UAE plans to launch 50 new economic initiatives to boost the country's competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government officials said on Sunday.
The projects, a few of which were unveiled on Sunday, include investing in technology and creating new visas to attract residents and skilled workers.
Among the projects, the UAE and the Emirates Development Bank will invest 5 billion dirhams in industrial technology and technology-heavy sectors, Minister of Industry and Advanced Technology Sultan al Jaber said during a media briefing.
Two new visa categories - one for freelancers and one for entrepreneurs and skilled workers - will be created to attract and retain foreigners with desirable skills, officials said.
The new "green visa" for skilled workers will have more flexibility for sponsoring family members and will allow more time to find a new job after one employment ends, they added.
The 10 x 10 program aims to achieve a 10 percent annual increase in UAE exports to 10 global markets.
Invest.ae is a portal that unites investment-related local entities and 14 economic entities, presenting investment opportunities throughout the UAE.
To boost the UAE’s position as the main gateway for global trade and investment, the government is undertaking comprehensive economic partnership agreements with eight key global markets around the world.
In addition to adopting the National Value Added Program by directing 42 percent of the purchases of federal bodies and major national companies to local markets, it will raise purchases from 35 billion dirhams (9.5 billion dollars) to 55 billion dirhams (14.9 billion dollars) within four years.
The newly launched Project 5Bn will see AED5 billion ($1.3 billion) allocated to support Emirati projects.
The UAE government also launched ‘Tech Drive’, a 5 billion-dirham ($1.3 billion) program to support advanced technology adoption in the industrial sector.
Established in partnership with the Emirates Development Bank, the fund will support the industrial sector’s shift towards the applications of the Fourth Industrial Revolution over the next five years.
Fourth Industrial Revolution Network will seek to grow 500 national companies through the application of advanced technology over five years.
Minister of Cabinet Affairs Mohammad Al Gergawi explained that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities.
He stressed how the "Projects of the 50" provides an impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution.
Sarah Al Amiri, Minister of State for Advanced Technology, said that the Smart Industry Readiness Index has been created in partnership with international tech giants and will support the digital transformation of 200 industrial companies after evaluating the efficiency of digital operations.
A leadership strategy has also been created to support industry leaders with 100 business leaders set to receive training initially.
The plan is to create a “smart industry powered by technology”, Amiri said.
