Aviation adds 6.3% to GDP

The growing aviation industry is contributing 6.3 per cent to gross economic product in 2011, says Sultan bin Saeed Al Mansouri, UAE Minister of Economy. Opening a two-day Global Aerospace Summit here in the capital, he told over 500 aviation industry bigwigs that the industry is vital to the country’s economy, as it contributed Dh61.3 billion to the GDP last year. Its importance is even more vital when together with tourism and hospitality industries it contributed Dh150 billion or 15 per cent to the nation’s GDP, the minister said. Last year the country received 10 million tourists, which in ten year will grow to 15 million. Keeping in view with the growing passenger needs projects worth Dh100 billion were being developed expand Abu Dhabi International Airport, Dubai World Central and Dubai International Airport. He highlighted the achievements of Abu Dhabi based maintenance and overhaul industry and Strata project which produces aircraft components for aircraft manufacturers. The minister underlined the government’s support for a culture of partnerships spanning the public and private sectors, and added: “As the UAE moves from an economy that has a solid base through natural resource revenues to one that will be sustained in the long-term through a diversified, knowledge-based approach, it is vital that we provide a platform for thought leadership.” Build, design aeroplane Abu Dhabi is creating an aviation industry as part of a broader strategy to design and build a plane by the end of decade. “Mubadala Aerospace has been making demonstrable progress in achieving this, through global aircraft maintenance operations, innovative leasing offerings, a leading pilot training academy and the investment in a state-of-the composite aero structures manufacturing facility,”  said Al Mansouri. The growing aviation industry is contributing 6.3 per cent to gross economic  product in 2011, he said. Opening a two-day Global Aerospace Summit here in the capital, he told industry bigwigs that the industry is vital to the country’s economy, as it contributed Dh61.3 billion to the GDP last year. Its importance is even more vital when together with tourism and hospitality industries it contributed Dh150 billion or 15 per cent to the nation’s GDP, the minister said. Last year the country received 10 million tourists, which in ten year will grow to 15 million. Keeping in view with the growing passenger needs projects worth Dh100 billion were being developed expand Abu Dhabi International Airport, Dubai World Central and Dubai International Airport. In the space sector, UAE has made great strides, as EIAST made history with the launch of DubaiSat 1 and Abu Dhabi’s YahSat has launched Y1A military and civilian satellite. Both EIAST and YahSat are also on course with new satellite developments, which will further strengthen our imprint in the global space industry. Images relayed by the UAE’s satellites, have been able to incorporate dramatic improvements in urban and agricultural planning through the satellite feeds. ?