Mohammed bin Rashid launches Operation 300bn to advance UAE industrial sector
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, launched the Industrial Strategy "Operation 300bn". The 10-year comprehensive strategy aims to empower and expand the industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from the current AED133 billion to AED300 billion by 2031.
Operation 300bn will support more than 13,500 SMEs by 2031, as they are major drivers of shaping a productive industrial sector and sustainable economy. More than 33,000 industrial enterprises operate in the UAE, comprising 95 percent of small and medium-sized businesses.
Focusing primarily on future industries that implement advanced technology and the Fourth Industrial Revolution (4IR) solutions and applications, the strategy will work towards advancing the national economy and contributing to the sustainable development.
It aims to increase the in-country value through improving and promoting local products on a global level and building an attractive business environment for local and international investors to boost productivity. The plan provides a competitive package of facilities and incentives with the aim of positioning the UAE as a global industrial hub that attracts talents, developers and experts from all over the world.
His Highness Sheikh Mohammed bin Rashid Al Maktoum also launched the Unified Industrial Brand Identity under the slogan ‘Make it in the Emirates’. As an extension of the UAE Nation Brand, the new campaign stems from a vision based on distinction, uniqueness and the efforts to build the credentials of UAE products by enhancing their quality and global competitiveness. Ultimately, every product made in UAE will comply with the highest international quality standards and have its rightful place among the best international products.
Presenting the Operation 300bn, Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, affirmed that the strategic national programme aims to deliver sustainable economic growth for the UAE’s industrial sector by enhancing its competitiveness at a regional and global level.
He said, "The strategy aims to increase the industrial sector’s annual GDP contribution to AED300 billion by 2031, while boosting productivity, creating new jobs, enhancing local skillsets, and increasing national competitiveness."
The volume of spending on Research and Development in the industrial sector will increase from AED21 billion, constituting 1.3 percent of the GDP, to AED57 billion in 2031, bringing the contribution to the GDP to 2 percent.
The industrial strategy aligns with the In-Country Value (ICV) Programme, which aims to enhance the in-country value of industrial goods and services, boost demand for local products, promote investment in R&D and incentivise advanced technology adoption across the value chain. It also seeks to boost the UAE’s exports while ensuring reducing reliance on imports and increasing the contribution of industrial SMEs in the national economy.
Seeking to maximise the industrial sector’s revenue, Operation 300bn is a nationwide action plan to strengthen enabling mechanisms and tools and build the most resilient logistical and legislative framework of its kind. The plan provides an unprecedented package of facilities, incentives and customs exemptions with the aim of attracting foreign investments to the industrial sector, creating a world-class industrial ecosystem.