The UAE will increase manufacturing’s contribution to the country's economic output to Dh300 billion over the next decade as it embarks on a national programme to boost local production and create world-beating light and heavy industries.
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. "Developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises."
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. The comprehensive national programme builds on the country’s investment benefits to lead a sustainable economic development in line with national priorities for the post-Covid-19 phase".
"The UAE’s Industrial Strategy brings together the private and public sectors to re-imagine the future of industries. It is a determination to build our nation’s knowledge and expertise and forge our path towards long-term sustainable growth that benefits people and planet," said Sheikh Mohamed bin Zayed on Twitter.
"We need to unify efforts of national teams to achieve the objectives of the strategy and support the country’s sustainable economic diversification efforts," he said.
"The industrial strategy will empower our national industries and lead the country’s efforts to advance the industrial sector as a major driver of the national economy over the next 50 years."
The initiative, which will raise the manufacturing sector's contribution from the current level of Dh133bn, is being led by the Ministry of Industry and Advanced Technology.
It includes a target of establishing 13,500 industrial companies. A ‘Make it in the Emirates’ marketing campaign will also highlight the benefits of being a manufacturer in the country, as well as building the reputation for quality. The announcement included an increase in R&D investment to Dh57bn from Dh21bn in the industrial sector by 2031. That would increase R&D's proportion to GDP to 2 per cent from 1.3 per cent currently.
'Make It In The Emirates' is the UAE's "industrial identity to support domestic products and promote the sector globally, aiming to strengthen the country's industrial competitiveness," Sheikh Mohammed bin Rashid said.
"The industrial sector in the UAE has made great strides. With competitive national products we take pride in, our mission is to double our success, increase the in-country value and build an export ecosystem that enhances the global competitiveness of local products," Sheikh Mohammed said.
The Operation Dh300bn and Make it in the Emirates initiatives are part of a shake up of the industrial ecosystem that is expected to include updating legislation and the reduction of red tape.
The overall aim will be to create jobs, stimulate R&D, boost competitiveness and ultimately build resilience by producing more domestically.
The Covid-19 pandemic and related restrictions on travel and work have highlighted the importance of self-sufficiency including the production of food and medicine.
"The industrial sector is the backbone of large economies, and the UAE has effective resources, policies and leadership to build a global economic base," said Sheikh Mohammed
"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 ... strengthening the industrial sector will establish our economic stability, global status and the future of our next generation," he said.
Sheikh Mohamed bin Zayed said it is essential to support youth to adapt to the rapidly-growing technological advancements and "harness their talents" to help expand vital future industrial sectors, Artificial Intelligence, space technologies, energy and pharmaceuticals industries. These efforts, he said, ensure a sustainable economic growth to build a safe and secure future for the next generation.
"The UAE has succeeded in establishing its status as an economic capital in the region and an ideal business landscape with world-class digital infrastructure, services, security and competitive investment benefits," he said.
Operation 300bn was launched in a special event held at Qasr Al Watan in Abu Dhabi on Monday. Also in attendance were Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs and Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, which is leading the strategy, said on Monday, Operation 300bn aims to boost productivity, create new jobs, enhance local skillsets and increasing national competitiveness.
"The strategy will build on the solid foundation of the UAE’s core competencies and unique advantages as a regional logistics, energy and manufacturing hub to enhance the country’s competitiveness at a regional and global level," Dr Al Jaber said. "It will significantly accelerate the process of economic diversification already underway in key industrial sectors."
These include energy, petrochemicals, plastics, metals and manufacturing as well as those that reinforce the country’s resilience and reduce its dependence on global supply chains, such as food, agriculture, water, and healthcare, he said.
The industries of the future, including space, biotech, medi-tech and other sectors that are enabled by Fourth Industrial Revolution technologies, are also in focus, Dr Al Jaber said.
"A key enabler of the strategy will be updating the existing law that regulates industrial affairs in the UAE to encourage local entrepreneurs and attract Foreign Direct Investment. This will allow for 100 per cent foreign ownership of individual enterprises. In addition, SME growth will be targeted by making more flexible, preferred financing available through a number of facilities," he said.
The industrial strategy supports spending towards local products and local suppliers as well as promoting investment in R&D and incentivising advanced technology adoption in the UAE.
"Among its key initiatives, the new strategy is set to significantly increase in-country value and redirect funds into the local economy. Furthermore, it will drive the development of specifications and standards to ensure the continued competitiveness and value of locally manufactured products fit for global export markets," said Dr Al Jaber.
The impact of Covid-19, rapidly-evolving technologies and new globalisation trends have made the need to achieve self-sufficiency more urgent.
"The pandemic has compelled countries around the world to redefine their priorities. The UAE has demonstrated great resilience and agility in its post-pandemic recovery. In order to ensure the UAE’s continued competitiveness, and maintain its strong international standing, as the country embarks on preparations for the next 50 years, Operation 300bn is focused on knowledge, innovation, advanced technology ... [and] will significantly reduce the UAE’s reliance on imports in vital industries as it supports the building of new capabilities in future industries," Dr Al Jaber said.
More from Rashmee Roshan Lall
ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E25%20April%20%E2%80%93%20Ireland%20v%20UAE*%3Cbr%3E27%20April%20%E2%80%93%20UAE%20v%20Zimbabwe**%3Cbr%3E29%20April%20%E2%80%93%20Netherlands%20v%20UAE*%3Cbr%3E3%20May%20%E2%80%93%20UAE%20v%20Vanuatu*%3Cbr%3E5%20May%20%E2%80%93%20Semi-finals%3Cbr%3E7%20May%20%E2%80%93%20Final%3Cbr%3E%3Cstrong%3EUAE%20squad%3A%20%3C%2Fstrong%3EEsha%20Oza%20(captain)%2C%20Al%20Maseera%20Jahangir%2C%20Avanee%20Patel%2C%20Heena%20Hotchandani%2C%20Indhuja%20Nandakumar%2C%20Kavisha%20Kumari%2C%20Khushi%20Sharma%2C%20Lavanya%20Keny%2C%20Mehak%20Thakur%2C%20Rinitha%20Rajith%2C%20Samaira%20Dharnidharka%2C%20Siya%20Gokhale%2C%20Suraksha%20Kotte%2C%20Theertha%20Satish%2C%20Vaishnave%20Mahesh.%3C%2Fp%3E%0A%3Cp%3E*Zayed%20Cricket%20Stadium%3C%2Fp%3E%0A%3Cp%3E**Tolerance%20Oval%3C%2Fp%3E%0A
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
RACE CARD
4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m
4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m
5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m
5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m
6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m
7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The Baghdad Clock
Shahad Al Rawi, Oneworld
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
