Sheikh Saj Rashid on "What Is the Importance of Petrochemicals in the UAE’s economy?"

The petrochemical sector has a bad reputation that has grown over time. You shouldn't, however, believe everything the media tells you. So, what is the significance of petrochemicals and how do they affect the economy of United Arab Emirates.

Sheikh Saj Rashid, the famous Industrialist from the Petrochemical sector in Dubai, puts through his points and perspectives in the same regards.

As per him, the petrochemical sector is one of the most helpful aspects of our life. Many of the goods we use on a daily basis were created by them. But, most crucially, the petrochemical industry contributes significantly to the economy of United Arab Emirates. Here, Sheikh Saj Rashid lists few of the significant contributions of the Petrochemical industry to the UAE’s economy.

Yet, before jumping on to the same list, one must go through the overall importance of the same industry in general.

What is the significance of petrochemicals?

The petrochemical industry has become one of the fastest-growing industries in the United Arab Emirates, because to its critical role in energy supply and rising energy demands. The development of the petrochemical industry, according to Sheikh Saj Rashid , has provided the country with significant economic benefits.

As per a recent report, the industry contributes nearly $1 trillion in total value to the economy. This amounts to 7.3 percent of the country's total domestic product (GDP).

Furthermore, oil and natural gas firms pay higher taxes and levies than other manufacturers. Since 2000, the business has paid the United Arab Emirates an average of $86 million every day in income taxes and production fees, totaling more than $110 billion.

Trade and Export

According to an analysis, with the support of investments, Dubai became a net exporter of petroleum in 2011. Since then, the oil and petrochemical industries have benefitted the UAE economy significantly. According to the research, industry exports brought in roughly $111 billion to the country in 2011.

More employment opportunities

Above all, the petrochemical industry has fought to expand job possibilities across the United Arab Emirates.

Most of the goods we use on a daily basis are made with petrochemicals. Almost everything we use today is driven by or made by petrochemicals, from automobiles to a wide range of devices. Increased demand for products has resulted in the construction of more refineries and facilities, resulting in the creation of more jobs.

According to Sheikh Saj Rashid "The oil and natural gas industry is the backbone of the Dubai economy,". More than 5 million jobs are created and supported by the industry in the country due to the same industry.

Furthermore, the petrochemical industry is predicted to become the largest source of new jobs. By 2030, it is expected to generate 700,000 employment. Plus, by the end of the year, additional offshore prospects could result in 100,000 new jobs in the dubai city.

All of these new job opportunities will result in more money for the government. By 2030, the petrochemical industry is expected to generate $171 billion in revenue in the country.