Ministry of Economy signs MoU with Dubai Industrial City

His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, said the industrial sector played a key role in driving the country’s economy,and asserted the MoE’s keenness to strengthen the sectorin line with the UAE Vision 2021 which aims to build a knowledge-based economy and encourage small and medium enterprises.

Speaking during the signing of a memorandum of understanding (MoU) between the Ministry and Dubai Industrial City, H.E. Al Mansoori pointed out the country had adopted a growth strategy based on supporting the industry sector and attracting more foreign and local investments to this sector to increase its contribution tothe Gross Domestic Product (GDP) and reducethe dependence on oil as a basic source of national income. 

The MoU, signed by H.E. Mohammed bin Abdulazziz Al Shihhi, Director General of Ministry of Economy; and H.E. Abdullah Belhoul, Managing Director of Dubai Industrial City, aims to strengthen mutual cooperation in an effort to develop the industry sector according tothe MoE strategy and the vision of Sheikh Khalifa Government Excellence Program (SKGEP).

Stating that the country is keen to enhance the economic diversification policy, Al Mansoori said the manufacturing industries contributed 9.1% to the GDP in 2011 with the volume of the industry sector increasing from AED 72.635 billion in 2007 to AED 114.052 billion in 2011. He noted that 5,201 industrial companies and facilities were registered with the employing more than 399,000 workers.

Abdullah Belhoul, Managing Director of Dubai Industrial City, a member of TECOM Investments, said the MoU reflected the vital role played by the Ministryin developing the private sector, and asserted that the signing of the MoU was a key part of the joint efforts of the Ministry and Dubai Industrial City to encourage the inflow of investments as part of Vision 2030 goalsto diversify the sources of income.

He added this initiative stems from Dubai Industrial City’s strategy to strengthen cooperation with the public sector to achieve the aspiration of the partners in Dubai Industrial City, and enhance the competitiveness of factories operating in the City.

H.E. Al Shihhi said the MoE was committed to increase the cooperation with the private sector to drive the economic diversification process and enhance the business and investment environmentin line withVision 2021 and MoE’s strategy for 2011-2013.

Al Shihhi affirmed the MoU will aim to exchange information and visits, hold joint workshops and events, and organize annual meeting with Dubai Industrial City to address the production and export obstacles and to enhance the role of the private sector in the country’s comprehensive growth.