‘Operation 300bn’ launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Monday is a massive reboot of the UAE economy in an attempt to more than double industrial sector’s contribution to GDP by 2031.
For a country that is dependent on oil, tourism and services, this mega push for industrial sector is a big move to diversify the economy, bringing in world class manufacturing facilities and potentially turning the emirates into a regional hub for advance technologies.
The ten year strategy will focus on future industries, support the country’s 13,500 small and media enterprises and attract talent, investors, developers and experts from all over the world. “Developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises,” Shaikh Mohammad said, adding that “the industrial strategy will achieve a giant leap in the UAE’s industrial sector to become the main driving force of the national economy and lead the journey of our next 50 years with greater confidence and speed.”
In the next ten years, the country will build and sustain supply chains of Made in UAE products, making this nation a major source great quality goods for regional economies
In addition to attractive investments and technology, the Industrial Strategy ‘Operation 300bn’ also incorporates a vision of offering world class made in UAE products with a unified industrial brand identity under the slogan ‘Make it in the Emirates’. A promise to make and distribute exceptional quality products that are globally competitive is part of the core vision.
Adding value to export eco system
The strategy is a big departure from current business model of re-exporting products and services by leveraging on the country’s robust air, land and sea transport infrastructure. Made in UAE goods will have immense potential in MENA region and beyond, adding value to the export eco system.
The strategy has the potential to not just raise the UAE’s profile on global manufacturing map, it will help create tens of thousands of jobs and attract high skilled manpower to the emirate.
The challenges in turning this vision into reality are likely to be many. The country will have to elbow its way into the crowded market that is extremely competitive and price conscious.
However, given the UAE’s track record of achieving the impossible, the country and its business community will be able to rise to this challenge and start laying the foundations of a strong industrial powerhouse.
In the next ten years, the country will build and sustain supply chains of Made in UAE products, making this nation a major source great quality goods for regional economies.
