The UAE's Industry Development Council discussed incentives for industrial companies to stimulate investment and support sustainable development, as the country seeks to boost the competitiveness of local products.
The IDC also announced the Ministry of Finance and Tawazun Council as its latest members, the Ministry of Industry and Advanced Technology said on Tuesday after its fourth meeting.
The council supports the growth of the country's industrial sector for investors.
The Ministry of Finance will create the incentives required to bring a “paradigm shift” and boost sustainable development, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of the IDC.
Meanwhile, the Tawazun Council will play an important role through the Offset Programme, which supports quality industrial and technological partnerships, helping to create investment and industrial opportunities that will support UAE industry.
“The IDC will expand the tools for enablement, integration and partnership in major national projects between the government and private sectors with the aim of creating an attractive business environment for local and international investors in the industrial sector and strengthening the country’s position as a global destination for leading future industries,” said Dr Al Jaber, who is also President-designate of Cop28 and UAE special envoy for climate change.
“In line with the country's preparations for hosting Cop28, the council also discussed the key enablers and incentives that support sustainable and efficient industrial development.”
In 2021, the UAE launched Operation 300bn to position the country as an industrial hub by 2031. The 10-year plan focuses on increasing the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.68 billion) in 2031 from Dh133 billion in 2021.
The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment and ensuring the availability of financing for local industrial companies.
The 'Make it in the Emirates' campaign has also been rolled out as part of the strategy.
Emirates Development Bank will provide debt and equity funding to support companies operating in the sector.
The virtual meeting also discussed measures to stimulate the industrial sector and examined the progress of important projects such as updates to legislation and regulation, the progress on the industrial census and required policies in allowing factories to generate electricity from renewable sources.
The council also discussed the UAE cabinet decision to increase import duties on particular steel products from 5 per cent to 10 per cent for three years with the aim of protecting national industries and encouraging local production, in line with the UAE’s international agreements and obligations to the World Trade Organisation.
The second edition of the Make it in the Emirates forum will be held at the end of May in Abu Dhabi.
Dr Al Jaber urged industrial companies to participate in the Make it in the Emirates awards, which take place alongside the forum.
“The forum's first edition firmly established the key factors underpinning the UAE’s industrial sector. In the next edition, we look forward to further significant outcomes to boost industrial development in the UAE,” he said.
An Industrial Technology Transformation Index task force will be formed to assess smart industry readiness among UAE factories, he said.
It will help manufacturers implement advanced technology and improve industrial competitiveness.
The council is currently finishing the final draft of the Industry Regulation and Development Law's Executive Regulations, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, vice chairman of the IDC and chairman of the council's executive committee.
It is being developed by the Policy and Legislation Taskforce and has been circulated among the emirates as part of the feedback process, he added.
The council also urged industrial enterprises in the UAE to register with the Industrial Census, which aims to establish an integrated database that enhances economic resilience and supports decision-making.
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
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Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
More on Quran memorisation:
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Jetour T1 specs
Engine: 2-litre turbocharged
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The specs
Engine: 6.2-litre V8
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The Kingfisher Secret
Anonymous, Penguin Books
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
KILLING OF QASSEM SULEIMANI
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
