Dubai supports the nation’s industries: Hamdan

Dubai: Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, stated that the industrial sector in the emirate has become a driving force for economic diversification, productivity and sustainable growth as well as Dubai’s integration with global markets. The emirate’s efforts to create a world-leading infrastructure and investment-friendly environment have seen it emerging as a regional hub for diverse industries, especially light to medium industrial units involved in manufacturing and exporting mechanical equipment, chemicals, food and beverages, machinery and metals, His Highness said.

The Dubai Industrial Strategy 2030, launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to make Dubai a global base for knowledge-based, innovation-driven and sustainable industries. The strategy comprises 67 initiatives that are expected to lay the foundation for future industry in Dubai and add Dhs160 billion to the emirate’s gross domestic product (GDP) through to 2030.

Meanwhile, a 10-year, comprehensive national industrial strategy seeks to empower and expand the UAE’s industrial sector and increase its GDP contribution from the current Dhs133 billion to Dhs300 billion by 2031. Named ‘Operation 300bn’ the strategy envisions the industrial sector as the driving force of a sustainable national economy.

Sheikh Hamdan said Dubai Industries & Exports, the agency of Dubai Economy mandated to develop industrial and export activity in the emirate, will play a pivotal role in transforming Dubai into a hub for future industries and attracting domestic and foreign investment into the industrial sector, in line with the goals of the Dubai Industrial Strategy 2030 and ‘Operation 300bn.’ Formerly known as ‘Dubai Exports,’ the agency has been supervising the implementation of the Dubai Industrial Strategy 2030, which has been instrumental in raising the manufacturing and export capabilities of the emirate. The scope of the agency has now been expanded in view of the increasing emphasis on industrialisation in Dubai and the UAE and the need to co-ordinate with various authorities on policies, initiatives and services for industrial development and export promotion.

His Highness affirmed that the new mandate is also aligned with the emirate’s strategy to support national industries and promote non-oil trade by pursuing opportunities in overseas markets for diversifying exports. As demonstrated during the pandemic, Dubai, with the help of its competitive and connected environment, is committed to helping businesses successfully navigate challenges and crises. Dubai Industries & Exports will be instrumental in supporting investors and manufacturers globally to build on this opportunity in Dubai, His Highness said.

Sami Al Qamzi, Director General of Dubai Economy, said: “We express our gratitude to the leadership for its confidence in Dubai Economy and our efforts to develop the industrial sector in the emirate. Dubai Industries & Exports will continue to facilitate industrial activity and exports and work collaboratively with all stakeholders to create a future-oriented regulatory framework for promoting an innovative and capable industry.”

Al Qamzi pointed out that the ambitious industrialisation targets set for Dubai and the UAE mean unprecedented opportunities for high-tech industries as well as small and medium enterprises to develop and enhance competencies in emerging disciplines, such as research & development, clean energy, healthcare, biotech, and space. “The pandemic phase has convinced global industry about the competitive advantage Dubai holds in connecting trade and people, and in sustaining business activity.”  Engineer Saed Al Awadi, CEO of Dubai Industries & Exports added: “The efforts of Dubai Industries & Exports to accelerate industrialisation and exports focus on promoting sector growth, industrial interdependence, and integration with other sectors and strategic plans, besides providing a more attractive and competitive environment for industrial investments. Dubai has already evolved into a key hub for manufacturing companies and industries globally.” The industrial sector in the emirate has shown remarkable stability in recent years and according to data from the Dubai Statistics Centre, the average GDP contribution of the sector in the 2015-2019 period (at constant prices) was 9.3%. Industrial exports from Dubai saw an average growth of 7% in this period. The total value of the emirate’s industrial exports in 2020 amounted to AED167 billion, a growth of 8% from the previous year, according to Dubai Customs.