The UAE on Monday unveiled an ambitious blueprint to position the economy as a global hub for future industries in 10 years.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, unveiled “Operation Dh300 billion” --- the futuristic industrial strategy seeking to position the nation among the most industrially advanced economies in the world.
The target of the landmark initiative is to boost industrial revenues by three-fold to Dh300 billion by 2031 from Dh133 billion at present.
Sheikh Mohammed, also launched a “Unified Industrial Brand Identity” under the slogan “Make it in the Emirates, and said the move signified “a giant leap for the UAE’s industrial sector to become the main driving force of the national economy and lead the journey of our next 50 years with greater confidence and speed.”
As an extension of the UAE Nation Brand, the new campaign stems from a vision based on distinction, uniqueness and the efforts to build the credentials of UAE products by enhancing their quality and global competitiveness. Ultimately, every product made in UAE will comply with the highest international quality standards and have its rightful place among the best international products.
“We aim to launch new industrial projects in a futuristic framework that creates out-of-the-box solutions to address challenges in a timely manner,” he said.
Sheikh Mohammed said the industrial sector is the backbone of large economies, and the UAE has effective resources, policies and leadership to build a global economic base. Developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises.”
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said the landmark industrial strategy “will empower our national industries and lead the country’s efforts to advance the industrial sector as a major driver of the national economy over the next 50 years.”
Sheikh Mohamed, presenting a giant developmental leap, noted that the industrial sector is an essential source of economic diversification, job creation and a wider sustainable development.
“We need to unify efforts of national teams to achieve the objectives of the strategy and support the country’s sustainable economic diversification efforts,” Sheikh Mohamed said, stressing the necessity to empower youth to adapt to the rapidly-growing technological advancements and harness their talents to expand vital future industrial sectors, Artificial Intelligence, space technologies, energy and pharmaceuticals. These efforts, he said, ensure a sustainable economic growth to build a safe and secure future for the next generation.
“The UAE has succeeded in establishing its status as an economic capital in the region and an ideal business landscape with world-class digital infrastructure, services, security and competitive investment benefits.” Sheikh Mohamed.
In a statement, the UAE Government Media Office said the Ministry of Industry and Advanced Technology, would be spearheading the strategy by rolling out programmes and initiatives to support 13,500 industrial small and medium enterprises.
“Focusing primarily on future industries that implement advanced technology and the Fourth Industrial Revolution (4IR) solutions and applications, the strategy will work towards advancing the national economy and contributing to the sustainable development,” it said.
The strategy aims to increase the in-country value through improving and promoting local products on a global level and building an attractive business environment for local and international investors to boost productivity. The plan provides a competitive package of facilities and incentives with the aim of positioning the UAE as a global industrial hub that attracts talents, developers and experts from all over the world.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, affirmed that the strategic national program aims to deliver sustainable economic growth for the UAE’s industrial sector by enhancing its competitiveness at a regional and global level.
Operation Dh300 billion will support more than 13,500 SMEs by 2031, as they are major drivers of shaping a productive industrial sector and sustainable economy. More than 33,000 industrial enterprises operate in the UAE, comprising 95 per cent of small and medium-sized businesses.
The volume of spending on Research and Development in the industrial sector will increase from Dh21 billion, constituting 1.3 per cent of the GDP, to Dh57 billion in 2031, bringing the contribution to the GDP to 2.0 per cent.
Operation Dh300 billion will focus on promoting existing industries, building on their successes, and enhance their contributions to the GDP, thereby adding value to the UAE’s export ecosystem. At the same time, it will focus on developing a new industrial ecosystem, primarily high-tech industries and 4IR ventures that form the basis of a knowledge-based economy.
Future industries that the strategy will focus on are: Space technology, medical supplies and pharmaceuticals, clean and renewable energy (hydrogen production), machinery and equipment, Rubber and plastic, chemicals, metals, advanced technologies manufacturing, electronics and electrical gadgets and food and beverage.
Abdulla bin Touq Al Marri, Minister of Economy, stressed that the UAE’s leadership prioritises the industrial and manufacturing sectors, given their vital role in establishing a strong sustainable and productive knowledge-based economy, to consolidate the country’s economic competitiveness and export capacities.
“The manufacturing and mining industries accounted for nearly 38 per cent of the country’s real GDP in 2019, with a total value of Dh569 billion. Manufacturing alone contributed some Dh135 billion to GDP at current prices, achieving a compound annual growth rate of 4.0 per cent and accounting for 9.0 per cent of overall national GDP and 12 per cent of non-oil GDP,” he said in a statement.
Operation Dh300 billion pursues four main objectives. The first is to create an attractive business environment for local and international investors in the industrial sector through updating the Industrial Law to support local entrepreneurs and attract foreign direct investment.
The second objective is to catalyze industrial development and stimulate the national economy through launching a program to enhance in-country value and increase the demand for UAE products.
The third objective is to encourage innovation, and the adoption of advanced technology and Fourth Industrial Revolution (4IR) solutions through setting the advanced technology agenda.
The fourth objective is to create strong foundations to enhance the UAE’s position as a leading global hub for future industries.
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Local business8 months ago