How Operation 300bn and 'Make it in the Emirates' will turn the UAE into a manufacturing powerhouse

'Operation 300bn' was launched on Monday to position the UAE as a global industrial hub by 2031. It is a 10-year comprehensive strategy to increase the industrial sector's contribution to the country's GDP from the current Dh133 billion to Dh300 billion.

The strategy includes enhancing the attractiveness of the industrial sector for investors by updating legislation, including allowing 100 per cent foreign ownership of projects and making dedicated financing available. An in-country value programme will be launched to direct spending towards local products and suppliers. Innovation and the adoption of advanced technologies will also be encouraged. Overall, Operation 300bn aims to support 13,500 small and medium enterprises over the next decade.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced the launch of Operation 300bn on Monday.

It will "achieve a giant leap in the UAE’s industrial sector to become the main driving force of the national economy and lead the journey of our next 50 years with greater confidence and speed," said Sheikh Mohammed bin Rashid.

Sheikh Mohamed bin Zayed said the strategy sets "an ambitious objective to double the industrial sector’s contribution to the GDP and increase the in-country value."

Another objective of the strategy is to improve the UAE's ranking on the Competitive Industrial Performance Index from 35th place globally to 25th in the next 10 years.

Sectors of focus include petrochemicals, plastics, metals, food, agriculture, water, and healthcare, space, biotech, medi-tech, pharmaceuticals, clean and renewable energy, including hydrogen production, machinery and equipment, rubber and plastic and electronics and electrical gadgets.

Who is leading Operation 300bn?

The Ministry of Industry and Advanced Technology is leading Operation 300bn and will oversee its implementation. The ministry was created last July to increase the competitiveness of products made in the UAE and the industrial sector's contribution the the economy. Dr Sultan Al Jaber is the Minister of Industry and Advanced Technology. On Monday Dr Al Jaber presented the Operation 300bn strategy as a "giant Industrial leap" for the country.

The Make It In The Emirates logo.

Make it in the Emirates

Products manufactured in the UAE will fall under a unified industrial brand identity for which the slogan ‘Make it in the Emirates’ was launched on Monday as part of the strategy. It is an extension of the UAE nation brand and the new campaign will promote the uniqueness and quality of locally made goods. It is the first campaign of its kind in the UAE and encourages local and international investors to manufacture and export products. 'Make it in the Emirates' aims to create a sense of pride in locally made products, so that the ‘Made in UAE’ label on a product motivates people around the world to buy it for its superior quality.

A boost for R&D

The industrial strategy includes a priority on R&D as part of efforts to promote the adoption of advanced technologies and innovation. The volume of spending on R&D in the industrial sector will increase from Dh21bn, constituting 1.3 per cent of GDP, to Dh57 billion in 2031, bringing the contribution to GDP to 2 per cent.

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Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

Manifest cargo
Excess luggage in the hold
Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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