His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has just launched Dubai Industrial Strategy 2030, a brand new initiative to “transform the UAE into a global platform for innovative industries and a destination of choice for international companies”.
In these times of uncertainty in the oil markets, Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World said the move is aligned with the UAE’s roadmap for the post-oil era.
Sounds impressive right? But how does this impact us? We won’t bore you with the details, but the good news is that it’s estimated the 75 outlined initiatives will help create 27,000 new jobs in the country by 2030 ! Most of these jobs will be in industries which are far from the norm for expats in Dubai, where the major sectors are currently construction and financial services (that’s right, unbelievably oil & gas now actually only accounts for 5% of GDP!).
The strategy focuses on the growth of six main industries:
Dubai already boasts the world’s largest airline and busiest airport (try getting through passport control at midnight without your e-gate pass, you will agree!), but the ambitious new plans will see Dubai also become a global hub for manufacturing spare aircraft parts and providing maintenance and repair services. In addition to this, HH Sheikh Mohammed wants to increase aviation R&D.
Dubai has always been a centre of maritime trade but now there are plans to make it a repair and maintenance hub for ships and offshore structures too. Along with this, Dubai Industrial Strategy 2030 includes plans for the manufacturing of domestic yachts and other boats (we look forward to Dubai Marina being full of Dubai yachts very soon!).
Aluminium and fabricated metals
Aligned with the plan to make Dubai a global hub for aircraft maintenance, its production capacity in metal fabrication will be increased. Currently the UAE is among the top global exporters of aluminium and this boost in capacity will be aimed at attracting more clients from the auto and aerospace industry.
The GCC currently imports 80% of their pharmaceutical requirements. With initial focus on cosmeceuticals (in particular halal products), Dubai plans firstly to invest in research and development, infrastructure and building capacity in readiness for the manufacturing of pharmaceuticals which will require advanced technology and a highly skilled workforce (yes, that means you lot living outside of Dubai!).
Food and beverages
The GCC again relies heavily on imports in this sector (around 70% of its food), and Dubai aims to play a “significant role” in becoming a hub for food products in the region. Its infrastructure and logistical capabilities are major drivers for success in this sector, and plans are now in place to leverage the growing global demand for high quality halal products in order to strengthen Dubai’s position as the Capital of Islamic Economy.
Machinery and equipment
This sector already accounts for about 25% of the UAE’s industrial GDP and with Dubai’s location and reputation as a regional hub for machinery for construction machinery and equipment this sector is set to grow and grow.
So whether you are looking for a change of career, or even a change of location and want to come join us in Dubai, these are the industries to watch.
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