Operation 300bn aims to make the industrial sector the main main driver of UAE’s economy, contributing AED300 billion to the GDP by 2031, more than doubling its current contribution.
The 10-year industrial strategy was launched on Monday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.
“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,” said Sheikh Mohammed.
Currently the sector contributes AED133 billion to the country’s GDP.
.@HHShkMohd also launches 'Make It In The Emirates' – the #UAE's industrial identity to support domestic products and promote the sector globally, aiming to establish the country's industrial competitiveness. pic.twitter.com/oMurOansHG
— Dubai Media Office (@DXBMediaOffice) March 22, 2021
Commenting on the strategy, Saud Abu Al-Shawareb, managing director of Dubai Industrial City and a steering member of the Dubai Industrial Strategy 2030 said: “Manufacturing has been a catalyst of the UAE’s growth and diversification for decades, creating thousands of jobs and investment opportunities. By boosting R&D and building on our achievements, Operation 300bn will boost our knowledge and innovation-based economy and strengthen the emirate’s attractiveness as a global business destination.”
The Ministry of Industry and Advanced Technology is leading the strategy and will roll out programmes and initiatives to support 13,500 industrial SMEs.
Sustainable development is among the strategy’s targets and it will focus mainly on industries that implement advanced technology and the Fourth Industrial Revolution (4IR) solutions and applications.
“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 said.
The strategy aims to increase the in-country value through refining and supporting local products on a global level and building an attractive business environment for local and international investors to boost productivity.
The plan provides for multiple facilities and incentives aimed at positioning the UAE as a global industrial hub that attracts talent, developers and experts from all over the world.
Saud Abu Al-Shawareb, managing director of Dubai Industrial City and a steering member of the Dubai Industrial Strategy 2030.
“Dubai Industrial City has played a key role in the expansion of local production. From concrete to coffee, the diversity of high-quality products made in the UAE has continued to the rise year-on-year. Dubai’s world-class infrastructure and business-friendly ecosystem enables companies to reach two-thirds of the world’s population in eight hours,” Al-Shawareb said.
“As the region’s largest manufacturing and logistics hub covering more than 550 million square foot, we are proud to have contributed to the country’s highly-skilled talent pool. And with solar powered factories that leverage artificial intelligence, robotics and 3D printing, our business partners have a lot to offer this bold new agenda,” he continued.
Sheikh Mohammed 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 building up the unique credentials of products made in the UAE by enhancing their quality and global competitiveness.
“Developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises,” said Sheik Mohammed.
“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,” said Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
“We need to unify efforts of national teams to achieve the objectives of the strategy and support the country’s sustainable economic diversification efforts,” he continued.
Sheikh Al Nahyan emphasised on 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,” said Sheikh Al Nahyan.
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