The four day Middle East Manufacturing Exhibition (MEMEX) begins at the Abu Dhabi National Exhibition Centre (ADNEC) from December nine and is expected to further boost the region’s economy as Gulf Cooperation Council (GCC) countries are investing heavily in their industrial manufacturing sectors,
The economic growth is fuelling demand for finished products and materials with the total value of all non-oil and gas industrial projects in the region being worth over US$ 115 billion, according to research company Proleads.
The Exhibition will provide a platform for regional manufacturers to meet local, regional and international suppliers. Besides, organisations looking to establish a base in the region will also be able to interact with key industry players and decision-makers.
“The manufacturing sector is currently experiencing annual growth rates in excess of 22 per cent. This new wave of manufacturers are catering for the ‘new economy’ providing machinery and tools for industries related to construction, shipbuilding, infrastructure, power generation and even retail,” said Trevor Punt, Group Exhibition Director, IIR Middle East.
“The traditional oil and gas and associated downstream industries are still vitally important to the regional economy but it is the success of diversification that is driving the non-oil growth,” he said.
In the United Arab Emirates over US$25 billion is currently being invested in manufacturing machinery, facilities and equipment. Abu Dhabi is planning a series of industrial cities offering huge incentives such as 100 per cent foreign ownership and tax free status.
The first Industrial City of Abu Dhabi (ICAD 1) includes economic zones for base metals, building and construction products, electronics, plastics manufacturing and automotive industries and has already attracted US$2.99 billion in investment.
The ICAD 2 has already attracted nearly US$1.63 billion with new projects including air conditioning water chillers, architectural hardware and aluminum windows and doors manufacturing. Not to be left out, Dubai Industrial City is targeting US$2 billion in investment over the next five years.
Saudi Arabia has industrial projects worth over US$ 50 billion. It accelerated growth of its industrial base by creating several industrial zones with the latest being King Abdullah Economic City outside Jeddah port, at an initial investment of US$26.6 billion.
With an investment of US$ 5 billion, Bahrain is planning a variety of industrial initiatives in the metals sector with 15 projects in the aluminum sector worth US$142 million. This island state is also witnessing large-scale development in the steel sector with key projects such as Stainless Steel Company’s cold rolled stainless steel mill, which once completed would be over US$ 200 million.
Qatar is looking to attracting investment of nearly US$15 billion to drive its industrial sector. The demand for manufacturing machinery and tools in the Gulf is estimated to be growing at around 22 per cent annually.