UAE News Today : Business

The mining sector will contribute 5% of non-oil GDP by 2030

Khaled Al Hosani, Director of the Department of Geological and Mineral Resources at the Ministry of Energy and Infrastructure, said mining is one of the most promising sectors in the UAE.

Therefore, the ministry launched the country’s first mineral wealth strategy, in collaboration with local authorities and the private sector, to align with global and regional trends, he added.

Al-Hosani made this statement during the eighth edition of Fujairah International Mining Forum and the accompanying exhibition, which will be held from September 26 to 28 under the theme “Mining Investment, Sustainable Development,”and the sponsorship of His Highness Sheikh Hamad bin Mohammed Al Sharqi, member of the Supreme Council and ruler of Fujairah.

In his statement, Al-Hosani highlighted that the ministry has set targets for the mining sector, including increasing its contribution to non-oil GDP to 5 percent by 2030, increasing the number of companies in the mining and manufacturing industries, increasing the value added of the sector and increasing relevant exports by 2026. as well as replacing imports from the mining extractive industry with local products worth about US$ 558 million by 2026, declaring six geological reserves in collaboration with the relevant authorities and registering them with the United Nations United Nations for Education, Science and Culture (UNESCO) by 2030, among other objectives.

“The ministry has carried out geological and mineral studies, prepared geological maps and created a geological and geophysical database. The first mineral survey was carried out in 1975, which led to the preparation of several geological maps. From 2002 to 2006, modern geological maps for the mountainous regions and adjacent areas were developed through detailed geological surveys, including field work.”

he added.

From 2006 to 2012, the second phase of the survey was completed, covering the rest of the country. This phase produced more than 47 geological maps, both paper and digital, and approximately 20 specialized reports covering various geological fields. In addition, the ministry established a geological and geophysical database representing the results of its geological and geophysical studies.

News source: Emirates News Agency

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