How Operation 300bn will turn the Emirates into a manufacturing powerhouse
Operation 300bn was launched yesterday to position the UAE as a global industrial hub by 2031. It is a comprehensive, 10-year strategy to increase the industrial sector’s contribution to the country’s gross domestic product from Dh133 billion at the moment to Dh300bn.
The strategy includes enhancing the attractiveness of the industrial sector for investors by updating legislation. This will include allowing 100 per cent foreign ownership of projects and making dedicated financing available.
An in-country value programme will direct spending towards local products and suppliers. Innovation and the adoption of advanced technologies will also be encouraged.
Overall, Operation 300bn aims to support 13,500 small and medium enterprises over the next decade.
The strategy was launched yesterday by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Another objective of the ambitious strategy is to improve the UAE’s ranking on the Competitive Industrial Performance Index from 35th place globally to 25th in the next 10 years.
Sectors of focus include petrochemicals, plastics, metals, food, agriculture, water, health care, space, biotech, medi-tech, pharmaceuticals, clean and renewable energy – including hydrogen production – machinery and equipment, rubber and plastic, and electronics.
The Ministry of Industry and Advanced Technology is leading Operation 300bn and will oversee its implementation.
The ministry was created in July last year to increase the competitiveness of products made in the Emirates and the industrial sector’s contribution to the country’s economy.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, yesterday presented the Operation 300bn strategy as a “giant industrial leap” for the country.
Products manufactured in the UAE will fall under the slogan: Make it in the Emirates.
It is an extension of the UAE’s national brand and the new campaign will promote the uniqueness and quality of locally made goods.
It is the first such campaign in the UAE and aims to create a sense of pride in locally made products, so that the Made in UAE label on a product motivates people around the world to buy it for its superior quality.
The industrial strategy includes a priority on research and development as part of efforts to promote the adoption of advanced technologies and innovation.
The volume of spending on R&D in the industrial sector will increase from Dh21bn, constituting 1.3 per cent of GDP, to Dh57bn in 2031, bringing the contribution to GDP to 2 per cent.