Dubai implements ‘Operation 300bn’ to advance UAE’s industrial sector

Dubai implements ‘Operation 300bn’ to advance UAE’s industrial sector

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai announced the launching of a new industrial strategy titled "Operation 300bn“.

Operation 300bn was launched in a special event held at Qasr Al Watan in Abu Dhabi in the presence of His Highness Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, among other delegates and officials.

The 10-year strategy seeks to empower and build the country's industrial sector, increase its GDP contribution to AED300 billion by 2031, and contribute to sustainable development.

The sector's currency GDP contribution is AED133 billion.

The UAE's Ministry of Industry and Advanced Technology is leading the strategy and plans to roll out programs and initiatives created to support 13,500 industrial small and medium enterprises (SMEs).

"Operation 300bn“ will update the country's Industrial Law to support local entrepreneurs and attract foreign direct investment. The law will include flexible conditions to provide opportunities to small and medium-sized companies and industrial enterprises while allowing foreigners to own 100% of their industrial establishments.

The strategy will focus on what it has identified to