UAE’s new economic strategy to focus on industrial SMEs T
Country aims to boost non-oil sector as part of its diversification plans
he UAE will launch a new industrial strategy this year as the country aims to boost the non-oil sector as part of its diversification plans, according to the country’s energy and industry minister.
The industrial strategy will focus on the role of industrial SMEs (small and medium enterprises) and how the UAE can benefit from them, Suhail Al Mazroui said in Abu Dhabi yesterday. He was speaking at the International Defence Conference, which took place ahead of Idex 2019 that kicks off today.
Emphasising the need to increase lending for industrial SMEs, Al Mazroui said only four per cent of the lending goes toward industrial SMEs currently. “We need to encourage our financial institutions to lend to those SMEs.”
SMEs represent 95 per cent of the firms in the UAE’s economy and account for 86 per cent of the private sector workforce, he added. “When we talk about the industrial SMEs, the numbers are not impressive. We have the opportunity for industrial SMEs to catch up...”
“There is a limited growth when we look at industrial SMEs even though we have very few success stories like Tawazun (defence firm)..,” he said.
Ared-carpet welcome awaits Saudi Crown Prince Mohammad Bin Salman, who arrives for a two-day state-level visit today — his first to Pakistan since his elevation to the position of Crown Prince in April 2017.
Following an invitation extended by Pakistan Prime Minister Imran Khan, the Crown Prince — accompanied by a high-powered delegation including members of the Saudi royal family, key ministers and leading businessmen — will arrive in Islamabad today.
Imran, along with his cabinet members, will welcome him at the airport. A red carpet will be rolled out at the PM House where the Crown Prince will be presented a guard of honour.
Meeting President Alvi
During his two-day stay, Mohammad Bin Salman will call on President Dr Arif Alvi and also meet the prime minister and the chief of army staff, according to a Foreign Office press release.
The Crown Prince, who also holds the portfolios of Deputy Prime Minister and Minister of Defence, will hold discussions with the leadership of Pakistan to further cement the brotherly ties between the two countries, in addition to deliberating a wide range of issues of mutual interest.
A delegation of the Senate will also call on the Crown Prince to discuss ways to enhance parliamentary cooperation between the two countries. The Saudi ministers accompanying the Crown Prince will meet their counterparts to discuss bilateral cooperation in their respective fields.
On the sidelines of the visit, businessmen from the two countries will also meet to discuss opportunities of collaboration in the private sector.
During the visit, Pakistan and Saudi Arabia will be signing a number of agreements and memorandums of understanding related to diverse sectors, including investment, finance, power, renewable energy, internal security, media, culture and sports.
The two countries will also discuss ways and means to develop a robust follow-up mechanism to ensure effective implementation and quick progress insofar as tangible areas of cooperation are concerned.
The Crown Prince’s visit is expected to significantly enhance bilateral ties between the two countries in all spheres of cooperation.
In times of difficulty and challenges, Saudi Arabia has always stood by Pakistan, and come forward with generous support, officials said. The two brotherly countries are each other’s strategic partners.
Saudi Arabia was the country Imran chose for his maiden state visit as prime minister, where he was accorded an unprecedented welcome in September last year.
This was followed by another visit in October to participate in the second Future Investment Initiative Conference in Riyadh. ■
Since the inauguration of the new government in Islamabad, Pakistan and Saudi Arabia have maintained a high momentum when it comes to exchanges at a leadership level.