Dubai Industrial Strategy set in motion

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, issued directives last month to boost efforts to accelerate the implementation of the Dubai Industrial Strategy 2030, according to Gulf News. The Strategy, which focuses on elevating Dubai into a global platform for knowledge-based, innovation-focused economies, is expected to increase the emirate’s gross domestic product (GDP) by Dh165 billion by 2030.

Additionally, the Strategy is expected to result in an Dh18 billion forecasted increase in GDP for the industrial sector, creation of over 27,000 specialised jobs, increase in research and development expenditure by around Dh700 million, and a Dh16 billion forecasted increase in exports.

A statement from the Dubai Government said Shaikh Hamdan also directed all the teams involved in the implementation of the strategy beginning 2017 to join hands in driving the implementation. The plan, set by Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is expected to help develop Dubai’s economic capabilities and its diversification policy.

In line with the Strategy, the Dubai Government is expected to launch a number of initiatives in the next few months to drive the growth of the industrial sector. Abdullah Al Shaibani, Secretary General of the Executive Council of Dubai, said the Industrial Strategy entered the implementation phase in September 2016. He said six specialised work teams for various economic sectors were formed, and each team would follow up the implementation process of the respective sector.

The six sectors that the Strategy will focus on include aerospace, maritime, pharmaceuticals and medical equipment, aluminium and fabricated metals, food and beverages, and machinery and equipment. Some of the objectives of the Industrial Strategy include increasing the total output of the manufacturing sector, and enhancing knowledge and innovation by increasing spending on research and development. It also aims to promote environmentally-friendly and energy-efficient manufacturing by reducing energy consumption.