Dubai: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council, has approved several initiatives to boost the industrial sector and incentives for the agricultural technology sector in the Emirate.
According to the statement, Sheikh Hamdan, who chaired the meeting of the Executive Council, also approved a policy banning single-use plastics.
The meeting was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE.
Sheikh Hamdan bin Mohammed underscored the pivotal role of a diversified economy in realizing Dubai’s ambitious objectives outlined in the Dubai Economic Agenda D33, which seeks to place Dubai into the ranks of the world’s top three cities by 2033.
Sheikh Hamdan stated that, “Dubai leads by example, empowering businesses, fostering innovation, and embracing sustainability. The approved incentives will double Dubai’s agricultural sector by 2033, reinforce its global leadership in agricultural technology, and enhance the food security sector. In the industrial sector, we are poised to raise manufacturing’s added value. These steps represent significant measures to expand the contribution of agriculture to Dubai’s diverse economy by doubling the size of the sector. We call on investors, experts, and innovators to join our global platform for research, development, and innovation.”
The Crown Prince also stressed the social impact of curbing single-use plastics, nurturing sustainability, and promoting climate awareness, particularly ahead of COP28.
The Executive Council also approved a plan to boost Dubai’s industrial sector in line with the goals of the Dubai Economic Agenda D33. The plan is designed into three key programs spanning the 2024 to 2033 period.
The Council endorsed a plan to double the size of Dubai’s agricultural sector by 2033. The agricultural incentive package encompasses five main areas, including investment benefits and fee exemptions, competitive financing loans, research, and development platforms, attracting world-leading companies, and facilitating local market entry for local producers.
The Executive Council also approved the Government Procurement Program’s In-Country Value Program, an initiative to support local businesses, boost SME growth, and promote local production.
The Council has extended its single-use bags reduction policy to encompass more plastic materials as part of the phasing out of single-use plastics by 2026.