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Dubai launches strategy for future industrial development

Xinhua, June 26, 2016 Adjust font size:

The United Arab Emirates (UAE) Vice President and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum has launched on Saturday the 2030 Dubai Industrial Strategy, UAE state news agency WAM reported.

The strategy aims to elevate Dubai into a global platform for knowledge-based, sustainable and innovation-focused businesses, said the report.

Sheikh Mohammed Bin Rashid said "the UAE is on track" to integrate its economic sectors and optimize industrial capacity to increase the gross domestic product (GDP) and other revenues to the national economy in the coming years.

He said sustainable development influences all the economic sectors, saying "conducive environment is necessary for our future industrial development based on knowledge, science and research."

Although 29 percent of the UAE's GDP is based on oil exports, the oil industry contributes only three percent to Dubai's economy.

The WAM quoted the Dubai Industrial Strategy paper that the industrial sector in Dubai is expected to grow by 18 billion dirham (4.9 billion U.S. dollars) by 2030, with export to gain 16 billion dirham.

Meanwhile, 27,000 jobs will be created and investment in research and development will increase by 700 million dirham by 2030.

The contribution of the industrial sector to the GDP was around 14 percent in 2014. "The sector's resilience and competency led to its growth over the past years, even during the global financial crisis," said WAM. Endit