Coming soon, 500 new national tech firms
New projects launched to make the UAE an attractive FDI destination
The government yesterday launched the Fourth Industrial Revolution Network to promote the adoption of advanced technologies in the national industrial sector as part of “Projects of the 50.”
The project, which aims to establish and grow 500 national companies equipped with the technologies of the Fourth Industrial Revolution, will be key in creating an attractive business environment to meet the needs of local and international investors, support the continuous growth of national industries, improve their competitiveness, and enhance the UAE’s position
as a global destination for pioneering future industries with world-class infrastructure and a skilled workforce.
The network will provide a platform that brings together 15 national companies in technology adoption to transfer knowledge, share best practices and train 100 CEOs on digital trends. ADNOC, Strata, EDGE and Emirates Global Aluminium will be joined by leading global firms in technology development such as Siemens, Microsoft, Cisco and IBM to share implementation of advanced technology and applications of the Fourth Industrial Revolution.
Focus on competitiveness
As part of “Projects of the 50”, the government has launched three initiatives designed to strengthen UAE’s ability to keep pace with the evolving global economy and consolidate its position as one of the world’s most attractive countries for FDI.
10x10 initiative
The 10x10 programme aims to achieve an annual increase in the country’s exports by 10 per cent in 10 key markets. Through an integrated system of incentives and benefits, the project will work to achieve a 14 per cent growth in foreign direct investment outflow by 2030, and a growth of FDI directed to the targeted countries of 24 per cent by 2030.
Invest.ae
The government also announced the launch of a new portal — invest.ae — that will act as an umbrella for all investment-related local entities and 14 state economic entities and present investment opportunities across UAE. The portal will also provide information on the local investment environment, business and bank account set-up services. It will also highlight entrepreneurial success stories.
Investment Summit
UAE will host the Emirates Investment Summit, a global summit in 2022 that will connect investment funds with the public and private sectors to create investment opportunities that will attract Dh50 billion in FDI over nine years.
Value Programme
One of the key elements of “Projects of the 50” is the adoption of the National InCountry Value Programme at a federal level, which will facilitate the redirection of procurement and contract expenses to the local economy.
Dh5 b support
To help facilitate the goals of “Projects of the 50”, the government announced Project 5 billion, which involves the allocation of Dh5 billion to support Emirati projects in priority sectors.