Thanks to its desire to keep progressing and expanding over the past few decades, Dubai has established itself as a fast-growing economy. After achieving impressive growth at the start of the 2000s, Dubai now sets itself up for a new challenge and has developed the 2030 Industrial Strategy, which aims to boost its GDP by a staggering AED 160 billion. Let's further discuss what the Dubai industrial strategy 2030 aims to achieve.
What is the Dubai Industrial Strategy 2030?
Through the Dubai Industrial Strategy of 2030, the city aspires to become a worldwide industrial hub for businesses engaged in innovation, knowledge-based sectors, and sustainable development. Simply put, Dubai aims to enhance the industrial sector's share of its overall GDP. The city is working on growth in several areas to achieve this goal:
Fabricated Metals and Aluminum
Dubai has already established itself as a leading producer of manufactured metals like aluminum. With the 2030 Industrial Strategy, the city hopes to increase its ability to create fabricated metals. They aim to accomplish this by enhancing the value added at each production level by increasing the productivity of downstream industrial processes. Dubai wants to make the most use of its current resources like smelters and boost the value they add by optimizing the total benefits.
F&B
Another area in which Dubai intends to be dominant is the food and beverage industry. The 2030 strategy will increase opportunities for multinational food manufacturers. It will concentrate on developing new and innovative methods for producing food and drinks and introducing cutting-edge machinery such as 3D food printing machines.
Medical Sector
Improving the pharmaceutical and medical equipment industries is a significant portion of Dubai's industrial plan. The city wants to establish itself as a global center for multinational enterprises and healthcare R&D. The primary goal is to expand the market for cosmeceuticals — cosmetics with medicinal components. For instance, cosmetics that are intended to aid in alleviating aging symptoms. Since many renowned multinational companies have expressed interest in moving their research facilities and factories offshore to take advantage of lower operating costs and new markets, the nation is already well on its way to achieving this aim.
Aerospace Sector
The 2030s strategy also emphasizes manufacturing aircraft and offering aircraft services to establish Dubai as the premier center for aviation. The city aims to develop a state-of-the-art aerospace sector to produce, design, and maintain aircraft.
Maritime Sector
The 2030 Dubai strategy also seeks to improve the maritime industry's operations, making Dubai the primary location for service delivery, shipping, and logistics. The plan has numerous elements to accomplish this objective. For instance, it intends to increase Dubai's ports' total capacity and improve the logistics and shipping options available in the city.
Bottom Line
The Dubai Industrial Strategy 2030 is expected to significantly boost Dubai's overall economy by creating new jobs and attracting new businesses. This strategy is great news for entrepreneurs looking to establish a business in the city. We recommend contacting Capatt Services to get in touch with business setup consultants in Dubai to learn more about how you can set up a business in the city. Schedule a 1-hour consultation with us now.
