Dubai: The UAE is focussing, through the "The Projects of the 50’, on strengthening its economy by implementing an ambitious development plan. It aims to achieve leadership in key economic indexes and boost the country’s pivotal stature in the global economy.
This was the mandate set out by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, at the 4th edition of the Global Manufacturing and Industrialisation Summit (GMIS 2021) at Expo 2020 Dubai.
The event showcased the 'Make it in the Emirates' initiative, which is a first of its kind initiative aimed at encouraging local and international investors, developers and innovators to benefit from the incentives provided by the country’s industrial sector.
Over 250 speakers are participating in GMIS 2021, including five presidents of states, representatives of states, two former prime ministers, four senior UN officials, the US Special Presidential Envoy for Climate Change and over 25 ministers from the UAE and around the world.
As the world becomes increasingly digitalised, immersive technology needs to be rapidly integrated into all platforms. Mixed reality can continue to cater to the need for businesses to strengthen operations worldwide.
The summit includes three specialist conferences on technology, investment and renewable technology, and three joint events with the UK, Australia, and Italy.
The summit includes three specialist conferences on technology, investment and renewable technology, and three joint events with the UK, Australia, and Italy
Open invitation to collaborate
In his speech, - Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology said the UAE has become a global model for economic development, built on competitive advantages and an advanced business ecosystem.
Al Jaber also extended an open invitation to the world to collaborate with the UAE in its efforts to invest in new opportunities and build a prosperous global economy. “No economy exists in a vacuum, and that accelerating growth and progress requires synergies to create an effective and integrated industrial ecosystem.”
The first three industrial revolutions contributed to strengthening global GDP and raising it to historical levels. They also helped increase average life expectancy and multiplied average global income 15 times.
The UAE’s national industrial strategy focuses on sectors that contribute to producing high added value. It is also centered on diversifying the economy, achieving sustainable growth, and enhancing industrial competitiveness, particularly through the adoption of cutting-edge technology.
Digital tech can propel the central economy and address climate risks, but it requires partnerships to support climate finance, more robust commitment to decarbonising, innovation ecosystems, and greater investment in digital infrastructure.
Be on high alert
But investors must remain wary of expected inflation and spiking interest rates. That’s according to Khaldoon Al Mubarak, Managing Director and Group CEO at Mubadala Investment Company.
From a short-term perspective, there are challenges with inflation creeping in and anticipated interest rate hikes, which will undoubtedly have implications.
"But Mubadala’s approach is that of the long-term, patient investor with convictions and thematic views. This has helped us to weather through difficult cyclical periods that would have challenged others," said Al Mubarak, who referred to Mubadala’s investment in Masdar in 2006 and GlobalFoundries in 2009.
Masdar is now a global renewables player, with investments and assets across 33 countries, representing investments of over $20 billion (Dh73.4 billion) and nearly 11 gigawatts of renewable power generation.
"Fifteen years ago, we had started investing in the renewable energy transition, before it became the popular subject it is today. We are now well-positioned in that sector, empowered with the ability to continue growing at scale," Al Mubarak said.
"As a global trade and economic hub, the UAE has acted as the transiting point between the East and the West with substantial trade ties on both sides.”
A keen eye
On Mubadala’s strategic partnership with the semiconductor manufacturer GlobalFoundries, Al Mubarak said that Mubadala had invested in what was a "challenging and competitive" sector, but is now critical to global supply chains and every major future industry.
Africa’s countries have placed industrialisation on top of its 2060 Agenda, and now exert immense efforts in order to have diversified, competitive industries through ambitious programmes to improve the supporting infrastructure of transportation, communications, and new technologies.
