The industrial sector of Dubai has been a key driving force for economic diversification, productivity and sustainable growth as well as the emirate’s integration with global markets, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said.
Dubai has been turned into a regional hub for diverse industries, especially for light to medium industrial units involved in manufacturing and exporting mechanical equipment, chemicals, food and beverages, machinery and metals.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai had initiated the Dubai Industrial Strategy 2030, with an aim to make Dubai a global base for knowledge-based, innovation-driven and sustainable industries.
The strategy comprises 67 initiatives that are expected to lay the foundation for future industry in Dubai and add $43 billion to the emirate’s gross domestic product (GDP) by 2030.
The ‘Operation 300bn’, a 10-year national industrial strategy that seeks to empower and expand the UAE’s industrial sector and increase its GDP contribution from the current $36.2 billion to $81 billion ( AED300 billion) by 2031.
Dubai Industries & Exports
Further, H.H. Sheikh Hamdan said Dubai Industries and Exports, the agency of Dubai Economy mandated to develop industrial and export activity in the emirate, will play a key role in transforming the emirate into a hub for the future industries and attracting domestic and foreign investment into the industrial sector.
Formerly known as ‘Dubai Exports,’ the agency has been supervising the implementation of the Dubai Industrial Strategy 2030. The agency’s scope has been expanded to increase the emphasis on industrialization in Dubai and the UAE as well as the need to coordinate with various authorities on policies, initiatives and services for industrial development and export promotion.
The new mandate is also aligned with Dubai’s strategy to support national industries and promote non-oil trade by pursuing opportunities in overseas markets for diversifying exports. Dubai Industries & Exports will be instrumental in supporting investors and manufacturers globally to build on this opportunity in the emirate.
Sami Al Qamzi, Director General of Dubai Economy, said, “Dubai Industries and Exports will continue to facilitate industrial activity and exports and work collaboratively with all stakeholders to create a future-oriented regulatory framework for promoting an innovative and capable industry.”
Mr. Al Qamzi pointed out that the ambitious industrialization targets set for Dubai and the UAE mean unprecedented opportunities for high-tech industries as well as small and medium enterprises to develop and enhance competencies in emerging disciplines, like research & development, clean energy, healthcare, biotech, and space.
“The efforts of Dubai Industries & Exports to accelerate industrialization and exports focus on promoting sector growth, industrial interdependence, and integration with other sectors and strategic plans, besides providing a more attractive and competitive environment for industrial investments. Dubai has already evolved into a key hub for manufacturing companies and industries globally.”
Dubai Industries and Exports will intensify coordination with partners and authorities locally and internationally to develop services and initiatives that meet the needs of the industrial sector, especially in the post-COVID phase, in addition to launching the second phase of the Dubai Industrial Strategy 2030 in line with the directives of the leadership and the focus of ‘Operation 300 bn’ on advanced technologies, sustainable economic development and 4IR, Mr. Al Awadi added.
The industrial sector in the emirate has exhibited great stability in past years and as per the data from the Dubai Statistics Centre, the average GDP contribution of the sector in the 2015-2019 period (at constant prices) was 9.3 percent. Industrial exports from Dubai marked an average growth of 7 percent in this period. The total value of the emirate’s industrial exports in 2020 amounted to $45.4 billion, a growth of 8 percent from the previous year.