Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, issued directives on Monday to boost efforts to accelerate the implementation of the Dubai Industrial Strategy 2030.
The Strategy, which focuses on elevating Dubai into a global platform for knowledge-based, innovation-focused economies, is expected to increase the emirate’s gross domestic product by Dh165 billion by 2030.
Additionally, the Strategy is expected to result in an Dh18 billion forecasted increase in GDP for the industrial sector, creation of over 27,000 specialized jobs, increase in research and development expenditure by around Dh700 million, and a Dh16 billion forecasted increase in exports.
A statement from the Dubai Government said Shaikh Hamdan also directed all the teams involved in the implementation of the strategy beginning 2017 to join hands in driving the implementation.
“Strengthening creativity and innovation in various industrial areas is one of the key elements of the Dubai Industrial Strategy, which is in line with our quest to consolidate the foundations of a sustainable dynamic economy based on research, knowledge, and development. This can help achieve the goal of making Dubai a unique investment destination, especially as we already have the basic drivers and capabilities needed to achieve such a goal, including efficient and reliable infrastructure and legislative frameworks, which are continuously subject to improvement and development,” Shaikh Hamdan said in a statement.
He added that all these elements will move the industrial sector “into a new phase” in line with the UAE’s aim to grow the sector’s contribution to the economy in the post-oil era.
The plan, set by Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is expected to help develop Dubai’s economic capabilities and its diversification policy.
In line with the Strategy, the Dubai Government is expected to launch a number of initiatives in the next few months to drive the growth of the industrial sector.
Abdullah Al Shaibani, Secretary General of the Executive Council of Dubai, said the Industrial Strategy entered the implementation phase in September 2016. He said six specialized work teams for various economic sectors were formed, and each team would follow up the implementation process of the respective sector.
The six sectors that the Strategy will focus on include aerospace, maritime, pharmaceuticals and medical equipment, aluminium and fabricated metals, food and beverages, and machinery and equipment.
Each sector includes a number of initiatives to be developed by the executing entities. A number of executive teams were formed for each sector to set the details and time frames.
“These teams will work together with the support of a governmental working group and, being the representative of the Government of Dubai, will promote the plan when meeting investors. The teams will also launch a number of initiatives to drive the growth of the industrial sector in the next few months,” Al Shaibani said.
He described the Dubai Industrial Strategy as an enabler of Dubai Plan 2021 as it helps Dubai enhance its position as a global economic hub and one of the world’s most promising hubs in various sectors.
Some of the objectives of the Industrial Strategy include increasing the total output of the manufacturing sector, and enhancing knowledge and innovation by increasing spending on research and development. It also aims to promote environmentally-friendly and energy-efficient manufacturing by reducing energy consumption.