Mohammed bin Rashid Al Maktoum launches 2030 Dubai Industrial Strategy
Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has launched the 2030 Dubai Industrial Strategy, elevate Dubai into a global platform for knowledge-based, sustainable and innovation-focused businesses.
His Highness reiterated that the UAE is on track to achieving its objectives with regard to integrating and complementing its economic sectors and optimising industrial capacity to supplement the GDP and other revenue streams to the national economy in the coming years.
He said: “The Dubai Industrial Strategy aims to leverage our advanced infrastructure and enabling environment to transform UAE into a global platform for innovative industries and a destination of choice for international companies seeking an integrated and favorable environment for growth & sustainability.”
H.H. Sheikh Mohammed bin Rashid Al Maktoum further pointed out: “Sustainable development involves activating all pillars of the economy. A conducive environment is required to achieve our targets that focus on knowledge, science, and research, which form the foundation for the development of industries.”
The development of the Dubai Industrial Strategy was led by Jebel Ali Free Zone Authority (Jafza) and Dubai Industrial Park in Dubai Wholesale City with support from the Executive Council of Dubai. Numerous industry experts from more than 25 government entities and the private sector were also involved during the development phase.
The strategy aims to develop and implement long-term industrial policies to enhance the competitiveness and sustainability of the industrial sector in Dubai and across its free zones. It identiﬁes target industrial sectors and focuses on strengthening industrial integration – connecting the target sector with educational and research institutions to stimulate innovation and creativity with a view to developing strategic industries. In addition, the Dubai Industrial Strategy aims to create an attractive environment for these strategic industries.
The Dubai Industrial Strategy is based on ﬁ v e k e y objectives that will serve as the foundation for Dubai’s industrial f u t u r e . T h e Strategy aims to increase the total output and value- addition of the manufacturing sector, enhance the depth of knowledge and innovation, make Dubai a preferred manufacturing platform for global businesses, promote environmentally-friendly and energy-efﬁcient manufacturing and make Dubai a center for the global Islamic products market.
The Dubai Industrial Strategy has further identiﬁed six priority sub-sectors: Aerospace, Maritime, Aluminum and Fabricated Metals, Pharmaceuticals and Medical Equipment, Food and Beverages and Machinery and Equipment. These sub-sectors were chosen based on their importance to the Dubai Industrial Strategy and Dubai Plan 2021, as well as their future growth prospects, export potential and mid-term to long-term economic impact.
According to the Dubai Industrial Strategy, the industrial sector is expected to grow by an additional AED18 billion by 2030 creating 27,000 jobs with exports forecast to increase by AED16 billion. Meanwhile, investment in research and development will increase by an additional AED700 million by 2030. The contribution of the industrial sector to the GDP was around 14 per cent in 2014.