Abu Dhabi: Manufacturing and diversification key to winning in the global economy

Abu Dhabi Economic Vision 2030 was the central focus of a panel discussion on the second day of the Global Manufacturing and Industrialisation Summit (GMIS) in the Russian city of Yekaterinburg.

  
Abu Dhabi: Manufacturing and diversification key to winning in the global economy

YEKATERINBURG, Russia: – The Abu Dhabi Economic Vision 2030 was the central focus of a panel discussion on the second day of the Global Manufacturing and Industrialisation Summit (GMIS) in the Russian city of Yekaterinburg.

The vision provides for a shift from a dependency on hydrocarbon exports towards an advanced, knowledge-based and industrialised economy. The panel included H.E. Eng. Saeed Ghumran Al Remeithi, CEO, Emirates Steel and Ahmed Al Balooshi, Executive Director, Industrial Development Bureau (IDB), Department of Economic Development, Abu Dhabi, who discussed the multiple diversification initiatives underway in the Abu Dhabi including moving into new target sectors such as aerospace, defence, and automotive.

Ahmed Al Balooshi said SMEs were an essential part of Abu Dhabi’s diversification plans and he explained how the emirate has been revising its policies and legislation to make it easier and more attractive for SMEs to invest in its industrial sector, including changes to labour and land lease regulations and the introduction of local content requirements. Al Balooshi also revealed that a new industrial fund would be launched by the end of the year, which would support the growth of the SME sector.

“We are putting a lot of effort into reducing the operational cost of SMEs and entrepreneurs,” Al Balooshi said.

H.E. Eng. Saeed Ghumran Al Remeithi detailed how Emirates Steel has developed in tandem with Abu Dhabi’s diversification ambitions and, having supported the UAE’s construction boom, it was now looking to become a catalyst for a downstream metals industry by increasing its flat steel production in the next few years. Al Remeithi also mentioned how Emirates Steel was supporting Abu Dhabi’s environmental initiatives and had reduced its carbon dioxide emissions by 40% through a joint carbon capture project with Abu Dhabi National Oil Company (ADNOC). He said he believed hydrogen could replace natural gas in the steel production process in the not-so-distant future.

In addition to this panel discussion, thought leaders from across government, industry, and academia have gathered in Yekaterinburg to engage in debates across more than 40 sessions focusing on critical topics related to the manufacturing sector, including sustainability in manufacturing, circular economy, food security, future-cities, cybersecurity, the evolution of 3D printing, and their role in achieving the 2030 Agenda for the Sustainable Development Goals (SDG).

A joint initiative of the United Arab Emirates and the United Nations Industrial Development Organization, GMIS is the world’s first cross-industry and cross-functional platform that unites manufacturers, governments and non-governmental organisations (NGOs), technologists, and investors to build a roadmap towards investing in capabilities, fostering innovation and developing the skills needed to position the manufacturing sector at the forefront of global economic growth and a key driver to advance the 17 SDGs. 

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PR Contacts:
Reethu Thachil
Communications Manager
M Three Marcomms LLC

Press Office for:
Global Manufacturing & Industrialisation Summit
Mohammed bin Rashid Initiative for Global Prosperity
+971 55 35 00715 / reethu@m3media.com 

About GMIS:

The Global Manufacturing and Industrialisation Summit (GMIS) was established in 2015 to build bridges between manufacturers, governments and NGOs, technologists, and investors in harnessing the Fourth Industrial Revolution’s (4IR) transformation of manufacturing, to enable the regeneration of the global economy. A joint initiative by the United Arab Emirates and the United Nations Industrial Development Organization (UNIDO), GMIS is a platform that presents the manufacturing sector with an opportunity to contribute towards global good, and that is committed to bringing benefit to all. As the world’s first cross-industry initiative, GMIS offers a platform for leaders to engage on the issue of the future of manufacturing, highlighting the need for greater investment in capabilities to foster innovation and drive skills development on a global scale. Uniting key stakeholders - including world leaders, industry CEOs, and specialist researchers and academics - GMIS has placed manufacturing at the heart of economic transformation and government policy-making, promoting it as a tool for global cooperation and collaboration.

The first edition of the Global Manufacturing and Industrialisation Summit was held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Paris Sorbonne University Abu Dhabi in March 2017. It brought together over 3,000 leaders from government, business, and civil society from over 40 countries to advance manufacturing and industrial development globally, and to identify key trends and opportunities across 6 themes.

© Press Release 2019

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