UAE Dh300 billion plan: all you need to know

UAE Dh300 billion plan: all you need to know

  DUBAI – Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched a new UAE industrial strategy called Operation 300bn. "We aim to launch new industrial projects in a futuristic framework that creates out-of-the-box solutions to address challenges in a timely manner," Sheikh Mohammed said. Here’s all you need to know.

What is Operation 300bn?

It is a 10-year strategy to expand the UAE's industrial sector with the aim of increasing its annual GDP contribution to Dh300 billion by 2031, while boosting productivity, creating new jobs, enhancing local skillsets, and increasing national competitiveness.

How many businesses will benefit?

Operation 300bn will support more than 13,500 SMEs by 2031, with programmes and initiatives rolled out by the Ministry of Industry and Advanced Technology.

How will the UAE law be changed to make this work?

The law will be updated to include flexible financing conditions to provide opportunities to small and medium-sized companies and industrial enterprises while allowing foreigners to own 100 percent of their industrial establishments.

How will Operation 300bn promote the industrial sector?

It will promote local products on a global level and build 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.

Will it also cover new industries?

Yes. It will focus on developing a new industrial ecosystem, primarily high-tech industries and 4IR ventures that form the basis of a knowledge-based economy.

What about the UAE’s existing markets?

It will significantly accelerate the process of economic diversification already underway in key industrial sectors, where the UAE already has an established presence and expertise, including energy, petrochemicals, plastics, metals and manufacturing; sectors that reinforce the country’s resilience and reduce dependence on global supply chains, such as food, agriculture, water, and healthcare; and industries of the future, including space, biotech, medi-tech and other sectors that are enabled by 41R technologies.

What future strategies will it focus on?

Future industries that the strategy will focus on are: Space technology, medical supplies and pharmaceuticals, clean and renewable energy (hydrogen production), machinery and equipment, Rubber and plastic, chemicals, metals, advanced technologies manufacturing, electronics and electrical gadgets and food and beverage. ICA/Expat Media

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