The project, which aims to establish and grow 500 national companies equipped with the technologies of the Fourth Industrial Revolution, will be key in creating an attractive business environment to meet the needs of local and international investors, support the continuous growth of national industries, improve their competitiveness, and enhance the UAE’s position as a global destination for pioneering future industries with world-class infrastructure and a skilled and technologically advanced workforce.
VDO.AI
The network is designed to provide a platform that brings together 15 leading national companies in technology adoption to transfer knowledge, share best practices, and train 100 CEOs in the industrial sector on the latest digital trends.
ADNOC, Strata, EDGE, and Emirates Global Aluminium will be joined by leading global companies in technology development such as Siemens, Microsoft, Cisco, and IBM to share the successful implementation of advanced technology and applications of the Fourth Industrial Revolution.
Focus on competitiveness
As part of “Projects of the 50”, the UAE Government has launched three initiatives designed to strengthen the UAE’s ability to keep pace with the ever-evolving global economy and consolidate its position as one of the world’s most attractive countries for foreign direct investment.
- 10×10
Aims to achieve an annual increase in the country’s exports by 10 percent in 10 key markets: China, the UK, the Netherlands, Italy, Russia, Poland, Luxembourg, Australia, New Zealand, and Indonesia.
- Invest.ae
A new portal that will act as an umbrella for all investment-related local entities and 14 state economic entities and present all investment opportunities across the UAE. The portal will also provide comprehensive information on the local investment environment, as well as business and bank account set-up services. It will also highlight entrepreneurial success stories.
- Emirates Investment Summit
A Global summit that will connect investment funds with the public and private sectors to create investment opportunities that will attract Dh50 billion in FDI over the next nine years. Scheduled to take place during the first quarter of 2022, the Summit seeks to build lasting partnerships between the public and private sectors.
In-Country Value Programme
One of the key elements of “Projects of the 50” is the adoption of the National In-Country Value Programme at a federal level, which will facilitate the redirection of procurement and contract expenses to the local economy. The program reflects the UAE government’s commitment to enhancing the competitiveness of the national economy, promoting domestic products, and supporting local small and medium-sized companies.
Dh5 billion to support Emirati projects
To help facilitate the goals of “Projects of the 50”, the UAE Government has announced Project 5 billion, which involves the allocation of Dh5 billion to support Emirati projects in priority sectors.
The Dh5 billion is part of the Emirates Development Bank’s April 2021 allocation of Dh30 billion to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025 – all to support its wider mission of increasing productivity, enhancing the industrial sector’s contribution to GDP and creating job opportunities for UAE’s citizens.
Source: The Gulf News