Launch of strategy to more than double the size of industrial base will support job creation and country’s self-sufficiency

‘Operation 300bn’ was launched on Monday to position the UAE as a global industrial hub by 2031. It is a 10-year comprehensive strategy to increase the industrial sector’s contribution to the country’s GDP from the current Dh133 billion to Dh300 billion.

The strategy includes enhancing the attractiveness of the industrial sector for investors by updating legislation, including allowing 100 per cent foreign ownership of projects and making dedicated financing available. An in-country value programme will be launched to direct spending towards local products and suppliers. Innovation and the adoption of advanced technologies will also be encouraged. Overall, Operation 300bn aims to support 13,500 small and medium enterprises over the next decade.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced the launch of Operation 300bn on Monday.

It 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 bin Rashid.

Sheikh Mohamed bin Zayed said the strategy sets “an ambitious objective to double the industrial sector’s contribution to the GDP and increase the in-country value.”

Another objective of the strategy is to improve the UAE’s ranking on the Competitive Industrial Performance Index from 35th place globally to 25th in the next 10 years.

Sectors of focus include petrochemicals, plastics, metals, food, agriculture, water, and healthcare, space, biotech, medi-tech, pharmaceuticals, clean and renewable energy, including hydrogen production, machinery and equipment, rubber and plastic and electronics and electrical gadgets.

Who is leading Operation 300bn?

The Ministry of Industry and Advanced Technology is leading Operation 300bn and will oversee its implementation. The ministry was created last July to increase the competitiveness of products made in the UAE and the industrial sector’s contribution the the economy. Dr Sultan Al Jaber is the Minister of Industry and Advanced Technology. On Monday Dr Al Jaber presented the Operation 300bn strategy as a “giant Industrial leap” for the country.

Make it in the Emirates

Products manufactured in the UAE will fall under a unified industrial brand identity for which the slogan ‘Make it in the Emirates’ was launched on Monday as part of the strategy. It is an extension of the UAE nation brand and the new campaign will promote the uniqueness and quality of locally made goods. It is the first campaign of its kind in the UAE and encourages local and international investors to manufacture and export products. ‘Make it in the Emirates’ aims to create a sense of pride in locally made products, so that the ‘Made in UAE’ label on a product motivates people around the world to buy it for its superior quality.

A boost for R&D

The industrial strategy includes a priority on R&D as part of efforts to promote the adoption of advanced technologies and innovation. The volume of spending on R&D in the industrial sector will increase from Dh21bn, constituting 1.3 per cent of GDP, to Dh57 billion in 2031, bringing the contribution to GDP to 2 per cent.

Source: thenationalnews.com