The fourth edition of the Global Manufacturing and Industrialisation Summit (GMIS) kicked off on Monday with a pledge by the UAE to fully leverage the potential of 4IR technologies to develop a sustainable and diversified economy over the next 50 years of its journey.
Opened in the presence of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and UAE Minister of Presidential Affairs, the summit heard a clarion call to global economies to collaborate with the UAE in its efforts to enhance international cooperation, invest in new opportunities and build a bright and prosperous global economy.
Dr Sultan bin Ahmad Al Jaber, UAE Minister of Industry and Advanced Technology, delivering the summit’s inaugural address, said no economy exists in a vacuum, and stressed that accelerating growth and progress requires synergies to create an effective and integrated industrial ecosystem.
GMIS, organised by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the United Nations Industrial Development Organisation (Unido), will run until November 27 and features an industrial exhibition at the Dubai Exhibition Center at the Expo 2020 site.
Al Jaber praised the UAE leadership’s wise vision and its direction to develop a sustainable and diversified economy for the next 50 years. The UAE, he said, has become a global model for economic development, built on competitive advantages and an advanced business ecosystem.
“The first three industrial revolutions contributed to strengthening global GDP and raising it to historical levels. They also helped increase average life expectancy and multiplied average global income 15 times. We are currently witnessing the dawn of the Fourth Industrial Era, as 4IR technologies begin to advance the industrial sector and enhance its contribution to driving global growth and prosperity,” said the minister.
Al Jaber also discussed the impact of advanced technologies on efficiency, citing several examples, including additive manufacturing’s role in multiplying the productivity of numerous sectors over the past five years. Machine learning technologies have also contributed to developing vaccines during the Coid-19 pandemic, accelerating clinical trials and, as a result, saving many thousands of lives. He underscored the ability of advanced technologies and artificial intelligence to generate positive change.
He said the UAE’s national industrial strategy aims to double the industrial sector’s contribution to national GDP in less than 10 years. It focuses on sectors that contribute to producing high added value. It also centers on diversifying the economy, achieving sustainable growth, and enhancing industrial competitiveness, particularly through the adoption of cutting-edge technology.
“We are working on adding greater value in sectors within which we have expertise and competitive advantages, including energy, petrochemicals, plastics, metals, heavy industries, and electrical equipment. We will focus on investing in priority sectors, including healthcare, agritech, and advanced industries. We also seek to create value in high-performance sectors such as biotechnology and aerospace,” said Al Jaber.
He said MoIAT would focus on increasing the industrial sector’s contribution to building an economy that is the best and most dynamic in the world in line with the Principles of the 50 adopted as a comprehensive development plan to advance growth and prosperity over the next 50 years.
“The UAE invites partners to participate in enhancing industrial growth based on smart partnerships to expand its industrial base while utilizing its current competitive advantages, including a world-class infrastructure, access to energy sources and raw materials, and diversity and cultural openness, which make the country a preferred destination for talents from more than 200 nationalities,” said Al Jaber.
The minister pointed out that the UAE is seeking to enhance these advantages by refining regulatory frameworks, providing long-term residency visas for investors, entrepreneurs and highly skilled professionals, and facilitating access to finance in cooperation with the Emirates Development Bank.
The UAE, the company’s largest market, saw high growth in merchant payments processed from domestic consumers at 20 per cent year on year, and payments from international visitors growing 92 per cent
The company’s revenue increased 31 per cent to Dh1.041 billion as compared to Dh792 million in first half of 2021 while its operating costs dropped 16 per cent
Kashkari sticks to his view of 3.9% Fed funds rate at end-2022; Evans sees 3.4% policy rate this year; Both push back on market expectation for rate cuts next year; Inflation, employment data to determine size of Sept rate hike
Approval would save time, money on Asian routes; Q2 net profit $100m versus loss of $81m a year ago; Revenue up sharply, but still below Q2 in 2019
The five-year contract was awarded by Adnoc Offshore to Adnoc Logistics and Services (Adnoc L&S) and underpins the world-class capabilities within Adnoc’s group companies