Currently, Abu Dhabi is focusing on mega-project development and has begun the process of removing the oil sands from its territory. Besides, the UAE government is also working on improving other business and trade sectors. The new projects are expected to help boost the economy. In addition to the above mentioned projects, the government has also enacted a number of laws to make the country more friendly to foreign investors.
The first of the 50 projects is aimed at accelerating the economic growth of the UAE by diversifying its economy, improving the public sector, and building a brighter future for the next generations. Among the first projects of the 50 are the modernisation of the entry and residency system, and visa and work permits. This aims to establish the UAE as an ideal place to invest. The second project will be a greenfield incubated by the National Research and Development Authority (NreDA), a non-profit organization that provides support and guidance for local companies.
The third project, the Abu Dhabi Port Company’s Industrial Zone, is a thriving industrial zone with an estimated value of $6 billion. The UAE government has made significant investments in the Utility sector, which will support the industrial sector’s growth. The government claims that this industrial zone will attract business from six international markets. This is a major step forward for the country’s economy. A number of other projects are already in the planning stages, demonstrating the country’s readiness to accommodate foreign companies.
The UAE industrial policy program is a long-term initiative under the supervision of the Ministry of Industry and Advanced Technology. The program aims to reduce the country’s dependence on foreign products in priority sectors and increase manufacturing output. The UAE is committed to promoting and adopting advanced technologies and solutions of the Fourth Industrial Revolution. It will also motivate international companies to invest in research and development and create new jobs. There are several key factors that will drive the success of these mega-projects.
Besides being a global hub, the UAE has a productive workforce. In addition, the UAE has a favorable regulatory environment and government-approved programs. The government’s Economic Agreements Program aims to attract business from six international markets. The program is a comprehensive initiative with a clear timeline. The first phase of the Industrial Zone is already underway and will cover 22 square kilometers. It will also span 365 square kilometers of land and will have competitive financing solutions.
According to a report from the United Nations, there were $2.72 billion worth of contracts in June 2020. The UAE ranked third in terms of value of contracts signed in June with $461 million in total. ADNOC Onshore, the majority-owned oil and gas company, signed the largest deal in the UAE in June, for $103 million. Furthermore, major developers are looking to access new debt facilities to finance new building projects. This will help to inject much-needed liquidity in the construction sector.
Aside from the industrial sector, the UAE government has launched three initiatives to diversify its economy. The first of these plans, called the 10×10 program, will be a destination of choice for international businesses. It will be the country’s main gateway and will have 120,000 residents in 60-story residential towers. The projects will cost $14.7 billion. A new era of prosperity and peace has already begun in the UAE.
The UAE is a key engine for the global economy. Despite the drop in oil prices, the UAE’s economic growth continues to be relatively robust. In May 2020, there were $3.1 billion worth of new construction announcements in the GCC. The UAE accounted for 55% of the total number of new projects announced across the GCC. Its efforts will benefit local suppliers. A major objective is to reduce import dependency.
In May 2020, the UAE government is expected to announce a series of new projects worth $3.1 billion. One of these is the industrial policy program. Through it, the UAE will reduce its dependence on imported goods in priority sectors. By developing the industrial sector, it will also support national development and improve manufacturing output. Furthermore, the UAE government is encouraging international companies to invest in the country, and it will be a key catalyst for foreign investment in the country.