The UAE, the third-largest oil producer within Opec, has a well-diversified industrial base, which accounts for 66 per cent of the country s gross domestic product.
In the first meeting, the ministry brought together various industrial entities in the UAE s economy, including Emirates Steel, Emirates Global Aluminium, Abu Dhabi Polymers Company (Borouge), National Petroleum Construction Company, Ras Al Khaimah Cement Company and Fujairah Building Industries.
The ministry also plans to use the platform to boost local, regional and global competitiveness of UAE products.
The initiative will help to identify and mitigate sector-specific challenges, developing laws, regulations and policies to drive sustainable industrial development in the wake of the pandemic. It is targeting a number of sectors including heavy industry, F&B production, pharmaceutical, healthcare and others.
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Built on strong foundation
The NMDC shares picked up momentum during the second-half. The group primarily operates in the UAE as well as India, Bahrain and Saudi Arabia. The price rally is strongly supported by its financials and balance-sheet strength.
For the first nine months, NMDC had revenues of Dh2.69 billion as against 2019’s Dh1.72 billion. This was mainly from growth in the energy services sector. Overall profitability also increased, ending September at Dh142.70 million as against Dh116.33 million last year.
This resulted in 20 per cent growth in current 9-month EPS, which stands at Dh0.57 a share (Dh0.47 in 2019).
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