At a time of heightened uncertainty in the Middle East, a closer look at the UAE this week offers a glimpse of how one country is articulating a new way forward.
With the Make it in the Emirates summit putting the spotlight firmly on Emirati industry, there has been much discussion of big-picture macroeconomics, such as supply chains, local manufacturing and multibillion-dirham contracts. Coming directly after the UAE’s consequential decision to leave Opec, it is possible to see where the country’s priorities lie – and watch its next steps take shape.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, addressed delegates at the Make it in the Emirates event in Abu Dhabi. “Those who manufacture, own their decisions. Those who build, own their future,” said Dr Al Jaber, who is also managing director and group chief executive of Adnoc. “And those who combine both ... secure their sovereignty and resilience.”
In a speech that also referred to Iran’s hijacking of the Strait of Hormuz, Dr Al Jaber painted a picture of the UAE’s ultimate destination. It is a place where a nexus of energy, industry and technology delivers an advanced, globally connected society that although continuing to trade and export, is more self-reliant, locally driven and autonomous.
But how might these moves to enhance the country’s economic independence and strategic autonomy affect someone living in the Emirates in the near future? With a little imagination, it is possible to conceive of many ways in which industrial strategies such as Operation 300bn and Adnoc’s recent decision to award Dh200 billion ($55 billion) in project contracts will shape millions of lives.
Our homes may feel different as a deeper manufacturing base makes it easier and more affordable to run a property off a mix of energy sources, from oil and gas to nuclear and solar, with cooling and hot water controlled by AI. In this property, more and more appliances will come with a “Made in the UAE” marque, as will goods in nearby supermarkets where a range of local products stack up boldly with global brands. More food is produced in the UAE by local agri-tech companies that use machinery and technology developed right here at home.
Meanwhile, jobs and industries are changing as the UAE’s small and medium-sized businesses grow in number, making supply chains more local and providing employment. These companies can produce items as diverse as construction materials, electronics and medical products, and employ more citizens as Emiratisation efforts sync with industrial development.
This is not speculative science fiction but an entirely plausible outcome of the UAE’s ambitious plans. There has been plenty of practical steps to help these plans deliver; last week, the UAE launched a Dh1 billion fund to support the industrial sector and announced a national strategy to secure supply chains. The UAE Cabinet has approved amendments to the National In-Country Value programme, making it mandatory across selected sectors. The Emirates Growth Fund, a Dh1 billion investment platform under the Emirates Development Bank, has been supporting small and medium businesses.
The future may be unpredictable, but it is clear to see in which direction the UAE is headed – to a place where revenue streams and supply chains are not only numerous but supported by an ever-evolving ecosystem of human and AI-driven enablers.
