RIYADH: The United Arab Emirates has introduced a one billion dirham (or $272 million) With the help of the National Industrial Resilience Fund, domestic manufacturing will be strengthened, supply chains will be secured, and the application of artificial intelligence will be expanded across the production process.
Sheikh Mohammed bin Rashid Al-Maktoum, who is also the ruler of Dubai and the vice president and prime minister of the United Arab Emirates, presided over a cabinet meeting that concluded with the approval of the decision.
The move is in line with the country’s expanded efforts toward economic diversification, a cornerstone of its long-term aim to minimize its reliance on hydrocarbons. This follows Dubai’s March decision to adopt a $272.2 million support package to alleviate financial difficulties and provide assistance to businesses and people. This decision was made amid rising tensions tied to the war in Iran.
According to a statement released by Al-Maktoum, “Today, we made decisions to accelerate the industrial growth of the United Arab Emirates.” To increase resilience, expand local production, safeguard supply chains, and expand the use of artificial intelligence across production and operations, we are introducing a fund of 1 billion dirham.
“We made the National In-Country Value Programme mandatory across all government entities and national companies, and we strengthened the presence of products made in the United Arab Emirates,” he continued. Our goal is crystal clear. There are about 5,000 essential products that should be fully localized.
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