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Resilience and agility key to economic recovery

The key to economic recovery in a post-pandemic era will be resilience and agility, said Saud Abu Al-Shawareb, MD of Dubai Industrial City, and organising committee member for the fourth edition of the Global Manufacturing and Industrialisation Summit (GMIS 2021).

Speaking to Khaleej Times, he said that the nations of the world have had to redraw their priorities and adapt to a changing global marketplace. “Here in the UAE, this moment to reflect has driven home the importance of self-reliance and building new capabilities in emerging industries. Operation 300bn’s focus on the technologies and industries of tomorrow will stand the nation in good stead for many years to come.”

Industry, he said, has been the engine driving the UAE’s diversified economic growth since the country was founded in 1971. One of the greatest challenges facing any nation in modern times is how to be self-sufficientand stitch resilience and sustainability into the fabric of life, while still being an active player in the highly interconnected global industrial landscape.

“The Covid-19 pandemic has hammered home that message and highlighted the need toreflect on how we trade, communicate and innovate,” he said. “Dubai Industrial City is meeting many of those challenges head-on and is a key player in reshaping the UAE’s industrial landscape in a way that will have an impact for generations to come. In particular, Dubai Industrial City iscommitted to accelerating diversified economic growth and contributing to the implementation of ‘Principles of 50’ – the ten principles that will govern our nation’s future over the next 50 years.”

Since its launch in 2004, Dubai Industrial City has grown to become one of the region’s largest industrial manufacturing and logistics hubs and a critical strand of the Dubai Industrial Strategy 2030. This 550 million square feet hub is an important contributor to the city’s transition into a key global platform for knowledge-based, sustainable and innovation-focused businesses. It is now home to more than 750 trade partners, boasts 280 factories and has driven growth across sectors, from minerals and base metals to manufacturing and food and beverage.

Al-Shawareb also revealed that the hub had formed a strategic partnership with Emirates Development Bank in September to offer innovative finance solutions to SMEs. Another important partnership with Sokovo, a company specialising in high-tech agriculture,is a vital step toward increasing the nation’s food security, and will lead to the creation of a vertical hydroponic farm of more than 100,000sqft, capable of producing thousands of tonnes of fruit and vegetables every year.

“In a climate with limited water and arable land, the idea of farm-to-fork food production should be impossible, but instead, we have shown that anything is possible,” he said. “Food security is a national priority and the technology-driven systems we are integrating into our food production will make us more sustainable and resilient, as well as create investment and employment opportunities.”

He also touched upon how Operation 300bn, launched earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will boost the manufacturing sector’s contribution to the economy exponentially, more than doubling it from Dh133 billion to Dh300 billion over the next decade.

In addition, a campaign known as Make it in The Emirates, will attract developers, manufacturers and innovators from around the world, and give homegrown and UAE-manufactured products a quality mark of approval that will be recognised around the globe. “Brands such as Al Barakah dates, Asmak and Standard carpets are already a source of national and regional pride. The export ecosystem we are creating will make UAE industry a force to contend with globally and empower our national industries,” Al-Shawareb said.

“In the coming years, programmes from the Ministry of Industry and Advanced Technology will help support more than 13,500 industrial SMEs, and there will be an increased focus on research and development in fields ranging from space technology to medical supplies,” he added. “Additionally, the change in law enabling 100 per cent foreign ownership of companies, further enhances the ease of doing business.”

As part of its industrial growth vision, the UAE is also committed to work collaboratively with governments and organisations from across the world, and establish itself as a global hub for knowledge-exchange. In line with this, the country will host the fourth edition of the Global Manufacturing and Industrialisation Summit (GMIS2021). To be held at Expo 2020 Dubai from November 22-27, the summit will draw severalheads of state, ministers, and CEOs from the world’s largest organisations to discuss and debate the future of manufacturing, technology and innovation.

rohma@khaleejtimes.com