UAE unveils plan to raise industrial sector's contribution to GDP to 300 billion dirhams

ABU DHABI — Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum, who is also the ruler of Dubai, launched on Monday the industrial strategy "Operation 300bn".

The 10-year comprehensive strategy aims to empower and expand the industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from the current 133 billion dirhams to 300 billion dirhams by 2031.

Leading the strategy, the UAE Ministry of Industry and Advanced Technology will roll out programs and initiatives to support 13,500 industrial small, and medium enterprises (SMEs).

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 sustainable development.

It 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.

Sheikh Mohammed bin Rashid Al Maktoum also launched the Unified Industrial Brand Identity under the slogan ‘Make it in the Emirates’. As an extension of the UAE Nation Brand, the new campaign stems from a vision based on the 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.

Sheikh Mohammed bin Rashid Al Maktoum said, "the industrial strategy will achieve a giant leap in 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."

He added, "the industrial sector is the backbone of large economies, and the UAE has effective resources, policies, and leadership to build a global economic base."

Sheikh Mohammed bin Rashid Al Maktoum noted that "developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises."

He added, "the industrial sector in the UAE has made great strides. With competitive national products we take pride in, our mission is to double our success, increase the in-country value and build an export ecosystem that enhances the global competitiveness of local 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 stressed that "strengthening the industrial sector will establish our economic stability, global status and the future of our next generation."

Commenting on the strategy, Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, who is also the deputy supreme commander of the UAE armed forces, said: "The 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."

Presenting a giant developmental leap, he noted, the industrial sector is an essential source of economic diversification, job creation, and wider sustainable development.

He noted: "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 bin Zayed Al Nahyan stressed 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 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 bin Zayed Al Nahyan added: "the industrial strategy establishes an ambitious objective to double the industrial sector’s contribution to the GDP and increase the in-country value. The comprehensive national program builds on the country’s investment benefits to lead sustainable economic development in line with national priorities for the post-COVID-19 phase."

"The industrial strategy brings together the efforts of government and private sectors to spearhead the country’s developmental sectors towards our next 50-year journey and build a future country based on a stable and solid economy." — WAM

 

Source: https://saudigazette.com.sa/article/604662/BUSINESS/UAE-unveils-plan-to-raise-industrial-sectors-contribution-to-GDP-to-300-billion-dirhams

 

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