A study commissioned by Ras Al Khaimah Chamber of Commerce has revealed that the adhesive materials industry currently represents 3.7% of the Emirate’s total manufacturing industry, a strong demonstration of the industry’s role and the rapid growth achieved over recent years.
Dr. Ahmed Rashid Al Shemaili, Deputy Director General of the Commercial Services and Business Development Sector at the Chamber, said that the industrial sector was a major component in generating income and adding value within the Emirate, with a 33.1% share of GDP. The sector was headed by manufacturing industries which represent 26.2% of overall GDP.
Al Shemaili added that manufacturing industries have played the role of the major economic stimulus that has enabled the Emirate’s economy to achieve a standard economic growth of 5.2% which compares well with the general deceleration witnessed in the region and beyond in the recent past years as a result of depressed oil prices. This clearly emphasized the need to focus on added value sectors that create economic value through innovative and new products that meet the requirements of local, regional and global markets, and at the same time maintain higher demand to encourage production and investment and achieve sustainable growth.
Asem Bani Fares, Senior Economic Researcher at Ras Al Khaimah Chamber, said that the volume of invested capital registered in adhesive materials industry companies in Ras Al Khaimah amounted to 103 million dirhams, with foreign investment constituting more than 24% of the industry total. He also mentioned that adhesive materials exports totaled 49% of the industry’s total sales for 2016, again confirming the competitive capability of this sector. Sales growth has increased by 210% over three years reaching 237 Million Dirhams in 2016.
