Boosting the Non-Oil GDP and Embracing the Fourth Industrial Revolution
The United Arab Emirates (UAE) has recently disclosed a series of key strategies aimed at promoting innovation and digital transformation within the country. These plans are in alignment with the UAE Centennial 2071, a long-term vision that anticipates the nation's progress in the next five decades. The strategies, unveiled during a meeting presided over by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, are designed to augment the UAE's non-oil GDP and establish it as a global hub for the Fourth Industrial Revolution and the digital economy.
Operation 300bn and the 10x10 Program
Key among these strategies include the National Strategy for Industry and Advanced Technology, also known as Operation 300bn, and the 10x10 Program for Digital Economy and Fourth Industrial Revolution. Operation 300bn aims to boost the industrial sector’s contribution to the UAE's gross domestic product (GDP) from AED133 billion to AED300 billion by 2031. The strategy will focus on future industries such as technology, medical supplies, space, and renewable energy, and plans to extend support to local manufacturers, small and medium enterprises (SMEs), and entrepreneurs.
On the other hand, the 10x10 program sets out to achieve an annual growth of 10% in UAE-based tech companies' contributions to the GDP over the next 10 years. This initiative is dedicated to establishing digital economy leadership across 10 sectors, including AI, blockchain, and genomics.
The Role of the Emirates Development Bank
As part of the overarching strategy, the UAE's Ministry of Industry and Advanced Technology (MoIAT) will establish the Emirates Development Bank (EDB). The EDB will provide financial solutions to industrial SMEs, entrepreneurs, and start-ups. Additionally, the EDB will develop a comprehensive industrial database to enable data-driven decision-making and policy development.
Introducing a New Federal Law for Public-Private Partnerships
A new federal law is also set to be introduced to ensure the governance of public-private partnerships (PPPs). This law will provide a robust framework for the private sector to actively participate in strategic projects, thereby contributing to the nation's economic growth.
Focus on Local Manufacturing
The strategies also underscore the importance of boosting local manufacturing. The focus will be on four main sectors: healthcare, food and beverage, machinery and equipment, and chemicals. This move is aimed at fostering a self-reliant and sustainable economy.
Future Economic Development Tied to Advanced Technology
In the meeting, His Highness Sheikh Mohammed bin Rashid Al Maktoum underscored the critical role of industry in shaping a sustainable, diversified, and flexible national economy. He emphasized that the UAE's future economic development is inextricably linked to advanced technology and the Fourth Industrial Revolution.
In conclusion, the UAE's newly unveiled strategies represent a bold and forward-thinking approach to the nation's economic development. With a firm focus on innovation, digital transformation, and the Fourth Industrial Revolution, the UAE is setting the stage for a dynamic and digitally advanced economy.