Abu Dhabi: A UN-backed industrial summit got underway in Abu Dhabi on Tuesday, with speakers highlighting the significance of industrial manufacturing to the growth of the UAE’s economy.
Minister of Economy, Sultan Bin Saeed Al Mansouri, underlined the importance of manufacturing sector and announced plans to attract $75 billion by 2025 into the country’s new industrial manufacturing sector.
He also said the manufacturing sector will contribute 25 per cent towards the country’s GDP by 2025.
“Today, the UAE might not be the first place that springs to mind when you think of manufacturing. But, as we stand on the cusp of a Fourth Industrial Revolution, it is nations like the United Arab Emirates which have the most to gain, and the most to offer, amid rapid changes in the manufacturing sector,” Al Mansouri said in his inaugural address at the world’s first Global Manufacturing and Industrialisation Summit on Monday evening, which was also attended by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, along with other high-profile dignitaries.
The summit is being jointly organised by the UAE Ministry of Economy and the United Nations Industrial Development Organisation (UNIDO).
It is the first global gathering for the manufacturing community, bringing together leaders in business, government and civil society to shape a vision for the sector’s future.
During a plenary session on Tuesday, Minister of Energy Suhail Al Mazroui highlighted the energy policy of the government and how the government is focusing on reducing dependence on fossil fuel.
He said the country would be investing $192 billion in the next 30 to 33 years to meet clean energy targets.
“We started building an energy policy. After three years of work, we concluded that 50 per cent of our power generation will come through green sources by 2050. We have a clear road map to achieve the target and that needs investment of $192 billion for the next thirty to three years to balance the equilibrium and go from 98 per cent fossil to 50 per cent fossil.”
Speaking on the manufacturing sector in the UAE, he said the country has been a world player in petrochemical industry and the shift is going to be towards industries where the UAE has competitive advantage. “You need to widen horizon and look at the opportunities. There are many areas where we can attract talent to the UAE and retain it,” he said.
“Strata for example serves two of the world’s biggest aircraft manufacturers. There are many other similar areas of manufacturing where the UAE can have competitive advantage and excel.”
The UAE has been investing heavily in industry, tourism, infrastructure and other areas to diversify its economy away from oil.
The inaugural summit also saw several initiatives being announced in partnerships with international companies for the growth of the manufacturing sector in the UAE.
Industrial giants GE and Siemens announced their partnership with Mubadala and Strata manufacturing to boost the manufacturing sector.
Mubadala, the Dubai Future Foundation and GE Additive are utilising their collective expertise behind the establishment of first Microfactory in the region to accelerate digital manufacturing technologies.
On the other hand, Strata, Siemens and Etihad Airways revealed the region’s first 3D printed aircraft interior part.
Foreseeing the growth of manufacturing sector in the UAE, Khalifa Port unveiled the opening of a free-trade zone to attract industries.
More than 1200 top executives, world leaders, policymakers are attending the four day summit which ends on Thursday.
