Industrial sector becomes a traveling force in back of Dubai’s economy: Sheikh Hamdan

Industrial sector in Dubai has become a driving force for economic diversification, efficiency and sustainable growth as well as Dubai’s integration with global market segments, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai.

The emirate’s efforts to create a world-top rated infrastructure and investment-friendly environment have seen it emerging as a regional hub for various industries, specifically light to medium professional units involved with manufacturing and exporting mechanical equipment, chemicals, food and beverages, machinery and metals, His Highness said.

The Dubai Industrial Approach 2030, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to make Dubai a worldwide base for knowledge-established, innovation-powered and sustainable industries. The approach comprises 67 initiatives that are anticipated to lay the foundation for future sector in Dubai and add AED160 billion to the emirate’s gross domestic product (GDP) to 2030.

10-year strategy
Meanwhile, a 10-yr, comprehensive national industrial approach seeks to empower and expand the UAE’s industrial sector and increase its GDP contribution from the existing AED133 billion to AED300 billion by 2031. Named ‘Operation 300bn’ the approach envisions the professional sector as the generating push of a sustainable countrywide economy.

Sheikh Hamdan said Dubai Sectors & Exports, the organization of Dubai Economy mandated to develop industrial and export activity in the emirate, will play a pivotal role in transforming Dubai right into a hub for future industries and attracting domestic and international investment in to the industrial sector, good goals of the Dubai Industrial Technique 2030 and ‘Operation 300bn.’

Formerly referred to as ‘Dubai Exports,’ the agency has been supervising the implementation of the Dubai Industrial Strategy 2030, which has been instrumental in raising the manufacturing and export capabilities of the emirate. The scope of the company has now been expanded because of the increasing focus on industrialisation in Dubai and the UAE and the necessity to co-ordinate with numerous authorities on plans, initiatives and providers for industrial development and export advertising.

New mandate
Sheikh Hamdan said that the new mandate can be aligned with the emirate’s technique to support national industries and promote non-essential oil trade by pursuing chances in overseas market segments for diversifying exports. As demonstrated through the pandemic, Dubai, by making use of its competitive and linked environment, is focused on helping businesses effectively navigate issues and crises. Dubai Industries & Exports will be instrumental in supporting investors and makers globally to build upon this option in Dubai, His Highness explained.

“Dubai Sectors & Exports will continue steadily to facilitate professional activity and exports and do the job collaboratively with all stakeholders to make a future-oriented regulatory framework for promoting an impressive and capable industry,” said Sami Al Qamzi, Director Basic of Dubai Economy.

The Dubai Industrial Strategy 2030 has developed 67 initiatives for achieving its goals in addition to identifying six priority sub-sectors: Aerospace, Maritime, Metal & Fabricated Metals, Pharmaceuticals & Medical Equipment, Food & Drinks, and Machinery & Equipment.

A report issued by the business enterprise Sign up & Licensing (BRL) Sector in Dubai Economy mentioned that 6,728 companies have already been operating in the professional sector in the emirate in the time from 1963 to 2021. There is a 94.1 per cent increase in the quantity of industrial businesses between 2006 and 2021. The quantity of investors in the professional sector reached 33,548 in 2021.

Al Quoz Fourth Industrial Area has the largest concentration of commercial units in Dubai, accompanied by Dubai Investments Park 1 and Jebel Ali 1. Among the key areas in Dubai, Bur Dubai accounts for the greatest share of industrial units (72%), followed by Deira (27.1%), and Hatta (0.9%)

The most prominent commercial activities in Dubai include manufacture of metal structures for buildings, blacksmith and welding workshops and furniture production.