Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum approved AED 30 billion financial support for businesses and startups promotion, with the belief that it will all contribute and support the national economy.
In order to support the Operation 300bn campaign, the Emirates Development Bank strategy aimed to leverage the role of the banking network for making them act like key drivers of the national economy and provide the largest support network over the industrial sector. During the event Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology stated that this strategy is a national comprehensive and integrated project which aims in raising the manufacturing sector’s contribution for GDP from current Dh 133 billion to Dh 300 billion by the end of 2031.
His Highness further explained that advancement of the national economy is the top priority that would require a joint effort for all sorts of economic entities that are coming down to certain phases. He further added stating that a distinctive vision that would meet global trends and would sustain development for maximization of the industrial sector’s revenue for boosting the broader version of the economy must be adopted around.
In presence of H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, among other delegates and officials’ EBD strategy was launched.
It has been stated that there will be three major elements that will lead to the success of this campaign.
- First, improvement in industry laws facilitating ownership and foreign investment.
- Second, facilitating the finances through Emirates Development Bank offering the best products to promote business culture.
- Third by offering gas and energy tariffs around.
With this massive investment, it has been believed that the UAE will now gain huge support for boosting up the business scale. The strategy has adopted all the recent trends that the global economy has been practicing from Make it in the UAE basic campaigns, welcoming all investors, Emirati Citizens, and foreign investors to work in UAE to promote every small scale startups along with small and medium business operation tasks to boost up and work with sustainability. This huge investment can be regarded as a clear roadmap for industries upliftment and upliftment of UAE’s economy as a whole.