While the British nation is in a panic about job security following the recent shock Brexit verdict, residents in the UAE have more of a positive outlook.
Thanks to Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, there are plans to create 27,000 jobs in Dubai, helping generate Dhs160 billion by 2030.
Sounds way too ambitious right? Well, it’s not. Huge investments are being made in Dubai’s industrial sector with new strategies and 75 new initiatives to be launched by Sheikh Mohammed.
According to a government statement, the aim is to “elevate the emirate into a global platform for knowledge-based, sustainable and innovation-focused businesses.”
Sheikh Mohammed, who has been instrumental in boosting Dubai’s economy away from oil, said of the new plan: “Our ambition is to be our nation’s leading global knowledge-based economy. A sound economy is a diversified, integrated economy.”
The strategy is based on five key objectives, which are, according to Gulf Business, as follows:
- Increase 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
“[The initiative is] an indication of the maturity of the infrastructure and logistics in the UAE,” added Sheikh Mohammed.
So, the vital question is where will the jobs be? They will be split over six key industries based on their future growth prospects, export potential and economic impact: aerospace; maritime; aluminum and fabricated metals; pharmaceuticals and medical equipment; food and beverages; and machinery and equipment.
The aim is for the industrial sector to grow by Dhs18bn by 2030 creating 27,000 jobs with exports forecast to increase by Dhs16bn, with the initiatives expected to bring in a whopping total of Dhs160bn by 2030.
“Sustainable development involves activating all pillars of the economy,” said Sheikh Mohammed. “A conducive environment is required to achieve our targets that focus on knowledge, science and research, which form the foundation for the development of industries.
“Nations are recognised for what they produce and the value they add to the global economy.”
As well as generating more jobs in the region, the new Dubai Industrial Strategy is also in line with the UAE’s vision for sustainable progress in the post-oil era.
Photos: Getty & SheikhMohammed.ae