Abu Dhabi May Need To Lower Industry Growth Target » Gulf Business

Abu Dhabi May Need To Lower Industry Growth Target » Gulf Business:

"Abu Dhabi probably won’t reach its target for industrial growth by 2020 and will need to lower it, a senior government official said on Monday.

The oil-exporting emirate is investing billions of dirhams to diversify its economy, but the goal for industry is hard to reach, Ayman al Makkawy, director-general of the emirate’s new Industrial Development Bureau (IDB), said on Monday.

The original target was for industry to contribute 19 per cent of the economy by 2020 and 24 per cent by 2030. It now accounts for about 5.9 per cent.

“Progress has been flat after the (global) crisis. It is not impossible, but it is difficult to achieve,” al Makkawy said at a MEED conference. “We may take a fresh look at the original targets.” The world has changed after the targets were set a few years ago, he added."

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