KHALEEJ TIMES, Wednesday, Nov 24, 2021 | Rabi Al-Aakhir 19, 1443
SMEs set to accelerate UAE’s economic diversification
Emirates:
SMEs, who are at the heart of “Operation 300Bn” — the ambitious target
set by the UAE to position it as a global hub for future industries — are
expected to accelerate the nation’s economic diversification, the UAE Ministry
of Industry and Advanced Technology said on Tuesday.
Abdallah Al Shamsi, Assistant Undersecretary for the Industrial Growth Sector at
MoIAT, said the UAE is well-placed to diversify its economy. “There is a lot we
can do within existing sectors to go to the next level to increase value added,
and we have the capital, know-how, and comparative advantages to help us develop
new sectors,” he said in his address at the panel discussion entitled ‘Operation
300Bn: Make it in the Emirates,’ on the second day of GMIS.
The UAE has the capital, know-how, and competitive advantages to develop new
sectors, Al Shamsi said, noting that coordinating efforts between government
entities and national industrial champions would be a critical success factor in
paving the way for industrial growth.
Saeed Ghumran Al Remeithi, CEO of Emirates Steel, said Operation 300Bn is an
ambitious but important target, and that SMEs were at the heart of the strategy.
He added that public-private partnerships are necessary to bring efficiency to
the system and to inject foreign direct investments (FDI) into the economy.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank (EDB), said the bank
was adapting to diversification by focusing on accelerating industrial
development in the UAE and enabling SMEs to be a core piece of the ecosystem. He
added that EDB was filling gaps by facilitating entrepreneurship and supporting
start-ups through initiatives such as this year’s launch of the first digital
business bank in partnership with MoIAT.
Abdulnasser bin Kalban, CEO of Emirates Global Aluminium (EGA), said that
post-pandemic demand for products was outstripping supply, and that
sustainability was top of the company’s agenda and a high priority for
customers. SMEs are crucial for Operation 300Bn, he added.
Khaleefa Yousef Al Mheiri, the acting CEO of TA’ZIZ, said the chemical sector
plays a vital role in diverse manufacturing sectors, and there will be
opportunities down the value chain, as most projects will be producing chemicals
for the first time.
Saud Abu Al Shawareb, managing director of Dubai Industrial City, spoke about
demand in the industrial sector and growth at Dubai Industrial City. Existing
and new partners alike are getting support with commercial incentives and
government approvals, he said, adding that he looked forward to working with the
government to attract more sophisticated, high-end industries, such as
mechanical and equipment process line manufacturing and pharma.