UAE: Sheikh Mohammed announces new industrial strategy

The country aims to increase the contribution of the industrial sector to Dh300 billion.

The UAE on Monday launched a new industrial strategy to increase contribution of the manufacturing sector from Dh133 billion to Dh300 billion in the national economy over the next 10 years.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of the strategy — named Operation 300bn — which will be led by the UAE’s Ministry of Industry and Advanced Technology.

“The development of the industrial sector is the development of our economic stability, global standing and the future of our generations,” Sheikh Mohammed said in a tweet on Monday.

“Our goal from the strategy is to support the establishment of 13,500 industrial companies in the coming years. The strategy also includes increasing spending on research and development in the industrial sector from Dh21 billion to Dh57 billion in the coming years,” Sheikh Mohammed said.

The UAE Vice-President also launched new industrial identity of the UAE, derived from its media identity, to support national products.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said the UAE’s industrial strategy will bring the public and private sectors closer.

“The UAE’s Industrial Strategy brings together the private and public sectors to re-imagine the future of industries. It is a determination to build our nation’s knowledge and expertise and forge our path towards long-term sustainable growth that benefits people and planet,” said Sheikh Mohamed.