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Khalifa Fund proposes 50 ideas for industrial projects of investments of up to Dh236 million

posted on 09/02/2011: 3814 views

During the Industrial Investment Forum held in Abu Dhabi, Khalifa Fund for Enterprise Development has proposed 50 ideas for industrial projects to the local entrepreneurs in Abu Dhabi of total investment value amounting to about Dh236 million within the framework of the Fund's endeavours for contributing in developing and enhancing the industrial sector performance in Abu Dhabi in line with the Government's directives and Abu Dhabi Vision 2030.

Hussain Jasim Al Nowais, Chairman of Khalifa Fund for Enterprise Development, stated in the Forum opening ceremony held Tuesday, that the Fund has prepared in-depth studies based on Abu Dhabi Vision 2030 for developing the economic sectors. A number of industrial sectors were determined, which will provide promising investment opportunities, most prominent of which are the metal and plastic industrial sectors.

Al Nowais declared that the Fund is fully ready for providing the financing necessary for establishing ten out of these projects after their investment feasibility has been confirmed.

He also said: "The Fund has carried in-depth investment feasibility study for ten of these ideas, and that we are fully ready to initiate the finance and non-finance support procedures for any of the local entrepreneurs who have been selected for implementing these projects. Regarding that the expected total finance value for these projects may amount to about Dh52.5 million".

He confirmed that the completion of the infrastructure and logistic elements, and the availability of power resources and capitals in Abu Dhabi, in addition to pumping huge investments by the Government in the petrochemical and basic industries such as steel, aluminium, plastic, etc. in the light of the presence of a clear strategy, has prompted us to launch the financing Industrial Program (Tasnea) aimed at encouraging investment in the industrial sector in Abu Dhabi through providing finance solutions reaching up to Dh10 million in respect to industrial projects that are in line with the Government investment and development directives.

Moreover, Al Nowais emphasised that these projects are considered among the first actions adopted by the Fund for contributing in supporting the industrial sector in Abu Dhabi which is given utmost attention by the wise leadership that is calling upon the young entrepreneurs for furnishing the Fund with their ideas for establishing industrial projects. In this connection, Al Nowais said: "We do welcome any creative and innovative idea, and we support the spirit of creativity and innovation provided by the different sectors of society".

On his part, Mohammad Omar Abdullah, Undersecretary of the Department of Economic Development in Abu Dhabi, confirmed the importance of activating the vital and important role played by the industrial sector in diversifying the production basis, and in enhancing the contribution of this sector in the total GDP. He also indicated that the Government has carried out many programs for supporting this sector, in addition to providing the infrastructure that is necessary for the development of the industry.

Abdullah mentioned that the local industries witnessed both qualitative and quantitative development, and the conversion industries added value rose from Dh17 billion in 2001 to more than Dh40 billion in 2009. He also added that the contribution of the conversion industry activity in the GDP is still considered limited which constituted only 7.4% in 2009.

On the other hand, Abdullah referred to the endeavours exerted currently by the Government of Abu Dhabi aimed at regulating the industrial sector by preparing an integrated strategic plant for the development of this sector, and for working on supporting investors for all aspects concerning the availability of lands and issuing the relevant licenses, fees, providing the appropriate finance methods, and setting a unified legislative framework for this sector.

In this regard, Abdullah expected that the contribution of all industrial sector in the GDP of the Emirate would be increased in future, provided the basic metal activities should be considered as the important target in this development after the volume of investment in the Emirate recorded the highest investment within the specialised industrial areas during the year 2009 amounted to Dh10.2 billion at the rate of 48% of total capital invested in these areas. On the other hand, the plastic and fibre products occupied the second position in the total volume of investments outside the specialised areas at the rate of 25%.

In this respect, Khalfan Saeed Jumaa Al Kaabi, First Vice President of the Abu Dhabi Chamber of Commerce '&' Industry, said that the industrial sector in the Emirate of Abu Dhabi has realised important achievements during the few past years. This was manifested in the increased number of industrial enterprises in the Emirate of Abu Dhabi by the end of 2009 to 346 enterprises with investments amounted to about Dh41.9 billion. Meanwhile, the number of personnel working in the industrial sector in the Emirate reached 56 thousand workers. Which in turn reflects the extent of development being achieved and the volume of attention given by the responsible concerned authorities in the Emirate of Abu Dhabi towards this vital and important sector.

Al Kaabi also confirmed that the Government of Abu Dhabi worked during the past few years on making the industrial sector one of the ideal options aimed at enhancing the diversification of the economy, and for creating a sustainable and renewable source of revenue.

Al Kaabi added: "The Emirate of Abu Dhabi began focusing its attention towards the development of the industrial sector for the purpose of preparing a production basis which would create added value to the national economy aimed at increasing the value of GDP in the Emirate. He also indicated the great capability of the industrial sector for increasing the total operation rates in the national economy and its basic role in the development of the other economic sectors.

During session 2 of the Forum which was held under the title "Industrial Strategy '&' Support for Industrial Projects in Abu Dhabi", the representatives of Khalifa Fund for Enterprise Development; Department of Economic Development in Abu Dhabi; Abu Dhabi Chamber of Commerce '&' Industry; Abu Dhabi Basic Industries Corporation; and Emirates Steel Industries, have illustrated the role played by their institutions in the support and development of the industrial sector whether concerning the finance or setting the policies, or facilitating the procedures, down to ensuring the procurement of raw materials and the development of industries.

In the final session, representatives of Khalifa Fund will propose 50 ideas about small and intermediate industrial projects from various sectors the investment in which will reach about Dh235.9 million that are expected to yield annual returns within Dh518.3 million. Such projects are expected to contribute in finding jobs to around 1,237 workers.

On the other hand, specialised representatives from the Fund proposed ten projects within the metal and plastic industrial sectors, which the investment feasibility was studied in depth by the Fund, particularly in the field of adhesive tape industry, aluminium vessels, infant feeding plastic bottles, large-size (Jumbo) bags, filtration bags, in addition to the flexible metal pipes, plastic polyethylene terephthalate (PET) bottles, plastic plates with lids used in labs (Petri - dish), bubbled plastic rolls and solar powered cookers.

The investments in these projects are expected to amount to about Dh52.5 million, which would yield annual return of Dh157 million, and which would provide 274 job opportunities.

It is worth mentioning that during the year 2010 Khalifa Fund for Enterprise Development had financed 60 projects with total amount of Dh111 million. And the number of projects financed by the Fund since launching its services in the mid of 2007 rose to 240 projects of total value of Dh415 million.

Whereas the Fund's statistics show that Khalifa Fund agreed to finance 84 projects in the industrial sector of total value of Dh205 million. Also, the Fund financed 17 agricultural projects of total value of Dh26.2 million, and 139 service projects of total value of dh183.8 million - Emirates News Agency, WAM


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