ABU DHABI, 1 July – Abu Dhabi is investing AED10 billion ($2.7 billion) in its manufacturing sector, as the emirate announces a new industrial strategy.
The strategy was announced by Sheikh Khaled Mohamed bin Zayed Al Nahyan, chairman of the Abu Dhabi Executive Office, in hopes of doubling the size of the UAE capital’s manufacturing sector to AED172 billion by 2031.
The strategy will focus on six programmes, state news agency WAM has reported, which will create 13,600 skilled jobs and boost the emirate’s non-oil exports by 143 percent.
“Abu Dhabi’s blueprint for a comprehensive industrial strategy is an ambitious vision that will guide the future of the emirate’s manufacturing sector, and shape a resilient and diversified economy for decades to come,” Mohammed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (ADDED), said.
The department has also signed several industry partnerships including one that focuses on strengthening workforce capabilities, particularly in adoption of Industry 4.0 technologies and innovation.
ADDED will also create a management tool to measure the readiness of companies in adoption of such technologies.
The move comes as the UAE ramps up efforts to boost its non-oil economy, with a focus on investing in the industrial sector. — Arabian Business