UAE Ranks Among Top 30 in UN Industrial Performance Index in the Arab
The UAE continues to solidify its position as a prominent industrial and manufacturing hub, as it secures the top spot in the Arab region and 29th globally in the Competitive Industrial Performance Index released by the UN Industrial Development Organisation.
UAE Ranks First in the Arab Region for Competitive Industrial Performance
The country has climbed two spots from the previous year's index, showcasing its progress in national industrial performance on a global scale. The index evaluates countries based on indicators such as technological capabilities, innovation, productivity, and trade performance. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, emphasized the UAE's remarkable strides in industrial development, underscoring the nation's commitment to sustainable growth and enhancing its competitiveness through advanced technologies and solutions.
Operation 300bn and Strategies to Boost Industrial Growth
In 2021, the UAE launched Operation 300bn, a comprehensive strategy aimed at positioning the country as a leading industrial hub by 2031. This ten-year plan focuses on increasing the industrial sector's contribution to the GDP, with a target of Dh300 billion ($81.68 billion) by 2031. The strategy emphasizes the growth of priority sectors, support for national industries, attracting foreign investment, and ensuring dedicated financing for local industrial companies. The Ministry of Industry and Advanced Technology (MoIAT) spearheads the implementation of this strategy through various initiatives, including Make it in the Emirates, the national in-country value program, and the technology transformation program. These initiatives have significantly enhanced the industrial sector's offerings to investors, improved supply chain resilience, and fostered partnerships for local manufacturing, resulting in substantial contributions to the UAE's GDP.
Impressive Contributions of UAE's Industrial Sector
The UAE's industrial sector has made noteworthy contributions to the country's economy. Last year, the industrial sector's GDP contribution amounted to Dh180 billion, demonstrating its significant role in driving economic growth. Moreover, the programs initiated by the MoIAT have played a vital role in boosting non-oil industrial exports, estimated at over Dh170 billion in 2022. The In-Country Value (ICV) program has redirected Dh53 billion into the economy, while providing job opportunities for nearly 2,000 Emiratis. Additionally, the Technology Transformation Program (TTP) aims to increase exports of technological products, add Dh110 billion to GDP annually, and drive Dh11 billion in technology investments. These initiatives not only contribute to economic growth but also promote sustainable development and reinforce the UAE's position as a globally competitive nation.
Recognition of UAE's Global Competitiveness and Commitment to Sustainability
The UAE's consistent focus on strengthening its global competitiveness has been acknowledged by the latest UN Industrial Development Organisation index. The ranking builds on the UAE's significant progress across various global competitiveness reports and reflects the government's dedication to advancing the nation's position as an advanced and sustainable economy. The UAE currently holds the top rank in 152 competitiveness indices globally and is among the top 10 in 425 competitive indices. Hanan Ahli, managing director of the Federal Competitiveness and Statistics Centre, highlighted the efforts of the Ministry of Industry and Advanced Technology and its strategic partners in driving sustainable development. Furthermore, the industrial sector is poised to play a pivotal role in the UAE's commitment to reducing carbon emissions by 40 percent by 2030, supporting the nation's sustainability goals and net-zero aspirations.
UAE's Industrial Growth and Net-Zero Commitment
The industrial sector is instrumental in helping the UAE achieve its sustainability goals, including a 40 percent reduction in carbon emissions by 2030. The government recently announced this revised target, emphasizing the sector's significance in achieving environmental objectives. Dr Sultan Al Jaber affirmed the commitment to enhancing the competitiveness of the national industrial sector, promoting advanced technology adoption, entrepreneurship, and investments in sustainable future industries. These efforts align with the UAE's net-zero commitment by 2050. By focusing on these strategies and expanding sustainable practices, the UAE aims to create a thriving industrial sector while ensuring environmental responsibility.