The United Arab Emirates is launching a new initiative to boost the country’s competitiveness in the aluminium sector (among others). The UAE’s Vice President and Prime Minister and Dubai’s ruler His Highness Sheikh Mohammed bin Rashid Al Maktoum announced the initiative late last week.
Six priority sub-sectors, namely aerospace, maritime, aluminium and fabricated metals, pharmaceuticals and medical equipment, food and beverages, and machinery and equipment, have been chosen to receive an investment of US$43.56 billion over the next fourteen years.
The government’s strategy has five main objectives:
- Increasing the total output and value-addition of the manufacturing sector
- Enhancing the depth of knowledge and innovation
- Making Dubai a preferred manufacturing platform for global businesses
- Promoting environmentally-friendly and energy-efficient manufacturing
- Making Dubai a center for the global Islamic products market
“The Dubai Industrial Strategy aims to transform the UAE into a global platform for innovative industries and a destination of choice for international companies seeking an integrated and favorable environment for growth and sustainability,” said Sheikh Mohammed.
“With the launch of the strategy we are taking one more step towards the future,” he continued. “We have laid down a strong foundation that blends our strategic location and infrastructure with our ambition, confidence and experience. We are one step closer to achieving the goal of making Dubai a home for innovators, a favorite place to live and work, a global economic hub and a preferred destination for visitors.”
The government has identified seventy-five initiatives that it will fund, anticipating growing the industrial sector by US$4.90 billion, creating 27,000 new jobs, and increasing exports by US$4.36 billion.
“Sustainable development involves activating all pillars of the economy,” said Sheikh Mohammed. “A conducive environment is required to achieve our targets that focus on knowledge, science and research, which form the foundation for the development of industries.”
“Nations are recognized for what they produce and the value they add to the global economy,” he concluded.
“The Dubai Industrial Strategy has outlined policies to ensure a steady pace of growth in all sectors and has assigned specific tasks to every economic institution – whether free zones or industrial zones,” said Ibrahim Al Janahi, chief commercial officer of the Jebel Ali Free Zone Authority. “Jebel Ali Free Zone has more than 765 companies from 73 countries, employing nearly 73,000 people over an area of 14 million square meters. We intend to increase these numbers in the coming years and contribute to the quantum leap that the national economy will achieve through implementing this strategy.”