Experts call for granting more incentives and facilities to “industries of the future”

Economists called for granting more incentives and facilities to local and international companies that invest in sectors of the future, especially industries that rely on advanced technology and artificial intelligence, pointing out that at the forefront of these incentives: priority in government tenders, granting tax exemptions and salary incentives, and reducing the cost of… Recruiting skilled workers, opening the way for those wishing to purchase industrial lands, and leasing them with attractive facilities.

They explained to “Emirates Today” that the UAE government aims for the country to be an important center for technology and industry, and also places great emphasis on supporting industries that contribute to diversifying the economy, providing job opportunities, and achieving sustainability, especially industries that focus on technology and innovation.

They stressed that these proposed incentives, and the logistical and material support they include, support companies in the short term, and also bring modern technology that will benefit generations of citizens and residents in the medium and long term, noting that many industries in the Emirates need more incentives, such as aid. Government and tax exemptions.

Local companies

In detail, the economist, Dr. Ali Al-Amiri, called for granting more incentives to local companies that invest in sectors of the future, especially industries that depend on advanced technology, food security, renewable energy and cars.

He added that among these incentives and facilities is granting priority in government tenders, even if it is 10% higher than competitors’ prices, noting that many industries in the Emirates are considered worthy of incentives, such as government aid and tax exemptions.

Al-Amiri explained, “The UAE government focuses greatly on supporting industries that contribute to diversifying the economy, providing job opportunities, and achieving sustainability, especially industries that focus on technology and innovation, switching to renewable energy, and supporting food security. The government also seeks to make the UAE an important center.” For technology and industry in the region and the world in sectors such as the automobile industry.”

He noted that “the UAE offers advanced and modern infrastructure, and factories, equipment, skills, and logistical services are available, in addition to companies and institutions that have global experience in many of these industries, such as the automobile industry, logistical systems, and design,” stressing that there are great opportunities for re-export to global markets. Especially since the UAE is an important center for global trade.

Al Ameri stressed that “the UAE is qualified to be a center for investment in many advanced industries based on advanced technology, supported by the development of infrastructure and the availability of large global demand,” noting that “some of these industries, such as the luxury car industry for example, face fierce competition in Global markets, and the cost of manufacturing in this sector is high, and requires large investments to cover the cost, which requires successful strategies and well-thought-out plans to overcome these challenges and achieve success and thus profitability.”

He pointed out that there are free zones in the Emirates that provide incentives and facilities to investors in various sectors. These zones also provide tax exemptions and facilities in import and export procedures. The government also provides grants and loans for some technological projects to encourage investment in these sectors. The government also focuses on promoting… To invest in various sectors, and participate in international conferences and exhibitions.

For his part, the economic expert, Ali Al-Hamoudi, called for giving more incentives to companies that invest in sectors of the future, such as renting land for free, granting tax exemptions, and giving additional incentives in salaries, like many countries, noting that “there is fierce competition between Europe and Europe.” China and the United States, for example, to attract investments in advanced industries and attract skilled workers to work in these factories.

Al-Hamoudi explained, “These incentives are mainly required in modern technological industries that rely on artificial intelligence, industries in the field of space, and the sectors of robotics and electronic chips, which are considered the (oil of the future) and semiconductors, especially as they play a major role in developing various sectors, such as health, aviation, cars, and energy.” And others.

He noted that “these incentives, and the logistical and material support they include, benefit companies in the short term, but they bring modern technology that will remain and benefit generations of citizens and residents in the medium and long term,” stressing the importance of having partnerships to transfer and exchange technology with local companies, whether governmental. Or especially large ones, to encourage leading foreign companies in these industries to invest heavily in the country, as this has helped many economies to develop, such as the Chinese economy.

Al-Hamoudi called for changing the outlook on the workforce, especially since the major economies in Asia in particular were built on skilled labor and experienced and competent professionals who receive high salaries that allow them to live with a high standard of living.

In the same context, the economic expert, Reda Muslim, called for opening the way for companies wishing to purchase industrial lands to establish projects based on advanced technology, and reducing the rental prices of industrial lands, as well as reducing the cost of recruiting the skilled workers needed to work in these projects, pointing out that These steps aim to reduce the cost of production and investment in the country, which attracts more local and international companies to invest in these promising sectors.

Muslim stressed that “the UAE is qualified to establish the industries of the future, which are modern, non-traditional industries that depend on modern technology and are based on artificial intelligence and robotics, and projects that depend on skilled manpower, and are not labor intensive, especially in light of the advanced infrastructure and the presence of many regions.” “Freedom, strategic location, attractive legislative structure, and investment facilities.”

Muslim continued: “There is fierce competition in the world, especially from Asian countries and major economies, to attract such projects and provide them with all incentives to localize them,” stressing that these industries will increase during the coming period and will achieve a boom for the local and global economies.