UAE to double petrochemical production capacity by 2025
- 20 Nov 2021
Participants of ArabPlast 2021, the second largest global gathering of the plastics and petrochemicals industry expected a rise in demand for this sector, and the UAE plans to raise its petrochemical production to nearly double by 2025, especially with expectations of a rise in demand for it between 10-15 per cent during the next year, bringing the volume of revenues to sales of the Gulf petrochemical industry amounted to $100 billion, compared to about $72.5 billion, in 2019, which constitutes approximately 2 of the total value of global industry sales.
GCC petrochemical production in 2019 was 175 million tons, accounting for 8.5 per cent of total global production.
Rachid Mbeid, director of ArabPlast 2021, which concluded its activities recently at the Dubai World Trade Center for Conferences and Exhibitions, confirmed the record number of visitors to the exhibition, reaching more than 15,000 visitors, stressing that the event is now considered global in terms of organisation and attracting international participation, and is now one of the largest international exhibitions that brings together all specialists in the plastics and petrochemical industry around the world under one umbrella in The Emirate of Dubai, and ArabPlast is the largest in the Middle East and North Africa region, in addition to being a global platform for exchanging experiences and best practices that would enable experts and specialists in this sector to exchange information and ideas that contribute to shaping features. The future of the petrochemical sector in the world.
Experts expected that the petrochemical sector will witness significant growth during the next five years, to reach more than 2.3 billion tonnes in 2026, especially with the entry of 1158 new factories to operate by 2030.
The Gulf petrochemical sector achieved revenues of $84.1 billion in 2018, as the sector’s productivity amounted to about 174.8 million tonnes, bringing the sector’s contribution to the region’s GDP to 2.8 per cent.
The Kingdom of Saudi Arabia, according to its vision 2030, aims to be the first in the production and export of petrochemicals in the world, during the next seven years at least, especially with the implementation of a plan to increase its production by 20 per cent annually in the field, by establishing new projects.
The petrochemical sector occupies the second place in the Gulf economies, and is one of the largest non-oil productive sectors in the six countries of the Gulf Cooperation Council.
The petrochemical industries sector has become one of the most important industrial manufacturing activities, and a major resource for the petrochemical industries in the world. However, the Gulf countries vary from One country to another depends on this vital sector.
According to a report by Amwal website, the Gulf Organization for Industrial Consulting (GOIC) announced that the petrochemical industry in the Gulf Cooperation Council (GCC) countries has witnessed a strong renaissance over the past years that has strengthened its position as a major resource in the world, and the Gulf petrochemical industries sector has become one of the most important industrial transformational activities, which is It absorbs about 59.6 per cent of the total funds invested in these industries; That is equivalent to $220.3 billion, and the number of companies currently operating in this sector is 3,184, employing about 271,000 employees and workers.
Exhibitors participated in the Arab Plast exhibition, Sultanate of Oman, to celebrate the Omani National Day at the pavilion of the participating Omani company OQ, where the exhibition management and major departments of Emirati, Saudi and foreign companies congratulated the Omani company on the occasion of the Omani National Day, and a large cake was cut and the director of the company was honored In this regard, an expression of the close relations between the UAE, Saudi Arabia and Oman.
