Shaikh Mohammed unveils Dh160b Dubai industrial policy

Shaikh Mohammed unveils Dh160b Dubai industrial policy

Dubai - The Dubai Industrial Strategy envisages an industrial sector growth of an additional Dh18 billion by 2030.



By Staff Reporter

Published: Sun 26 Jun 2016, 10:01 PM

Last updated: Mon 27 Jun 2016, 9:06 AM

Dubai has unveiled a new industrial strategy designed to elevate the emirate into a global platform for knowledge-based, sustainable and innovation-focused businesses and help generate an additional Dh160 billion by 2030.
Launching the policy blueprint that has identified 75 initiatives, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reiterated on Saturday that the UAE is on track to achieving its objectives with regard to integrating and complementing its economic sectors and optimising industrial capacity to supplement the GDP and other revenue streams to the national economy in the coming years.
The Dubai Industrial Strategy envisages an industrial sector growth of an additional Dh18 billion by 2030, creating 27,000 jobs with exports forecast to increase by Dh16 billion. Meanwhile, investment in research and development will increase by an additional Dh700 million by 2030.
"The Dubai Industrial Strategy aims to leverage our advanced infrastructure and enabling environment to transform UAE into a global platform for innovative industries and a destination of choice for international companies seeking an integrated and favourable environment for growth and sustainability," Shaikh Mohammed said.
"With the launch of the Dubai Industrial Strategy, we are taking one more step towards the future. We have laid down a strong foundation that blends our strategic location and infrastructure with our ambition, confidence and experience. Today we have put in place the basic framework needed to compete globally in the industrial sector and develop national talents. We are one step closer to achieving the goal of making Dubai a homeland for innovators, a favourite place to live and work in, a global economic hub, and a preferred destination for visitors."
He stated that sustainable development involved activating all pillars of the economy. "A conducive environment is required to achieve our targets that focus on knowledge, science and research, which form the foundation for the development of industries."
Shaikh Mohammed added that a sound economy today means a diverse and integrated economy led by the industry and manufacturing sectors, and built on pillars of innovation and creativity. "Nations are recognised for what they produce and offer in products and services and the value they add to the global economy."
The strategy was launched in the presence of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.
The event was also attended by Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group; Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future; Sultan bin Saeed Al Mansouri, Minister of Economy; Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler's Court of Dubai; Sultan Ahmed Bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation, in addition to a number of business leaders in Dubai.
The development of the Dubai Industrial Strategy was led by Jebel Ali Free Zone Authority (Jafza) and Dubai Industrial Park in Dubai Wholesale City with support from the Executive Council of Dubai. Numerous industry experts from more than 25 government entities and the private sector were also involved during the development phase.
The strategy aims to develop and implement long-term industrial policies to enhance the competitiveness and sustainability of the industrial sector in Dubai and across its free zones. It identifies target industrial sectors and focuses on strengthening industrial integration ­- connecting the target sector with educational and research institutions to stimulate innovation and creativity with a view to developing strategic industries. In addition, the Dubai Industrial Strategy aims to create an attractive environment for these strategic industries.
Key objectives
The strategy is based on five key objectives that will serve as the foundation for Dubai's industrial future. The Strategy aims to increase the total output and value-addition of the manufacturing sector, enhance the depth of knowledge and innovation, make Dubai a preferred manufacturing platform for global businesses, promote environment-friendly and energy-efficient manufacturing and make Dubai a centre for the global Islamic products market.
The Dubai Industrial Strategy has further identified six priority sub-sectors: Aerospace, Maritime, Aluminum and Fabricated Metals, Pharmaceuticals and Medical Equipment, Food and Beverages and Machinery and Equipment. These sub-sectors were chosen based on their importance to the Dubai Industrial Strategy and Dubai Plan 2021, as well as their future growth prospects, export potential and mid-term to long-term economic impact.
Strategic Initiatives
The Dubai Industrial Strategy has identified 75 initiatives to transform Dubai into a global platform for industries based on knowledge, innovation and sustainability and is projected to help generate an additional Dh160 billion by 2030.
Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World and Chairman of Ports, Customs and Free Zone Corporation, asserted that the launch of the strategy is aligned with the UAE's roadmap for sustainable progress in the post-oil era and reinforce nation's efforts to diversify the national economic structure.
He said: "The launch of Dubai Wholesale City, the world's largest city for wholesale trade extending over 550 million square feet at a cost of Dh30 billion, reinforces Dubai's clear economic vision for the future through the creation of dynamic new sectors and the reformatting of existing sectors on a global scale."
He stressed that the Dubai Industrial Strategy includes a range of investment incentives to attract more industrial investments to the Jebel Ali Free Zone (Jafza). These incentives will encourage investors to create production lines locally and use Jafza as a springboard for conveying their products to diverse countries around the world.
Sultan bin Sulayem highlighted that the strategy also comprised a core developmental aspect - including Emiratis in the nation's development process and empowering them with knowledge and skills through engaging them in various industrial projects.
Dr Amina Al Rustamani, Group CEO, Tecom Group, developer of specialised parks including Dubai Industrial Park in Dubai Wholesale City, said the strategy forms a cornerstone for the development of an industry sector based on innovation, knowledge and creativity."
She added: "We are keen on increasing the value added of the industrial sector to the Dubai's GDP as well as that of the UAE. The development of this sector is a main driver for the economy with its high potential and capability. We are committed to implementing this strategy on the ground and benefiting from its potential to significantly build capacities and provide jobs to our national workforce."
Abdullah Belhoul, CEO, Dubai Wholesale City, said: "The launch of the Dubai Industrial Strategy articulates the vision of our leadership to prepare for a post-oil future and establish a diversified knowledge-based economy. Dubai Industrial Park will play a pivotal role in this transition as a leading destination for industry and logistics - boasting more than 700 local, regional and global companies. The industrial park also features a halal manufacturing zone that will help fulfill the objectives of this strategy. In the next phase of implementation of the strategy, Dubai Industrial Park will collaborate with all the partners on realising initiatives and action plans to accomplish these strategic goals."
Ibrahim Mohamed Aljanahi, Deputy CEO and Chief Commercial Officer of Jafza, said: "The Dubai Industrial Strategy has outlined policies to ensure a steady pace of growth in all sectors and has assigned specific tasks to every economic institution - whether free zones or industrial zones. These promising policies will stimulate the industrial sector and attract more foreign investment to the country."
Aljanahi stressed that Jafza is developing a marketing plan tailored to the Dubai Industrial Strategy to attract more global industrial companies to the free zone and provide incentives to successful businesses based within the zone. - reporters@khaleejtimes.com


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