Hamdan bin Mohammed: Dubai supports national industries

Dubai (WAM)

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stressed that the industrial sector in Dubai is one of the main sectors in the approach to economic diversification. His Highness said that it is a thriving sector capable of achieving more growth, expanding sources of income and integration with global markets, as the emirate was able, thanks to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, to develop the necessary infrastructure And creating an attractive environment and suitable climate for industrial investment across a range of sectors that serve both local consumption or export. Today, Dubai has become a center for diverse industries, including light and medium industries in the Gulf region, with a focus on mechanical equipment, chemicals, food and beverage products, metal products and machinery. His Highness, the Crown Prince of Dubai, stated that the Dubai Corporation for the Development of Industry and Exports, one of the Dubai economic institutions, will play a pivotal role in transforming the Emirate of Dubai into a center for future industry, and attracting local and foreign investment to the industrial sector, in light of the powers approved by Law No. 3/ of 2021. Issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, in his capacity as Ruler of the Emirate of Dubai, and in line with the objectives set in the Dubai Industrial Strategy 2030 and the “300 billion project”. The Dubai Industrial Strategy 2030, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, aims to make Dubai a global platform for businesses and industries based on knowledge, innovation and sustainability.
The strategy identified 67 initiatives, and they will have a positive impact on Dubai’s economy, as it is expected to add 160 billion dirhams to the emirate’s total output until 2030. The efforts to develop the industrial sector in Dubai coincide with the objectives of the National Strategy for Industry and Advanced Technology “Project 300 billion” as a ten-year government strategy that seeks To advance the industrial sector in the country and enhance its contribution to the GDP from 133 billion dirhams to 300 billion dirhams by the year 2031, as it is the driving force for a sustainable national economy. The Dubai Corporation for Industry and Exports Development, formerly known as the Dubai Export Development Corporation, has overseen over the past years the follow-up to the implementation of the initiatives of the Dubai Industrial Strategy 2030, which are mainly related to the manufacturing and export capabilities that the emirate has gradually acquired. The expansion of the Corporation’s missions to include the development of the industrial sector comes in the context of the increasing focus on manufacturing in Dubai and the UAE, and the need to coordinate with various concerned authorities on policies, initiatives and services for industrial development and export promotion. While the addition of the new specialization of the Corporation comes within the framework of Dubai’s strategy to support national industries and promote its non-oil exports in global markets, by pursuing opportunities in foreign markets and diversifying exports, as the competitive environment in Dubai enables companies to overcome challenges, as was clearly demonstrated. During the global outbreak of the “Covid-19” pandemic, the Dubai Industrial and Export Development Corporation will focus on supporting investors and manufacturers worldwide to take advantage of these investment opportunities that Dubai provides in various sectors.
Sami Al Qamzi, Director General of Dubai Economy, said: “We thank our wise leadership for their confidence in Dubai’s economy to develop the industrial sector in the emirate. In order to create a future regulatory framework for an innovative and intelligent industry.” Al Qamzi pointed out that the ambitious goals set for the industrial sector, whether in the Emirate of Dubai or at the level of the UAE, will provide unprecedented opportunities for high-tech industries, as well as small and medium enterprises to develop and enhance competencies in emerging disciplines, such as research and development, clean energy, health care, and technology. Vitality, space, and the global outbreak of the “Covid-19” pandemic and its impact on the global industry has proven the competitive advantage that the Emirate of Dubai enjoys in linking trade and individuals, and the sustainability of business activities.
Engineer Saed Al-Awadi, CEO of Dubai Corporation for Industry and Exports Development, said: “The Corporation focuses on making Dubai a global platform for industries based on knowledge, innovation and sustainability, by promoting the growth of the sector and industrial interdependence, integrating with the economic and strategic sectors, and providing a more attractive and competitive investment environment for the industrial sector. . We believe in the Foundation that the city has become a global platform for business and provides great opportunities for companies and industries.” Al-Awadi explained that the industrial sector in the emirate has shown remarkable stability over the past few years, according to data from the Dubai Statistics Center, where the average contribution of the sector’s GDP during the period 2015-2019 at constant prices was 9.3%. Industrial exports from Dubai witnessed an average growth of 7% during the period 2015-2019, and the total value of industrial exports from Dubai in 2020 amounted to about 167 billion dirhams, with a growth rate of 8% compared to 2019, according to Dubai Customs data. Dubai’s growing industrial capabilities are underlined by the manufacturing sector, which ranked fourth in Dubai in terms of GDP contribution during 2019, after wholesale and retail trade, transportation and warehousing, and financial and insurance services. The manufacturing sector also constituted the third largest workforce in the emirate in 2019. Al Awadhi added: “Dubai Corporation for the Development of Industry and Exports will in the coming period intensify efforts with local and international partners involved in the industrial sector to develop services and initiatives that serve the sector and its needs, especially in the recovery phase. In addition to the launch of the second phase of the Dubai Industrial Strategy 2030, in line with the directions of the state and the national strategy for industry and advanced technology “the 300 billion project”, which depends on advanced technology, sustainable economic development and the solutions of the Fourth Industrial Revolution.

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