UAE to establish 500 national technology companies

Dubai: The UAE government on Sunday launched the Fourth Industrial Revolution Network to promote the adoption of advanced technologies in the national industrial sector as part of “Projects of the 50.”

The project, which aims to establish and grow 500 national companies equipped with the technologies of the Fourth Industrial Revolution, will be key in creating an attractive business environment to meet the needs of local and international investors, support the continuous growth of national industries, improve their competitiveness, and enhance the UAE’s position as a global destination for pioneering future industries with world-class infrastructure and a skilled and technologically advanced workforce.

The network is designed to provide a platform that brings together 15 leading national companies in technology adoption to transfer knowledge, share best practices and train 100 CEOs in the industrial sector on the latest digital trends.

ADNOC, Strata, EDGE and Emirates Global Aluminium will be joined by leading global companies in technology development such as Siemens, Microsoft, Cisco and IBM to share successful implementation of advanced technology and applications of the Fourth Industrial Revolution.

Focus on competitiveness

As part of “Projects of the 50”, the UAE Government has launched three initiatives designed to strengthen the UAE’s ability to keep pace with the ever-evolving global economy and consolidate its position as one of the world’s most attractive countries for foreign direct investment.

10x10

The 10x10 programme aims to achieve an annual increase in the country’s exports by 10 per cent in 10 key markets: China, the UK, the Netherlands, Italy, Russia, Poland, Luxembourg, Australia, New Zealand and Indonesia.

Through an integrated system of incentives and benefits, the project will work to achieve a 14 per cent growth in cumulative foreign direct investment (FDI) outflow by 2030, and a growth of FDI directed to the targeted countries of 24 per cent by 2030.

Invest.ae

The UAE Government has also announced the launch of a new portal – invest.ae – that will act as an umbrella for all investment-related local entities and 14 state economic entities and present all investment opportunities across the UAE. The portal will also provide comprehensive information on the local investment environment, as well as business and bank account set-up services. It will also highlight entrepreneurial success stories.

This electronic platform is designed to showcase the UAE to major international companies and unicorn companies (billionaire companies), and encourage major global sovereign wealth funds to funnel investments to the country. It will also facilitate the identification of investors unable to invest in their own countries, open communication with them and incentivize the transfer of their investments to the UAE.

Emirates Investment Summit

The UAE will host the Emirates Investment Summit, a global summit that will connect investment funds with the public and private sectors to create investment opportunities that will attract Dh50 billion in FDI over the next nine years. Scheduled to take place during the first quarter of 2022, the Summit seeks to build lasting partnerships between public and private sectors.

In-Country Value Programme

One of the key elements of “Projects of the 50” is the adoption of the National In-Country Value Programmr at a federal level, which will facilitate the redirection of procurement and contract expenses to the local economy. The program reflects the UAE government’s commitment to enhancing the competitiveness of the national economy, promoting domestic products and supporting local small and medium-sized companies.

By 2025, the programme aims to create a demand for local products and services by redirecting more than 42 per centof procurement of the federal government and major UAE companies to local products and services, gradually implementing the program through 45 federal entities and 15 major national companies, and increasing local suppliers from 5,000 to 7,300.

Implemented under the supervision of the Ministry of Industry and Advanced Technology, the program will enable the UAE to reduce its dependence on imports in priority sectors, localize supply chains, support the national industrial sector and increase manufacturing and industrial output.

Dh5 billion to support Emirati projects

To help facilitate the goals of “Projects of the 50”, the UAE Government has announced Project 5 billion, which involves the allocation of Dh5 billion to support Emirati projects in priority sectors.

The Dh5 billion is part of the Emirates Development Bank’s April 2021 allocation of Dh30 billion to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025 – all to support its wider mission of increasing productivity, enhancing the industrial sector’s contribution to GDP and creating job opportunities for UAE’s citizens.