With a special emphasis on the Summit’s host country, a dedicated session at the fourth edition of the Global Manufacturing and Industrialisation Summit (#GMIS2021) explored the role of the UAE’s National Strategy for Industry and Advanced Technology in driving the development of a diversified industrial economy in the country over the next 30 years.

The strategy, ‘Operation 300Bn’, stems from an integrated vision of the UAE Ministry of Industry and Advanced Technology (MoIAT) to strengthen the UAE’s industrial sector and establish the country as a global hub for future industries.

During the session, H.E. Eng. Saeed Ghumran Al Remeithi, CEO of Emirates Steel, said Operation 300Bn was an ambitious but important target, and that SMEs were at the heart of the strategy. He added that public-private partnerships are necessary to bring efficiency to the system and to inject foreign direct investments (FDI) into the economy.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank (EDB), said the bank was adapting to diversification by focusing on accelerating industrial development in the UAE and enabling SMEs to be a core piece of the ecosystem. He added that EDB was filling gaps by facilitating entrepreneurship and supporting start-ups through initiatives such as this year’s launch of the first digital business bank in partnership with MoIAT.

Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium (EGA), said that post-pandemic demand for products was outstripping supply, and that sustainability was top of the company’s agenda and a high priority for customers. SMEs are crucial for Operation 300Bn, he added.