Goals of UAE’s Operation 300bn are “ambitious” but “achievable”, are central to attracting foreign direct investment and support the small and medium-sized enterprises ecosystem, which is at the heart of the country's industrial sector growth strategy, senior government and industrial sector executives said.
“The target of Dh300bn ... it’s a stretched target but it’s achievable”, Abdulla Al Shamsi, assistant undersecretary at the Ministry of Industry and Advanced Technology, told a panel at the Global Manufacturing and Industrialisation Summit (GMIS) in Dubai on Tuesday.
“SMEs are at the heart of the Operation 300bn and the next five to 10 years are very positive for SMEs in the UAE. We have demand growing exponentially in many sectors … I think it is really time for SMEs to be unleashed and growth unlocked in the UAE,” he said.
The UAE is diversifying its economy and expanding its industrial base to reduce reliance on imports of industrial inputs and cut dependence on global supply chains after the pandemic that uprooted world trade last year.
In March, the Arab world’s second-largest economy announced plans to increase the manufacturing sector's contribution to the country's economic output to Dh300 billion ($87.4bn) from Dh133bn over the next decade, boost local production and create world-beating light and heavy industries.
The Operation 300bn industrial strategy supports spending towards local products and local suppliers, as well as promoting investment in research and development and incentivising adoption of advanced technology in the UAE.
The strategy will focus on expanding sectors including petrochemicals, plastics and metals, and further develop food, water and healthcare industrial bases.
“There is a lot we can do within existing sectors to go to the next level to increase value,” Mr Al Shamsi said. “We have the capital, know-how and comparative advantages to help us develop new sectors.”
Co-ordinating efforts between government entities and national industrial champions, however, will be a “critical success factor in paving the way for industrial growth”, he added.
The panel also included Saeed Al Remeithi, chief executive of Emirates Steel; Ahmed Al Naqbi, chief executive of Emirates Development Bank; Abdulnasser bin Kalban, chief executive of Emirates Global Aluminium; Khaleefa Al Mheiri, acting chief executive of Ta’ziz development in Abu Dhabi, and Saud Abu Al Shawareb, managing director of Dubai Industrial City.
The UAE's industrial strategy also aims to establish 13,500 industrial companies, increasing the R&D investment to Dh57bn by 2031 from Dh21bn currently.
“We are looking to deploy Dh30bn in the market by 2025 to support this ecosystem, support this acceleration of growth,” Mr Al Naqbi said. “We want to support the creation of 25,000 jobs and 13,500 companies here in the country.”
The targets set by the strategy are achievable, he added.
The strategy will not only support SMEs – that account for about 95 per cent of businesses in the UAE and 80 per cent of employment in the private sector – it will also boost foreign direct investment, Mr Al Remeithi said.
SMEs are at the heart of the Operation 300bn and the next five to 10 years are very positive for SMEs in the UAE
Abdulla Al Shamsi,
assistant undersecretary, MoIAT
Development of SMEs is at the top of the UAE’s economic agenda for the next 50 years. The government has launched incentives to boost their growth and nurture entrepreneurship and start-ups.
EGA, which is among the biggest non-oil sector industrial companies in the UAE, is already procuring 45 per cent of its total needs from SMEs at home, its chief executive said.
SMEs feed into your system. For us SME is [a] crucial [sector], Mr bin Kalban said.
The company, which has spent $1.6bn every year on domestic procurements, plans to increase the percentage of local supplies.
“Our strategy is to have a new ecosystem ... in our backyard,” he said, adding that near-shoring of supply chain is possible with the support of institutions like EDB that can help establish more local and international SMEs and EGA can do long-term off-take agreements with them.
"It will take time", but it is achievable, he added.
Ta'ziz, the chemical manufacturing hub within Ruwais industrial hub, also fits perfectly into the UAE’s industrial growth strategy, as it will create direct jobs.
“The chemicals sector also plays a vital role as an input to different industries and manufacturing sectors. There will be opportunity [for growth] down the value chain," Mr Al Mheiri said.
“Currently we are in a pre-feed stage and we expect a final investment decision next year, while we expect operations [to begin] in 2025.”
Dubai Industrial City, an industrial hub situated close to the emirate’s Jebel Ali Port, is also collaborating with different entities to “complement the government agenda” and host industries from priority sectors defined in the Operation 300bn, Mr Al Shawareb said.
The DIC expects to announce rail connectivity next year, which will add to its attractiveness for industries, he added.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Grand Slam Los Angeles results
Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos
Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Apple%20Mac%20through%20the%20years
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
