The United Arab Emirates has become one of the most significant contributors that changed the business culture in the past few years by being a transformational ground for small, medium and large businesses. Focusing on the core aspects of transformation and innovation, Dubai has stood as a perfect investment destination for foreign investors and business owners. Establishment of business entities in the region has been growing at a rapid, which has paved out numerous business and employment options. To scale up the growth opportunities to the next level, the Government of UAE has shifted its focus to industrial growth as it would foster the economy and contribute more towards the GDP growth. According to a recent report, the UAE Industrial Sector contribution to the economy is expected to reach 25% by 2025. If you are planning to start a business in Dubai, then you should have an overall idea regarding the booming industries prevailing in the region. This piece of article will give you in-depth information focusing on the Dubai Industrial Strategy 2030.
Industrial Scenario in Dubai
Known as a business podium, the UAE has always opened its arms for industries irrespective of size and nature of business. Dubai’s Industrial Sector has its core focus on Manufacturing, Mining, Quarrying, Electricity and Gas. Down the years, the Emirati Government have taken multiple steps to broaden the spectrum and include the non-oil business in the industrial sector. Moving on to the GDP Contribution, the industrial sector is expected to contribute around 20 per cent of the total value generated.
To speed up the process, the industrial strategy has been built by the Government, which will not only increase the economy’s growth but will fetch out various opportunities for business investors and will boost the employment sector effectively. Let’s deep dive and understand about the initiative.
Industrial Strategy 2030
Holding the visionary leadership, Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, has initiated the industrial strategy. The core aim is to build a world-class leader when it comes to industry experts in various business domains like trade, logistics, real estate, construction and manufacturing, which paves out a way for almost 90 per cent of the nation’s GDP. The entire business model has been lifted on the grounds of technology to drive out new innovation techniques and stimulate thought leadership. Additionally, it holds a vision to become global-platform for knowledge-based and innovative industries.
Objectives of Industrial Strategy 2030
The core objectives of Industrial Strategy 2030 involve the following:
- Growth Engine: to leverage the overall GDP and value-added of manufacturing
- Stimulate Innovation: to encourage innovative techniques and enhance knowledge
- A platform for Global Business: to transform Dubai as an international hub for business activities
- Environmentally Sustainable: to promote manufacturing activities that turn out environment-friendly, limit energy-consumption, and promote green economy initiatives
The objectives have been set to leverage the growth of a set of industries. The following sectors have been taken into consideration:
- Maritime Industry
- Aluminium & Fabricated Metals
- Food & Beverages
- Machinery and Equipment
The Industrial Strategy 2030 will affect multiple domains. Below highlighted are some of the results are:
- An additional of AED 18 Billion in real value added in Manufacturing
- An umbrella of employment opportunities nearing almost 27,000 will be created
- The export sector will get boosted by AED 16 Billion
- An investment of AED 700 Million will be directed towards Research and Development
Benefits of Setting up an Industry in Dubai
By setting up an industry in Dubai, you will be able to gather the below-mentioned benefits:
- No Personal tax to be paid
- Robust network and connectivity that eases the business flow
- 100% Repatriation of Capital Invested and Profits Earned
It is to be noted that the industry setup process in Dubai demands the business owner to obtain an industrial license that will act as a legal permit to carry out the business operations. Failure to obtain the license will turn out to be an obstacle in the establishment process.
In a nutshell, we can say that Dubai is on the way of becoming an international industry hub, leaving its footprints in the minds of foreign investors. It is a profound platform serving opportunities to both small, medium and large-scale industries dealing in multiple business grounds. To get involved in the industrial sector, take the help of a business consultant who can help you deal with the proceedings. Entering into industrial proceedings in Dubai does involve a lot of legal proceedings, and a subject-matter expert will be able to serve you in a much better way. Commitbiz is here to help you in all the possible ways. Our business guides are professional experts who are well-equipped with industry knowledge to provide you with customized solutions. For any query, do contact us- we’d be glad to assist.