Called “Operation 300bn”, this ten-year industrial strategy aims to raise the manufacturing sector’s contribution to the national economy from Dh133 to Dh300 billion by 2030.
The investment was announced by Ruler of Dubai and Vice President and Prime Minister of UAE, Sheikh Mohammed bin Rashid Al Maktoum this week alongside a new “Make it the Emirates” industrial identity aimed at creating an attractive business environment for international talent, developed and investors.
ADVANCING THE INDUSTRIAL SECTOR
Abu Dhabi crown prince Sheikh Mohamed bin Zayed Al Nahyan spoke about the need to “advance the industrial sector as a major driver of the national economy over the next 50 years” as part of the UAE’s sustainable development goals. The government hopes that by boosting the national industrial base, the country will be better insulated against economic disruption and global crises.
In particular, Sheikh Al Nahyan highlighted artificial intelligence, space technologies, energy and pharmaceuticals as vital industries for the UAE’s economic development, emphasising the need for greater youth participation in these sectors.
SUSTAINABLE DEVELOPMENT, ADVANCED TECH & SMART INFRASTRUCTURE
Led by Ministry of Industry and Advanced Technology, the strategy will centre on initiatives to support the creation of 13,500 new industrial SMEs. It will focus mainly on companies and industries that embrace sustainable development, advanced technology and smart infrastructure.
This new investment can leverage the world-class infrastructure at the Dubai Industrial City, which has been a key driver for the country’s industrial sector.
Already the region’s largest manufacturing and logistics hub covering more than 550 million square foot, proponents of Operation 300bn hope the expanding Emirati manufacturing base will prompt greater investment in warehouse, retail and mixed-use real estate at the industrial park.
By investing in logistics, real estate, research and development, and the country’s knowledge-based economy, Operation 300bn is designed to cement the Emirates as an attractive global business destination.
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