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Abu Dhabi hopes to boost the competitiveness of its industrial sector by establishing an industrial investment tour in the UAE capital.
Speaking at the annual investment conference (AIM Global 2023) this week, Arafat Al Yafei, executive director of the Industrial Development Authority of the Abu Dhabi Department of Economic Development (ADDED), revealed that the department is keen to increase incentives for investors.
“Soon, we will announce the Abu Dhabi Industrial Investment Tour,” he said. “The Abu Dhabi government, especially the economic sector, is providing good incentives for investors to build their licenses. We will take care of investors [throughout their journey].
According to reports, the emirate is keen to enhance the competitiveness of its industrial sector while formulating and implementing the initiatives and plans of the Abu Dhabi Industrial Strategy (ADIS).
Launched last year, ADIS expects the government to invest AED10 billion to more than double the size of Abu Dhabi’s manufacturing sector to AED172 billion, create 13,600 skilled jobs, and develop Abu Dhabi’s African economy by 2031. Oil exports increased by 143%.
“strategy [ADIS] cascaded into six confirmation factors,” continued Al Yafei. “One of them is to ensure [we are] Create an ecosystem for the industry. He further explained that ADDED has developed a dedicated transformational training program to help strengthen Abu Dhabi’s industrial sector.
the future is technology
Through this strategy, ADDED focuses on attracting investment around new and advanced technologies.
“As we all know, the future is going to artificial intelligence [AI]”Right now, if you don’t have the infrastructure for this, if you don’t invest in it, then I don’t think you’re going to be internationally competitive. “
Sustainability is also key, he added.
“We are also working to ensure that the industrial sector in Abu Dhabi is in line with the commitment to net zero emissions. We are working to ensure that we have a circular economy,” he said. “We want to be consistent with zero tolerance, we cannot allow any investment in the industrial sector, [that does] An environment that does not respect all ESG [environmental, social, and governance] Initiative will suffer. “
Dubbed “Industry 4.0,” the new plan looks at circular economy models, talent development, ecosystem support, indigenous supply chains and value chain development to bring the country on a par with global industrial hubs. The aim is to attract disruptors and innovators to invest in the emirate and other parts of the country through different initiatives such as investment tours.
As a long-term strategy, Al Yafei also highlighted that ADDED is investing in wider areas, such as schools, to prepare students for the demands of the future. He added that the government is interested in creating a mix of international and local talent to ensure the city meets requirements within the industry.
“The new generation is completely different from us; they are concerned about lifestyle, they are concerned with safety, they are concerned with global security,” concludes Al Yafei. “So, we opened an office with an eye toward the whole family when it comes to employment.”
(Reporting by Omnia Al Desoukie; Editing by Seban Scaria)
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