How has the GCC petrochemical industry been affected by the Covid-19 pandemic?
UAE: Abu Dhabi Industry
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As Abu Dhabi looks to fulfil economic diversification targets as part of both its medium- and long-term development strategies, its already strong industrial base continues to develop as a key facilitator of this goal.
In an effort to diversify its economy and increase employment opportunities for its growing population, Abu Dhabi is encouraging development in its downstream industrial sectors, with an emphasis on the aerospace industry.
Rising demand for processed metals, fuelled by regional infrastructure projects, is set to help Abu Dhabi’s industrial sector build new momentum in terms of both output and sales.
Industrial activity is on the rise in Abu Dhabi as the emirate’s drive towards sustainable economic diversification under Abu Dhabi Economic Vision 2030 gathers pace. The recently opened Khalifa Industrial Zone Abu Dhabi is likely to be a key engine of growth for the emirate, while a recent multi-billion dollar merger between the UAE’s two aluminium manufacturers is also set to bolster plans for industrial expansion.
The spate of large defence contracts recently awarded to Abu Dhabi-based firms, together with the emirate’s growing success in attracting investment for technology, has highlighted the key role earmarked for the industry in the emirate’s long-term plans to diversify its economy.