Dubai has the potential to lead Industry 4.0

Dubai has the potential to lead the fourth industrial revolution or Industry 4.0, according to Henrik von Scheel, the originator of the Industry 4.0. “The Fourth Industrial Revolution is about the fusion of the physical, digital and virtual worlds, and is set against a backdrop of 17 colliding trends,” said Scheel. “Combined, this represents the biggest structural change in the past 250 years.”

According to the thought leader, there is absolutely nothing to fear from these technology changes because people will always be at the centre of technology. “The more resistant we are to change, the harder it will be for us to adapt. Normally businesses have three to five years to react to changes in their industry, but when you have so many simultaneous changes occurring, it becomes disruptive, and your ability to react becomes more difficult. This is called the ‘change gap’. If you are fighting on too many fronts, then you lose the fight.” Scheel said.

Scheel who is a consultant to a number of Western governments said, for a number of governments and organisations around the world, the biggest challenge is to embrace change and thankfully, for the UAE the leadership is fully ready for change. “The changes that underpin Industry 4.0 require executives to ask themselves how they should change their competitive model. In Dubai the leadership is more than willing to change their competitive model that facilitates Industry 4.0. The Arab region was the source of innovation for Europe about 600 years ago. Now, it has the opportunity to emerge as a leader of innovation once again,” said Scheel. community,” said Al Qamzi.

The continued growth in FDI into Dubai is seen as a sign of sustained investor readiness of Dubai, said Fahd Al Gergawi, Chief Executive Officer of Dubai FDI.

FDI projects are characterised by directing capital, technology and talent to productive and operational capacity, which reflects Dubai’s investor readiness and promising investment opportunities. “Dubai supports global business and start-up growth and expansion, making it a gateway to regional and global markets, and a global hub for talent, innovation and entrepreneurship,” said Al Gergawi.

Dubai has attracted 257 FDI projects in the first half of 2019. 61 per cent of total projects were greenfield, followed by 27 per cent new forms of investments (NFIs), 6 per cent reinvestment, 5 per cent mergers and acquisitions (M&As), and 1 per cent for new joint ventures, with Strategic FDI projects accounting for 62 per cent of total FDI capital flows.