The UAE has launched a national programme to accelerate the pace of technological transformation in its industrial and manufacturing sectors, as the Arab world's second-largest economy pursues its goal of becoming a global industrial centre by 2031.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, stated on Twitter that the goal is to develop 1,000 technological projects.
The programme includes the establishment of national centres for industrial empowerment, as well as the annual export of Dh15 billion ($4.1 billion) in advanced Emirati technological products.
Vice President said, "Our aim is a paradigm shift in the automation of the industry.
Developing the UAE's industrial sector and expanding its manufacturing base are key components of the country's economic diversification strategy as it plots its course for the next 50 years of growth.
The UAE launched Operation 300 billion in March 2021, an overarching strategy to position the country as a global industrial centre by the end of this decade.
The 10-year plan aims to increase the industrial sector's contribution to the country's GDP to Dh300 billion by 2031, up from Dh133 billion last year.
The strategy emphasises innovation and the adoption of advanced technologies in the industrial sector. By updating legislation, including allowing 100 percent foreign ownership of projects and making dedicated financing available, the UAE has increased the appeal of its industrial sector to investors.
The strategy aims to raise the UAE's ranking on the Competitive Industrial Performance Index from 35th to 25th globally. It focuses on 11 industries, including 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 and electrical gadgets.
Over the next decade, the government intends to assist 13,500 small and medium-sized businesses through an in-country value programme that directs spending toward local products and suppliers.
After a robust recovery from the pandemic in the preceding year, the UAE's economy is expected to expand at its fastest rate in 11 years this year after growing by 8.4% in the first quarter.
The nation has recovered from the pandemic stronger thanks to its strategy to further strengthen its industrial sector in order to increase economic resilience in the face of global challenges, according to Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology.
Dr. Al Jaber told the two-day Make it in the Emirates forum in Abu Dhabi that top UAE companies such as Mubadala Investment Company, Abu Dhabi National Oil Company, ADQ, Taqa, and Masdar are offering $30 billion in deals to UAE manufacturers to localise their supply chains and boost the country's industrial production.
More than 300 products are available in the 11 priority sectors for local manufacturers, he said at the time, and more than $11 billion has been redirected into the national economy through the national In-Country Value scheme.