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The industrial sector in the UAE expanded by nearly 11 per cent last year to maintain its position as the second largest component of GDP after the hydrocarbon sector, according to a new report.
According to Emirates Industrial Bank (EIB), this high growth was a result of an increase in public and private investment in manufacturing projects and the completion of the first stage of the Abu Dhabi-based Emirates Aluminium project (Emal).
From US$34.9 billion in 2010, the manufacturing sector’s contribution to the UAE's overall GDP increased to an all-time high of US$38.8 billion in 2011.
“Growth in this sector and other non-hydrocarbon sectors in the UAE last year was a result of an increase in domestic liquidity due to a surge in the country's oil export earnings,” EIB said in its reports.
It said other non-oil sectors recorded high growth last year, including the transport sector, which expanded by six per cent.
“Trade was also a key growth sector with figures announced by the Ministry of Foreign Trade showing the country's commercial exchange rising to new record high levels given the UAE's position as a key trade hub.”