FNC Advocates For Regulatory Frameworks To Fuel UAE's Industrial And Green Economy Growth

In a recent session chaired by Dr. Tariq Humaid Al Tayer, First Deputy Speaker of the Federal National Council (FNC), a pivotal recommendation was made to establish regulatory frameworks for industrial activities and the green economy. This initiative aims to bolster economic growth and sustainability by offering benefits and exemptions within these sectors.

The FNC's discussion revolved around enhancing the legislative and regulatory infrastructure to support the industrial sector's expansion. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, highlighted the significant strides made in the past three years since the inception of Operation 300bn and the "Make it in the Emirates" initiative.

Dr. Al Jaber shared impressive statistics underscoring the industrial sector's growth, with its contribution to the Gross Domestic Product (GDP) increasing from Dh132 billion in 2020 to Dh197 billion in 2023. Furthermore, industrial exports experienced a substantial rise from Dh117 billion to Dh187 billion during the same period. These developments have also led to the creation of 16,000 job opportunities for Emiratis, showcasing the sector's role in employment generation.

The FNC underscored the importance of collaboration with relevant entities to advance the UAE's prowess in knowledge and advanced technology. It was determined that the council's recommendations would undergo further review by the Financial, Economic, and Industrial Affairs Committee. Following this review, the recommendations will be resubmitted for approval and subsequently forwarded to the government for consideration.

This initiative reflects the UAE's commitment to fostering an environment that supports industrial innovation and sustainability. By creating a regulatory framework that encourages growth in the green economy and industrial activities, the UAE is positioning itself as a leader in sustainable industrial development. The enhancements to the legislative and regulatory infrastructure are anticipated to catalyze further advancements in the sector, contributing to the nation's economic resilience and sustainability.