Officials from the UAE and UN Industrial Development Organisation have met online to discuss ways to strengthen industrial collaboration.
They looked at ways to boost co-operation and optimise Unido's competitive industrial performance (CIP) index, the Ministry of Industry and Advanced Technology said on Wednesday.
The index measures countries' ability to produce and export manufactured goods competitively. The UAE is currently ranked first in the region on the CIP index.
During the online meeting, which was attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Gerd Muller, director general of Unido, officials underscored the importance of forming a joint team between the ministry and Unido to help achieve the UN's ninth sustainable development goal, which is to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation, officials said.
Unido is the specialised agency of the UN that promotes industrial development for poverty reduction, inclusive globalisation and environmental sustainability.
The UAE is focusing heavily on its manufacturing and industrial sector as part of its diversification efforts.
Last year, the country launched Operation 300bn, a 10-year plan aimed at increasing the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.68bn) in 2031, from Dh133bn in 2021.
The Abu Dhabi government also said last month that it would invest Dh10bn to double the size of its manufacturing sector by 2031.
To support this, it will develop a new circular economy regulatory framework to ensure that industrial growth remains sustainable.
During the Ministry of Industry's meeting with Unido, officials also discussed enhancing competitiveness, exchanging industrial information to serve the global value chain, promoting investment in research and development and supporting diversification of industries using advanced technology.
They also spoke on the formation of a taskforce to enhance co-operation in the build-up to the Cop28 climate summit, which will be held next year in the UAE.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
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8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY%20PROFILE
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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