UAE leaders launch new industrial strategy.. What are its benefits?

The UAE has launched a new industrial strategy to consolidate a new stage in the country’s development, with the goal of increasing the contribution of the industrial sector from 133 billion dirhams to 300 billion dirhams in the next ten years under the leadership of the Ministry of Industry and Advanced Technology.

According to observers, the UAE’s new industrial approach comes to confront the economic challenges facing the country, especially in light of the drop in oil prices and the desire to diversify its sources of income.

The strategy aims to support the establishment of 13,500 industrial companies in the coming years, he said. The strategy also includes increasing spending on research and development in the industrial sector from 21 billion to 57 billion dirhams in the coming years.

Sheik Mohammed Bin Rashid also announced the launch of the UAE’s industrial identity to support national products, promote their marketing internationally and establish their industrial competitiveness. He confirmed that his country has solid foundations for moving towards a new, stronger and more diverse phase.

The strategy’s focus is industry : The strategy also adopts a national value-added program to support UAE products, improve their quality, encourage national products and strengthen the local export system. The strategy also aims to strengthen the country’s industrial sector, especially in the fields of medicine, medicine, machinery and equipment.

UAE economist Dr. Abdul Rahman Al-Turaifi said the UAE aims to address the effects of the drop in oil prices and diversify sources of income, as the project is vital and beneficial for industry.

The UAE suffers from the absence of large industrial companies like most Gulf countries, and the project represents a good opportunity to address the effects of the economic crisis left by the Corona virus crisis, and the consequences of the drop in oil prices, and the project is a diversification of income sources, according to Al-Taraifi.

The UAE economist praised the project’s interest in petrochemical industries, saying his country will give special priority and attention to this type of industry in the coming period, which will increase the sector’s participation in GDP and support the national economy as a whole.

Hassan Ibrahim Al-Nuaimi, a UAE expert, said the current economic crisis caused by the Coronavirus pandemic is suitable for the establishment of a broad and advanced industrial base for the transfer of advanced technology.

According to Sputnik, what was previously prohibited and had reservations was now possible at affordable prices, and Western countries and industrial companies had an urgent need for liquidity, which was available in the UAE.

The UAE economy relies heavily on oil production and exports, which are mostly produced in Abu Dhabi, Dubai and Sharjah, and many are exported as raw materials.