi was speaking during a lecture at a knowledge-sharing platform organized by Masdar Institute of Science and Technology. The lecture was attended by staff, faculty and students from Masdar Institute.
Dr Fred Moavenzadeh, President, Masdar Institute, said: “Our knowledge-sharing events truly bring out the expertise that drives the success of some of the Mubadala entities. The support of the country’s leadership has enabled us to grow into an effective academic institution with the capability to host forums for the benefit of the wider community. We hope the rich insights shared by Mubadala Industry’s Ahmed Yahia Al Idrissi during his lecture will offer value to all stakeholders.”
Al Idrissi said: “Mubadala Industry pursues investment and development opportunities in capital, resource or intellectual property-intensive sectors that can contribute to the diversification of Abu Dhabi’s economy. Our objective is to favorably position the Emirate in fast-growing global resource markets. Our focus is to support the development of businesses in a range of strategic sectors for Abu Dhabi to make a significant contribution to non-oil GDP.”
Mubadala Industry’s assets include Al Rusail Independent Power in Oman, Barka 2 Independent Water & Power Project in Oman, Emirates Aluminium (EMAL), Suyadi – Jiangsu Suyadi Tancai Company Ltd In China, and Tabreed (National Central Cooling Company PJSC).
These companies have effectively contributed to the economy of the Emirate of Abu Dhabi and consolidated the pace of growth.
Al Idrissi added: “We are building a world-scale metals and mining business, with a specific emphasis on the creation of metals cluster in Abu Dhabi based on the aluminium value chain. We are working collaboratively with our commercial and government partners across the world to support this objective, with resulting sustainable social and commercial benefits.”
Mubadala Industry’s assets such as Emirates Aluminium (EMAL) have already registered a number of notable milestones. In July 2012, EMAL achieved a cumulative production of 1.5 million tons of hot metal, the fastest production achieved by a single site smelter in the global aluminium industry to date. EMAL also exported its first shipment through the new Khalifa Port in Abu Dhabi in 2012. First hot metal production from the EMAL Phase II expansion will take place at the end of 2013, with annual production reaching 1.4 million tons by 2014.
Serving as a key pillar of innovation and human capital, Masdar Institute remains fundamental to Masdar’s core objectives of developing Abu Dhabi’s knowledge economy and finding solutions to humanity’s toughest challenges such as climate change.
Established as an on-going collaboration with the Massachusetts Institute of Technology (MIT), Masdar Institute integrates theory and practice to incubate a culture of innovation and entrepreneurship, working to develop the critical thinkers and leaders of tomorrow. With its world-class faculty and top-tier students, the Institute is committed to finding solutions to the challenges of clean energy and climate change through education and research.