The UAE Ministry of Industry and Advanced Technology kick-started the nation's Operation 300bn strategy with a series of high-level meetings in the northern emirates.
A delegation from the ministry held meetings with the Sharjah Investment and Development Authority and the Ajman Chamber of Commerce and Industry to discuss opportunities presented by the strategy, whose target is to double industry's contribution to national gross domestic product to Dh300bn by 2031 from Dh133bn currently.
“The aim of these visits is to explore ways to enhance our industrial business environment to attract further local and international investment, in line with the overarching objective of Operation 300bn – to transform the UAE into a regional and global hub for future and advanced industries,” Omar Al Suwaidi, undersecretary at the ministry said.
Operation 300bn was launched last month with a target of supporting 13,500 industrial companies over the next decade. A new brand identity campaign, Make it in the Emirates, is being rolled out as part of the strategy and the Emirates Development Bank has been tasked with providing debt and equity funding to support companies operating in the sector.
At the meetings, ministry representatives discussed ways to stimulate foreign investment in industry and the development of legislation to support the growth of the sector.
“Coordination with our partners in federal and local authorities will be key to the success of Operation 300bn," Mr Al Suwaidi said. "The efforts of federal and local entities, and stakeholders must be aligned."
The next state of the strategy will see government entities working more closely with the private sector to increase competitiveness and to encourage businesses to take part in the in-country value programme.
“Businesses operating in priority sectors will also gain access to affordable financing options to facilitate their digital transformation, as well as standardised and simplified registration, licensing and fees procedures at local and federal levels," Mr Al Suwaidi said.
“As well as attracting foreign direct investment, we hope these efforts will encourage industrial enterprises to open regional offices throughout the UAE, utilising the facilities offered at local and national levels.”
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Global state-owned investor ranking by size
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