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United Arab Emirates Chemicals Report 2009 (Business Monitor International)
- Market: Chemicals
- Published Date: 26/03/2009
- Report Title: United Arab Emirates Chemicals Report 2009
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: United Arab Emirates
- Number of Pages: 34
Market Overview According to a report by the UAE’s Department of Industrial Development, cited by UAE daily Emirates Business, the chemicals industry has grown strongly in recent years. Indeed, in 2008 the number of institutions in the chemicals sector reached 734, accounting for around 17% of the total companies in the industrial sector. Meanwhile, chemicals companies reportedly have a total of AED15.771bn (US$4.294bn) invested, averaging AED21.5mn (US$5.85mn) per company.
Chemicals Performance In 2007 And 2008 The Gulf Co-operation Council (GCC) produces approximately 30 of the most commonly used petrochemical products and accounts for 7% of worldwide production. However, by 2010 this is expected to rise to 20% of global production. The UAE in particular is investing heavily in its petrochemicals industry and is expected to triple capacity over the next decade.
One of the advantages that the UAE has is an abundance of feedstock and as a result its chemicals sector could outperform other countries suffering from the global economic downturn. Indeed, with demand falling, prices for chemicals commodities have slumped. The UAE and the rest of the GCC have the advantage of lower input costs, due to the large oil and gas resource base, as well as access to capital, as many of the largest companies are state-owned.
Industry Developments In March 2008, Reuters reported that the International Petroleum Investment Company (IPIC) had agreed a Memorandum of Understanding (MoU) with Austrian plastics giant Borealis – a joint venture (JV) with the Abu Dhabi National Oil Company – to build a new chemicals complex in the UAE. The ‘chemicals city’, which is expected to cost in the region of US$20bn, will be located in the Emirate of Abu Dhabi. The complex will have a capacity of 7mn tonnes and will produce olefins, aromatics, oxide and ammonia and is expected to be operational in 2013.
Investment Climate According to the UAE’s Department of Industrial Enterprise, as cited by Emirates Business, there were 4,219 industrial enterprises in the country in 2008, up from 3,036 in 2004, representing an increase of 39% over the period. Meanwhile, between 2004 and 2008 the total investment in industrial enterprises increased from AED62bn (US$16.68bn) to AED77bn (US$20.96bn), an increase of 22.3%. Investment increased by AED5bn (US$1.36bn) alone in 2008.
Chemicals Performance In 2007 And 2008 The Gulf Co-operation Council (GCC) produces approximately 30 of the most commonly used petrochemical products and accounts for 7% of worldwide production. However, by 2010 this is expected to rise to 20% of global production. The UAE in particular is investing heavily in its petrochemicals industry and is expected to triple capacity over the next decade.
One of the advantages that the UAE has is an abundance of feedstock and as a result its chemicals sector could outperform other countries suffering from the global economic downturn. Indeed, with demand falling, prices for chemicals commodities have slumped. The UAE and the rest of the GCC have the advantage of lower input costs, due to the large oil and gas resource base, as well as access to capital, as many of the largest companies are state-owned.
Industry Developments In March 2008, Reuters reported that the International Petroleum Investment Company (IPIC) had agreed a Memorandum of Understanding (MoU) with Austrian plastics giant Borealis – a joint venture (JV) with the Abu Dhabi National Oil Company – to build a new chemicals complex in the UAE. The ‘chemicals city’, which is expected to cost in the region of US$20bn, will be located in the Emirate of Abu Dhabi. The complex will have a capacity of 7mn tonnes and will produce olefins, aromatics, oxide and ammonia and is expected to be operational in 2013.
Investment Climate According to the UAE’s Department of Industrial Enterprise, as cited by Emirates Business, there were 4,219 industrial enterprises in the country in 2008, up from 3,036 in 2004, representing an increase of 39% over the period. Meanwhile, between 2004 and 2008 the total investment in industrial enterprises increased from AED62bn (US$16.68bn) to AED77bn (US$20.96bn), an increase of 22.3%. Investment increased by AED5bn (US$1.36bn) alone in 2008.
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