Dubai s manufacturing sector overview

Dubai s manufacturing sector overview Sector Economics 3 May 2015 The manufacturing sector is the fourth largest sector in Dubai s economy, recording a share of 13.9% of total GDP in H1 2014 and accounting for roughly 15% of Dubai s total workforce. There are eight major sub-sectors of the manufacturing economy. Dubai s manufacturing license issuance increased by roughly 8% y/y in 2014. Between 2010 and 2014 new services license issuance increased at an average of almost 5% per year. A steady increase in the number of manufacturing licenses is symptomatic of growing interest among manufacturing firms to establish operations in Dubai. Dubai s robust manufacturing performance is reflected in the latest (Q4 2014) Dubai quarterly business survey by the Department of Economic Development (DED) which shows strong business confidence among manufacturing firms. In contrast, UAE s headline Purchasing Managers Index (PMI) which measures the activity of the manufacturing and services sectors declined for the third consecutive month in March 2015 signaling lower expansion in the non-oil private sector, yet remaining well above the neutral 50 level. Dubai s total manufacturing trade reached AED 1tn in 2014 accounting for almost 80% of Dubai s non-oil trade. Imports accounted for 63.4% while exports and re-exports accounted for 36.6% of Dubai s total manufacturing trade. Electrical machinery and equipment accounted for 40.8% of manufactured imports and 41.5% of manufactured exports and re-exports for 2014. A high degree of concentration in a few key sub-sectors highlights the potential for the growth of, and diversification within, the manufacturing sector. The value of manufacturing projects currently underway serve as an indicator of the increased investment in the manufacturing sector which will boost capacity for future growth. USD 2bn or 25% of total MENA manufacturing projects are currently underway in UAE. Lending to the manufacturing sector expanded by 21.3% y/y in 2014 higher than the 11.3% growth recorded in 2013. Within the manufacturing sector, base metals and products credit accounted for 23.7% of manufacturing loans. Again, the scope would appear to exist to increase the flow of credit to this sector and thereby allow it to grow. Dubai s manufacturing trade breakdown, 2014 Athanasios Tsetsonis Sector Economist +971 4 230 7629 AthanasiosT@emiratesnbd.com emiratesnbdresearch.com Source: Dubai Statistics Centre (DSC), Dubai Customs, Emirates NBD

Dubai s manufacturing sector overview The manufacturing sector accounted for 13.9% of total GDP in H1 2014, up by 6.3% y/y. The Department of Economic Development (DED) identifies the major sub-sectors as the main drivers of the manufacturing economy including processed food and beverages, plastics, electrical machinery and equipment, chemicals, minerals, base metals and pearls and precious stones. Dubai s manufacturing sector, % growth y/y, H1 2014 20.0 16.0 12.0 8.0 4.0 0.0-4.0 % y/y -0.4 7.9 3.4 3.7 Source: Dubai Statistics Center (DSC), Emirates NBD Manufacturing business license issuance 8.6 17.9 The net number of services licenses issued in Dubai increased by roughly 8% y/y in 2014. According to the Department of Economic Development (DED), between 2010 and 2014 the net number of tourism licenses issued increased at an average of roughly 5% annually indicating an improvement in the business environment. By the end of 2014, 2,973 manufacturing licenses had been issued in Dubai. As the chart shows, there has been a steady increase in services licenses since 2010. 5.5 1.5 6.8 6.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2013 2014 Manufacturing sector business confidence The optimism of Dubai s business community stood at a record high reading in Q4 2014, according to the quarterly business survey of the Department of Economic Development (DED). Dubai s composite Business Confidence Index (BCI) stood at 149.3 points in Q4 2014 up from 144.3 in Q4 2013 due to the increase in the large firms outlook, which comprise 60% of the overall BCI. Dubai SMEs, which comprise the remaining 40% of the index, were also more confident in Q4 2014 compared to Q4 2013. Dubai s business confidence index, Q4 2014 160 150 140 130 120 110 100 120.5 115.2 106.1 133.2 113.1 122.7 120.7 135.9 113.1 120.7 144.3 141.6 135.5 112.2 140.6 149.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 Source: Department of Economic Development, Emirates NBD In contrast, UAE s headline Purchasing Managers Index (PMI) which measures the activity of the manufacturing and services sectors declined for the third consecutive month in March 2015 to 56.3, signaling slower expansion in the non-oil private sector. Output and New Orders growth slowed from February but remain robust with readings of 60.7 and 61.6 respectively, well above the neutral 50 level. The slowdown in nonoil growth evident in Q1 2015 is due to several factors, including weaker investor and consumer confidence on the back of the sharp decline in oil prices since July 2014, and the relative strength of the USD which appears to have had an impact on manufacturing activity. Dubai s manufacturing business licenses*, 2014 3,200 3,000 2,800 2,600 2,400 2,200 Manufacturing licences 2,459 2,523 2,635 2,803 y/y growth 2,973 8 6 4 2 Dubai s manufacturing sector trade indicators Total manufacturing trade reached AED 1,014.7bn in 2014, accounting for 77.6% of Dubai s non-oil trade. Imports reached AED 618.4bn with electrical machinery and equipment accounting for 40.8% of this. Exports and re-exports reached AED 396.2bn with electrical machinery and equipment accounting for 41.5% of this for the same period. 2,000 2010 2011 2012 2013 2014 0 Manufacturing licences (LHS) % y/y (RHS) *New plus renewed minus cancelled Source: Department of Economic Development (DED), Emirates NBD Page 2

Dubai s manufacturing trade, 2014 1400 1200 1000 800 600 400 200 0 AED bn 184.0 230.4 121.3 90.9 388.0 214.0 274.7 171.8 99.7 547.3 2014 Manufacturing Trade 2014 Total non-oil trade* Dubai Import Dubai Re-Export Free Zone Export/Re-Export Dubai Export Free Zone Import *Excluding Customs Warehouse Trade of roughly AED 23.8bn in 2014 Source: Dubai Statistics Centre (DSC), Dubai Customs, Emirates NBD Dubai s trade with Asian countries continued to rise in 2014, as China, India and Japan topped the list of Dubai s key trading partners, next to USA, Germany, Switzerland, and UK while Saudi Arabia was Dubai s top GCC trading partner. China topped the list of Dubai's trading partners in 2014 by overtaking India with a trading value of AED 175bn, up 29% y/y. China-Dubai trade constitutes 13.1% of the emirate's overall foreign trade. India came in second with 8.2% of Dubai's total foreign trade, with AED 109bn, followed by the US (AED 83bn), Saudi Arabia (AED 52bn) and Germany (AED 45bn). The high degree of concentration in a few key sub-sectors highlights the potential for the growth of, and diversification within, the manufacturing sector. For instance, imports of electrical machinery and equipment along with pearls, precious stones and metals accounted for 70.8% of Dubai s manufactured goods imports. Dubai imports of manufactured goods, 2014 AED bn Imports % total Electrical machinery & equipment 252.0 40.8 Pearls, precious stones & metals 185.8 30.0 Chemicals & products 47.6 7.7 Base metals & products 43.5 7.0 Minerals & products 25.0 4.0 Processed food & beverages 24.2 3.9 Plastics & rubber 20.7 3.3 Paper & printing 5.7 0.9 Other manufactured 13.9 2.2 Total imported manufactured goods 618.4 100 Source: Dubai Statistics Centre (DSC), Dubai Customs, Emirates NBD Similarly, exports and re-exports are dominated by electrical machinery and equipment along with pearls, precious stones and metals, accounted for 71% of Dubai s manufactured exports and re-exports. Despite the overall importance of manufacturing in Dubai s non-oil trade, the surprising degree of concentration of trade activity within a few key sub-sectors highlights the potential for diversification of Dubai s manufacturing trade. Dubai exports of manufactured goods, 2014 Source: Dubai Statistics Centre (DSC), Dubai Customs, Emirates NBD The value of manufacturing projects currently underway serve as an indicator of the increased investment in the manufacturing sector which will boost capacity for future growth. USD 2bn or 25% of total MENA manufacturing projects are currently underway in UAE. Overall, the value of UAE s projects underway reached USD 32.9bn, accounting for almost 11.3% of total MENA projects (including chemical, construction, gas, manufacturing, oil, power, transport, and water projects) in 2014, according to MEED. The UAE ranked third in the region in terms of projects value, after Saudi Arabia and Iran with 32.9% and 22.2% of the total figure respectively, with the oil and power sectors dominating UAE s projects market in 2014. Despite the recent drop in oil prices, the prospects for UAE s projects for 2015 remain positive. We expect overall growth to accelerate further, as new projects break ground, while there is little sign of a slowdown for those projects already underway. Top MENA manufacturing projects underway, % of total USD 8bn, 2014 Oman Steel 5% AED bn Source: MEED, Emirates NBD Exports and re-exports % total Electrical machinery & equipment 164.4 41.5 Pearls, precious stones & metals 117.1 29.5 Base metals & products 32.8 8.3 Chemicals & products 20.6 5.2 Processed food & beverages 20.0 5.0 Minerals & products 18.3 4.6 Plastics & rubber 13.1 3.3 Paper & printing 4.6 1.2 Other manufactured 5.4 1.4 Total exported & re-exported manufactured goods 396.3 100 Saudi Poultry 5% Saudi Pressure Oxidation Line, 5.4% Saudi Iron, 5.8% Egypt Iron, 5% Egypt Steel, 6% Iraq Steel, 5% Iran Iron 7.3% Iran Steel 5% Iraq Energy City 12.6% Abu Dhabi Aluminium Refinery 25.2% Qatar Polysilicon 12.6% Page 3

The development of free economic zones has spurred investment in Dubai s manufacturing sector. Jebel Ali Free Zone (Jafza) is the flagship free zone operation of Economic Zones World (EZW). Jafza is currently home to over 7,500 companies with 17% of these companies operating in IT and electronics, 15% in construction material, 12% in chemical and petroleum 12% in machinery and equipment, 10% in food and healthcare, 9% in automotive and 5% in the logistics sector. Jafza estimated that these companies together have generated trade worth more than AED 330bn in 2014, providing more than 200,000 jobs in Dubai and the UAE. Also key to the industrial sector is the Dubai International Airport Free Zone (DAFZA) contributed AED 109bn to Dubai s non-oil foreign trade in 2014. It offers the same incentives package as JAFZA and other zones, while also being located next to Dubai airport, a big logistical advantage for manufacturers there. While certain cargo services have moved to Al Maktoum International Airport at Dubai World Central (DWC), DAFZA is still very much a major hub for airborne imports and exports. Bank credit to the manufacturing sector Lending to the manufacturing sector expanded by 21.3% y/y in 2014 higher than the 11.3% growth recorded in 2013. Loans to this sector accounted for 5.1% of total bank loans in 2014. In 2014, bank credit to the manufacturing sector reached AED 62.3bn compared to AED 51.4bn for 2013. Within the manufacturing sector, base metals and products credit accounted for 23.7% of manufacturing loans followed by chemicals (19.5%). Not only would there appear to be scope to further increase the availability of credit to the manufacturing sector as a whole over the coming years, but there also appears to be the potential for bank credit to further support the manufacturing sub-sectors in order to diversify the base. Bank credit by economic activity, manufacturing, % of total, 2014 Textile & leather 1.7% Paper & paper 2.1% Furniture & wood 2.7% Food, beverages & tobacco, 9.9% Other manuf. 30% Fabricated metal 10.3% Source: 2014 Financial Results, Emirates NBD Basic metal products (incl. aluminium), 23.7% Chemicals, petroleum and petrochems 19.5% For instance, bank credit to the petrochemicals sector jumped 64.6% y/y in 2014 to AED 12.1bn from 19.4% y/y in 2013 as the table below shows. Not only would there appear to be scope to further increase the availability of credit to the petrochemicals subsector as a whole, but there would also appear to be potential for bank credit to further support SME financing especially in the plastics conversion industry. Bank credit to the petrochemicals sector, 2014 13 12 11 10 9 8 7 6 5 4 6.2 5.1 Source: UAE Central Bank, Emirates NBD The GCC plastics industry continued its growth trajectory, up by 6% y/y reaching 25.5mn tons in 2014. According to the Gulf Petrochemicals and Chemicals Association (GPCA), the GCC plastics industry is projected to grow by 6% per annum over the next 5 years, reaching 33.8mn tons by 2019. GCC plastics production capacity, 2014 36 33 30 27 24 21 18 15 AED mn 6.2 Source: GPCA, Emirates NBD Within the chemicals and petrochemicals sub-sector, plastics, also referred to as polymers, currently account for almost 20% of the GCC s total petrochemical capacity. The UAE is the second largest producer of plastics in the GCC after Saudi Arabia, accounting for 13% of the total GCC figure in 2014 (3.3mn tons). This is expected to rise to 5.3mn tons (15.7%) in 2019. Overall, looking at the breakdown of manufacturing loans by banking institution, Dubai Islamic Bank (DIB) had the largest share with 29.7% (AED 18.5bn), followed by National Bank of Abu Dhabi (NBAD) with 22.9% (AED 14.3bn) and Emirates NBD with 12% (AED 7.5bn) of the total manufacturing loans for 2014 as the graph below shows. 7.4 12.1 2010 2011 2012 2013 2014 mn tons 20.6 21.3 Petrochemicals, AED bn (LHS) Petrochemicals, y/y growth (RHS) 23.7 24.1 y/y growth 25.5 33.8 2010 2011 2012 2013 2014 2019f 75 60 45 30 15 0-15 -30 Page 4

Bank credit to the manufacturing sector, in AEDbn, 2014 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 18.5 14.2 14.3 12.7 2013 2014 7.5 8.2 7.0 4.8 4.3 5.2 5.1 4.7 2.5 1.2 1.3 0.8 0.5 1.0 0.5 0.4 **DIB bank credit data for Manufacturing and Services Source: 2014 Financial Results, Emirates NBD UAE Banks: ENBD=Emirates NBD, CBD=Commercial Bank Dubai, NBAD=National Bank Abu Dhabi, DIB=Dubai Islamic Bank, ADCB=Abu Dhabi Commercial Bank, EIB=Emirates Islamic Bank, FGG= First Gulf Bank, Mashreq Bank, UNB=Union National Bank, RAK Bank. Page 5

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