Call for Innovative Companies to Participate in the Dubai Economic Development Program
Sheikh Rashid Bin Ahmed Al Maktoum, a member of Dubai’s ruling family, announced that he would offer cooperation opportunities for companies in Central and South Eastern Europe to participate in the national development program called ‘Operation 300 billion’.
In March 2021, the UAE launched its 10-year comprehensive strategy to make industry the engine of a sustainable national economy. With this strategy, the Emirates plan to position itself as a global industrial hub by 2031 and to reach 300 billion dirhams (81.7 billion USD) of the gross national product from the current 133 billion dirhams (36.2 billion USD).
The SOG Law Firm Will Screen Companies in Country and Region
As the owner of RAM Investment Ltd. – DXB Holding, Sheikh Rashid Bin Ahmed Al Maktoum hired an international legal consortium of three leading law firms to screen and advise potential companies. That activity will be performed in Serbia and the region by the SOG Law Firm, which in recent years has worked on the most important investment projects in the Balkans, led by the founder Milan Samardžić. Among other things, SOG advised Etihad Airways on a strategic partnership with the Government of Serbia worth 200 million dollars and acquiring a 49% stake in the national airline (Air Serbia).
In addition to SOG, two Hungarian law firms are part of the consortium. The law office of Dr. Boros Árpád András, which specializes in the energy, financial, and investment sectors of the Central and Eastern Europe region – leads the Consortium, and CERHA HEMPEL, whose executive partner is Dr. Polauf Tamás – known for its consulting solutions and decades of experience in international commercial transactions and corporate matters.
Which Companies Can Apply?
The newly established consortium will analyze the applications of innovative companies, primarily in industrial development, IT, transport, pharmaceutical and healthcare industries, which have the power to contribute to a modern, energy-efficient, and sustainable economy in the Emirate of Dubai.
The UAE’s ‘Operation 300 Billion’ industrial strategy is open to various sectors. The focus is on information technology, artificial intelligence, and scientific and high-tech sector projects that include biotechnology, microbiology, renewable energy sources, meteorology, and water management. In addition, the strategy provides cooperation with companies from the petrochemical, metallurgical, and space industries. Then the rubber and plastic industries, machinery and equipment, electronic devices, pharmacy, and medical technology.
For companies from the ex Yugoslavia region, the program offers exceptional business opportunities to benefit directly from the UAE’s industrial and technological expansion. Technology sector is experiencing significant growth and is one of the most promising. Our market is finally gaining attention on a regional and global scale and will potentially become dominant. Currently, Serbia is already a regional hub in innovation, especially regarding projects based on artificial intelligence. All these factors have contributed to the fact that the UAE has invited innovative companies from the domestic area.
One of the examples of companies that have already managed to join the project from Dubai strategically is the leading artificial intelligence ecosystem/studio – Studio Merantix AG. The venture involves conceptualizing AI City, a unique zone in Dubai that will implement pioneering artificial intelligence solutions. This project will become a global AI hub driven by a smart city infrastructure that connects research institutions and talents with leading domestic and international startups, corporations, and investors. It will house innovation labs, research institutes, and related companies – all together demonstrating the positive impact of artificial intelligence. Another company included in the work at the beginning of the year is the Hungarian Genevation Aircraft Kft. This innovative company has started a unique project in the field of drone development.
Participation in the UAE industrial strategy ‘Operation 300 billion’ not only provides companies with the opportunity to realize potential earnings and further establish themselves in the provision of services, but they can directly participate in a leading, innovative project that intends to push the boundaries of technology on a global scale.
Companies interested in applying for the Dubai economic development program can inquire to office@sog.rs.