Gulf investments in the plastic industry amount to around $55 billion, (Dh202 billion), said the secretary general of the Gulf Petrochemicals and Chemicals Association (GPCA).
Abdulwahab Al-Sadoun said the plastic sector is projected to attract $17 billion of fresh investments over the coming five years, bringing to $72 billion the total volume of businesses in this platform by 2022, speaking to Emirates News Agency, WAM.
GPCA represents the downstream hydrocarbon industry in the Arabian Gulf, he added.
“The plastic industry in the GCC states has created around 40,000 job opportunities in addition to feeding the affiliated sectors, including shipping, services, etc.., with 118,000 more,” he said, adding that the GCC plastic industry has grown by 5 per cent to 27.1 million tonnes of annual production capacity, which accounts for 9 per cent of the world plastic production.
Plastic production in the Arabian Gulf will grow at a steady 3.2 per cent till the end of the decade, spurred by a sustained roll- out of strategic projects, according to a recent study by the GPCA.
No matter the country or economic cycle, the growth of plastic production in the GCC is a unique success story in the Arabian Gulf Countries’ continuing journey towards economic diversification,” he said.
This undoubtedly is a testament to the long- term vision of our leaderships who have invested in this sector, as well as a testament of plastics as a viable investment opportunity, he added.
The 8th edition of GPCA PlastiCon, now running in Abu Dhabi, explores key international industry trends with a focus on where sustainable growth can be created and harnessed within the GCC plastic value chain.