Operation 300bn gets under way with meetings in northern emirates

Ministry of Industry and Advanced Technology holds briefings with Sharjah's inward investment office and Ajman's chamber of commerce

The Ministry of Industry and Advanced Technology held meetings with government entities in Sharjah (pictured) and Ajman to kick-start Operation 300bn. Courtesy Asteco

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.”