Press Release (ePRNews.com) - SINGAPORE - Nov 04, 2016 - Dubai and Abu Dhabi are strategizing on ways to reduce the UAE’s economic dependence on oil and gas, by diversifying and bolstering other sectors. One of the key areas that the government is looking into is the industrial sector. In 2015, the industrial sector contributed 16% of the GDP of the UAE, and 14% of Dubai’s GDP. With that in mind, the government plans to increase this contribution to 20% by 2021, and in so doing, attract foreign direct investment. Laws and strategies need to be implemented to bolster the growth of the industrial sector.
“The ministry of economy is currently closely working with its strategic partners on a slew of laws and regulations that will develop the sector and bolster its attractiveness,” Mr. Al Mansouri the economy minister said. (source – The National).
In an effort to develop the industrial sector, the UAE government plans to double the size of its industrial base and launch an initiative to promote production within the country. As part of its strategic advancement, plans are underway with an initiative that will not only increase the Emirate of Dubai’s income to 160billion by the year 2030, but will also i)create more job opportunities ii)increase exports due to an immense increase in industrial production iii)provide a competitive edge for the country’s industrial sector thereby reducing reliance on oil exports and iv)promote economic growth.
Dubai is and will continue to be one of the most sought after business destinations of the world that offers investors legally tax-free business setup opportunities with lots of potential for growth and diversity. Once the new laws governing foreign direct investment are enacted, the UAE will continue to be the leading business hub in the Middle East region.
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