Its global value is estimated at 3.67 trillion dirhams

Dubai's economy has consolidated its focus on the circular economy in preparation for the next "50" years

Sami Al Qamzi: “(Covid-19) has become an opportunity for Dubai to learn from adversity and turn it into opportunities.”

Participants in the workshops pointed out the advantages of Dubai in attracting foreign investment, technologies and talent, to test and develop innovations in the circular economy, and thus build emerging sectors, and from a purely consumer point of view, the city will provide new incentives to change the behavior and ways of thinking people to practice the circular economy from their homes, work and entertainment places .

The emirate of Dubai is already well positioned to integrate secondary materials, obtained from recycling, especially aluminum, packaging and construction, into production and assembly cycles. Moreover, the city has high potential to adopt advanced technologies to drive resource management and innovation in reducing waste.

Dubai Economy stated that it is continuing its efforts to strengthen its comprehensive initiative, launched earlier this year, to bring together key economic sectors and stakeholders in a comprehensive journey towards transforming Dubai into a circular economy, in line with the vision of the wise leadership and the strategic plans revealed by the government.

And she confirmed in a statement yesterday that this step has gained new momentum with the adoption of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, finally, the Council’s agenda for 2021, of which the creation of a digital and circular economy is one of its main goals .

'Agenda 2021'

The Agenda 2021 of the Executive Council of the Emirate of Dubai aims to promote excellence in all sectors, and to provide innovative initiatives to enhance government services and increase the competitiveness of Dubai. The circular economy plan for Dubai’s economy not only seeks to contribute to the agenda, but also aims to enhance Dubai’s drive towards progress and prosperity. Sustainable over the next 50 years, in line with the vision of wise leadership.

The Director General of Dubai Economy, Sami Al Qamzi, said: “The (Covid-19) pandemic, like other past crises, has become an opportunity for Dubai to learn from adversity and turn it into opportunities. The wisdom of the current assets and resources, and Dubai Economy is pleased to be at the forefront of the circular economy campaign to improve resources and reduce waste, in line with our focus on sustainable economic development in the emirate, and we are now moving to the next level, through sharing and exchanging ideas with the main sectors, in order to build On the current opportunities to accelerate the transition towards a circular economy ».

Traditional economy

In contrast to the traditional economy, the circular economy focuses on improving resource efficiency, minimizing or eliminating waste to the maximum extent, by relying on reuse, sharing, repair, regeneration, re-manufacturing and recycling.

The global market potential for the circular economy exceeds about a trillion dollars (3.67 trillion dirhams).

Dubai is considered among the best to be an ideal circular economy, given its increasing reliance on advanced technologies in resource management.

As a first step, Dubai Economy launched a series of workshops in 2019 on the circular economic transformation and the challenges and opportunities associated with it. The workshops were organized within the framework of the "Future Economy Laboratory", which was launched by the Dubai Economy to encourage partnerships between the public and private sectors and academia, in anticipation Challenges resulting from global trends and changes, and suggesting appropriate solutions.

The introductory workshop brought together around 50 key stakeholders, including sustainability enthusiasts, regulators, foundations and startups, and NGOs, to propose solutions that would accelerate transformation, particularly across six main dimensions: market readiness, innovation, finance and capital. , Skill development, organizational readiness, and adaptive behavior.

With the global outbreak of the "Covid-19" pandemic, which emphasizes the importance of food security and local manufacturing, Dubai Economy has brought the real estate, food and agribusiness sectors, in addition to the manufacturing sectors, into the center of the workshop series, and the workshops also witnessed a discussion of the issue and the impact of the circular economy. A series of workshops, the Executive Director of the Institutional Strategic Affairs Sector in the Dubai Economic Department, Muhammad Sha`il Al Saadi, stressed the importance of translating the vision and strategic plans of the UAE, including the UAE Vision 2021, Abu Dhabi Economic Vision 2030, Dubai Industrial Strategy 2030, and the Future Foresight Program, into opportunities For innovations in resource optimization and energy consumption.

Al Saadi added: “We are pleased that these workshops generated a high level of participation and interaction from the community of stakeholders in the circular economy, and energy and intellectual production were very high. Dubai has a great opportunity to invest and benefit from all the efforts of stakeholders to implement initiatives that will push us to the next level of growth. Economic model based on the circular economy ».

Manufacturing sector

The first workshop witnessed a focus on the manufacturing sector, highlighting the localization of global supply chains and attracting investments, especially in sustainable manufacturing, as well as focusing on placing Dubai as a center for an innovation-based industry in the circular economy and halal products.

The second workshop assessed global and local trends in the real estate and construction sector, and discussed the advantages that Dubai enjoys on its way to developing into a modern and sustainable city, in light of the long-term changes brought about by urbanization and industrialization, as well as the opportunities for the circular economy in relation to the future design of buildings. , Improving resource and waste management, and designing and engineering environmentally friendly real estate.

Within the third workshop, disruptive technologies and innovations in food production, processing and consumption to achieve sustainable food security were highlighted, especially against the backdrop of growing concerns about the impact of food production that exceeds the demand for climate change and rapid urbanization.

Attracting foreign investment

Participants in the workshops pointed out the advantages of Dubai in attracting foreign investment, technologies and talent, to test and develop innovations in the circular economy, and thus build emerging sectors, and from a purely consumer point of view, the city will provide new incentives to change the behavior and ways of thinking people to practice the circular economy from their homes, work and entertainment places .

The emirate of Dubai is already well positioned to integrate secondary materials, obtained from recycling, especially aluminum, packaging and construction, into production and assembly cycles. Moreover, the city has high potential to adopt advanced technologies to drive resource management and innovation in reducing waste.

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