The United Arab Emirates, by being a transformative ground for small, medium, and large enterprises has been one of the most leading contributors to changing business culture in recent years. Dubai has become the ideal investment destination for international investors and company owners, focusing on the vital facets of transformation and creativity. The formation of corporate enterprises in the area has increased exponentially, opening up various corporate and job choices.
To enhance the growth opportunities to the next step, the Government of UAE has shifted its emphasis to industrial growth. It will foster the economy and contribute more towards GDP growth. According to a recent survey, the UAE manufacturing sector's contribution to economic activity is projected to reach 25 percent by 2025. If you want to start a business in Dubai, you should have a general idea of the flourishing industries prevailing in the region. This piece of the blog will provide you in-depth information focusing on the Dubai Industrial Strategy 2030.
Industrial Scenario in Dubai
Established as a company podium, independent of the scale and type of business, the UAE has always opened its arms to industries. The industrial sector of Dubai focuses mainly on manufacturing, logging, quarrying, energy, and coal. The Emirati government has taken several measures to expand the spectrum to include the industrial sector's non-oil market. Moving on to the GDP Contribution, the industries are projected to contribute about 20 percent of the total value produced.
To accelerate the process, the government has developed an industrial strategy that will increase the economy’s growth and seize various opportunities for business investors and effectively boost the employment sector. Let's dive deep down and understand the initiative.
Industrial Strategy 2030
The industrial strategy was initiated by the Vice President and Prime Minister of the UAE, Mohammed Bin Rashid Al Maktoum, who holds the visionary leadership. When it comes to industry experts in different business areas such as finance, transportation, real estate, construction, and manufacturing, the key objective is to create a world-class economy, which lays the foundation for almost 90 percent of its GDP. The entire business model has been eased to drive out different innovation techniques and boost thought leadership based on technology. It also has a vision of being a global forum for knowledge-based and innovative sectors.
Objectives of Industrial Strategy 2030
The main goals of the 2030 Industrial Strategy include the following:
- Growth Engine: to take advantage of the overall GDP and value-added output
- Stimulating innovation: promoting new strategies and enhancing awareness
- A Global Business Platform: to shape Dubai as a global center for business activities
- Environmentally Sustainable: embracing ecologically responsible production practices, reducing electricity use, and facilitating green economy initiatives
The goals for leveraging the growth of a set of industries have been set. The following sectors have been taken into account:
- Maritime Industry
- Aluminium & Fabricated Metals
- Food & Beverages
- Machinery and Equipment
Industrial Strategy 2030 will affect various fields. Below highlighted are some of the outcomes:
- An estimated of AED 18 Billion in real value-added in Production
- An outline of the job prospects of almost 27,000 will be developed.
- The export industry will get enhanced by AED 16 Billion.
- An expenditure of AED 700 Million will be directed towards Research and Development.
Advantages of Setting up an Industry in Dubai
You will be able to accumulate the following benefits by setting up an industry in Dubai:
- No Personal tax to be collected
- Robust network and networking that enables the flow of business
- Dedicated areas for the establishment process, such as Mainland, Free Zones, and Offshore
- 100% Repatriation of investment gains and earned revenues
It is to be noted that the process of industry setup in Dubai requires the business owner to acquire an industrial license that will act as a legal license to carry out the company operations. Failure to purchase the permit will turn out to be a problem in the establishment process.
In a nutshell, we can conclude that Dubai is on the path to becoming a gateway for international business, leaving its footprints in global investors' minds. It is a comprehensive forum that offers small, medium, and large-scale companies in diverse industrial fields. Take the help of a business consultant to get involved in the industrial sector, helping you deal with the proceedings. Many legal processes are included in industrial proceedings in Dubai, and a subject-matter professional would be able to guide you in a much better manner.
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