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UAE's visionary leadership outlines path for the future; Operation 300bn a paradigm shift in industrial sector: Sultan Al Jaber-- Second & Last Addition

April 6, 2021
finance & economy

ABU DHABI, 5th April, 2021 (WAM) -- Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences, said, during the media briefing, that advanced technologies have played a major role in the UAE’s social and economic development over the past two decades, most notably in terms of advanced projects, such as Dubai Internet City, renewable energy in Masdar City, the use of artificial intelligence (AI) in the national COVID-19 vaccination programme, and the success of the Emirates Mars Mission.

Developing advanced technologies will boost the UAE’s economic competitiveness, flexibility and growth, she added, stressing that due to the visionary vision of its leadership, the country has integrated industry and advanced technologies, under the framework of a strategic future vision for the national economy.

She highlighted the importance of supporting research and development in the industrial sector and turning them into practical and meaningful business applications to enhance the country’s stature as a global destination for developing technology-reliant future industries.

'One of the key objectives of the Ministry of Industry and Advanced Technology is to enable the UAE to lead the world in terms of future industries, focussing on the space industries sector, the Fourth Industrial Revolution, biological and medical technologies, alternative energy, and information and communication technology,' Al Amiri said.

Youth Empowerment Omar Ahmed Suwaina Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, highlighted the potential positive impact of the strategy on local Emirati talent, most notably in terms of providing young Emirati citizens with the necessary skills for future industries.

Due to the vision of its leadership, the UAE has made distinguished achievements in the industrial sector and is continuing to realise its ambitions, by creating a suitable working environment and adopting the applications of the Fourth Industrial Revolution, to boost its global competitiveness, facilitate business activities, and develop its logistical and digital infrastructures, he added, noting that all other related measures aim to increase the industrial sector’s contribution to GDP to AED300 billion by 2030.

Driver of the Economy Khalfan Belhoul, CEO of the Dubai Future Foundation (DFF) and Member of the Board of Directors of the Emirates Development Bank, said that the launch of the bank’s strategy is in line with the country’s national strategy for industry and advanced technology and will support the strategic future transformation of the UAE, noting that the bank aims to be the leading catalyst of the Emirati economy.

The Emirates Development Bank is a key driver of the national industrial sector and is helping to accelerate industrial development and the adoption of advanced technologies, and is supporting the role of small and medium-sized enterprises (SME), through providing various types of regular and bold financing programmes, he added.

'Make It in the Emirates' The speakers urged those involved in the process of advancing the national industrial sector to participate in the 'Make it in the Emirates' campaign, which is an open invitation to local and international investors, innovators and developers to tap into the sector and benefit from the wide range of facilities, advantages and incentives available in the country.

‘Operation 300bn’ is a 10-year comprehensive strategy that aims to increase the industrial sector’s contribution to GDP from AED 133bn to AED 300 billion by 2031.

The SMEs sector, a key tool that supports the strategic drive for a highly productive eco-system, represents more than 94 per cent of the total number of companies operating in the country. The sector provides 86 percent of the job opportunities for the work force in the private sector and contribute over 60 per cent of the UAE’s GDP.

Operation 300bn will focus on promoting existing industries, building on their successes, and enhance their contributions to the GDP, thereby adding value to the UAE's export ecosystem. At the same time, it will focus on developing a new industrial ecosystem, primarily high-tech industries and 4IR ventures that form the basis of a knowledge-based economy.

It will also seek to build a strong and resilient economy, driven by industry and other key sectors, like food security, energy, financial services and business, to maintain the UAE’s global lead in competitiveness, prosperity, stability and sustainable development and to strengthen its position as a leading global hub for future industries.


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