Monday 05 December 2022 - 4:31:48 pm

UAE Press: UAE’s giant industrial leap into the future

ABU DHABI, 8th April, 2021 (WAM) -- The UAE’s ‘Operation 300bn’ that aims to double the industrial sector’s contribution to the national GDP from AED133 billion to AED300 billion by 2031, will be a gamechanger for the region’s economic progress and stability, according to a local daily.

"The prospects for this transformation received a massive boost on Monday with the allocation of AED30 billion by the Emirates Development Bank (EDB) to support 13,500 companies in sectors considered as a priority for the UAE’s economy of the future," Gulf News said.

In its editorial today, the paper went on to say, "With the EDB being a key engine of the national economy, this is a vital and timely support that will build the foundations for the UAE’s solid future growth." Under the allocation strategy, the EDB will contribute to financing more than 13,500 SMEs and creating 25,000 jobs over the current decade, thereby creating a momentum critical to the success of ‘Operation 300bn’.

"The rapid pace of developments not only reflects the UAE leadership’s keen determination to advance the industrial and advanced technology sector due to its pivotal role in sustainable development but also marks a major milestone in building a road map for the country’s post-hydrocarbon future.

"The UAE has taken great strides in recent years to develop a diversified economy that is increasingly less reliant on oil sectors such as AI, digital economy, health care and fintech are prime examples of that," read the editorial.

‘Operation 300bn’ will not only provide greater traction to those efforts, but also unlock lucrative opportunities for investors, entrepreneurs and innovators in a wide range of industries, from petrochemicals, food, agriculture, space science and biotech to pharmaceuticals, renewable energy, machinery and equipment, and plastic and electronic gadgets, all under the unified ‘Make it in the Emirates’ industrial brand.

"By doing so, the UAE has set its sights on jumping on the Competitive Industrial Performance Index from the 35th rank globally to 25th in the next 10 years," the Dubai-based English language daily noted.

The government has already rolled out several bold initiatives and new laws that will provide robust support to ‘Operation 300bn’, these include enhancing the attractiveness of the industrial sector for investors by allowing 100 per cent foreign ownership of projects and making dedicated financing available.

As announced by His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the strategy will "achieve a giant leap in the UAE’s industrial sector to become the main driving force of the national economy and lead the journey of our next 50 years with greater confidence and speed".

"It is therefore imperative for all stakeholders to join their efforts and ensure the success of the UAE’s giant industrial leap into the future," Gulf News concluded.