Dubai has released details of its 2030 Dubai Industrial Strategy that aims to increase the sectors contribution to GDP
According to the strategy, the industrial sector is expected to grow by an additional AED18bn ($4.9bn) by 2030 creating 27,000 jobs with exports forecast to increase by AED16bn. Investment in research and development is expected to increase by AED700m by 2030.
The industrial sector accounted for about 14 per cent of GDP in 2014.
The Dubai Industrial Strategy has five key objectives. They are:
- Increasing the total output and value-addition of the manufacturing sector
- Enhance the depth of knowledge and innovation
- Make Dubai a preferred manufacturing platform for global businesses
- Promote environmentally-friendly and energy-efficient manufacturing
- Make Dubai a centre for the global Islamic products market
There are also six priority sectors that will be developed as part of the plan. They are:
The Dubai Industrial Strategy has further identified six priority sub-sectors:
- Aluminium and fabricated metals
- Pharmaceuticals and medical equipment
- Food and beverages
- Machinery and equipment
Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum launched the strategy on 25 June.
The development of the strategy was led by Jebel Ali Free Zone Authority (Jafza) and Dubai Industrial Park in Dubai Wholesale City with support from the Executive Council of Dubai.
Dubai is developing a number of major projects to support its industrial sector. In March, Dubai Holding said it plans to build the worlds largest wholesale hub next to Al-Maktoum International airport. The $8.2bn Dubai Wholesale City project will cover an area of 5.5 square kilometres and is expected to take 10 years to fully develop.