The approval of the Dubai Industrial Strategy, which will add an estimated Dh165 billion and 27,000 jobs to the economy by 2030, by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is exactly the kind of post-oil economic measure that will ensure the UAE’s sustainability for the next century.
The new strategy aims to increase total output and the value addition of the existing manufacturing sector; enhance the country’s depth of knowledge and innovation; make Dubai a preferred manufacturing platform for global businesses; promote environmentally-friendly and energy efficient manufacturing, and make Dubai a centre for the global Islamic products markets.
“The Dubai Industrial Strategy aims to leverage our advanced infrastructure and enabling environment to transform UAE into a global platform for innovative industries and a destination of choice for international companies seeking an integrated and favourable environment for growth and sustainability,” Shaikh Mohammad said.
Manufacturing and innovation are the backbones of any sustainable economy. Each of the six industrial sectors identified will become economic pillars connected by Dubai’s already well-established infrastructure and driven by its tolerant and educated workforce.
That Dubai can achieve this goal is already well established. Dubai’s aerospace sector already holds the world’s busiest international airport and the world’s largest international airline, while Dubai’s economic birth started with the maritime sector, which was established with the Jebel Ali port in the 1970s. Dubai’s aluminium and fabricated metals sector have long shown that the emirate is capable of world-class manufacturing. Developing the machinery and equipment sector will also allow Dubai to support its other manufacturing sectors internally. But of critical importance for the well-being of the country will be the pharmaceuticals and medical equipment sector and the food and beverages sector. Both will address the global concerns of food security and health care.
Introducing this strategy is an insightful and necessary decision, especially following the slump in oil prices, the rising need to confront global warming and the need to address the region’s growing youth unemployment. This strategy, when implemented, will ensure the sustainability of the country’s economy, removing it from the up-and-down cycle of commodity driven markets and help shield it from the economic problems of other countries.
