Dr. Sultan bin Ahmed Al Jaber has officially inaugurated the second edition of the Make it in the Emirates Forum, which is being held under the theme of “Investment. Sustainability. Growth”…reports Asian Lite News
More than 30 innovative industrial projects worth more than Dh6 billion are to be launched by the UAE, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology announced yesterday.
The 30 projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE, Dr Al Jaber said.
Al Jaber officially inaugurated the second edition of the Make it in the Emirates Forum, which is being held under the theme of “Investment. Sustainability. Growth”.
Make it in the Emirates is a one-of-its-kind forum, organised by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC, a trusted and responsible provider of low-carbon energy. The forum takes place from 31st May to 1st June.
The Make it in the Emirates Forum convenes local and international industrial companies, government entities, financial institutions, and investors.
During his address, Dr. Al Jaber announced an additional Dh10 billion of offtake agreements in the UAE’s industrial sector, building on the previous forum’s Dh110 billion worth of procurement opportunities, taking the total value of products targeted for localisation to Dh120 billion.
“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest Dh110 billion over the next decade to purchase 300 products from local manufacturers,” Dr. Al Jaber said.
“I am pleased to share with you that in the first year alone, 28 percent of these offtake agreements have been implemented, representing a total value of Dh31 billion.”
ADNOC will also allocate over Dh20 billion for the purchase of structures and metal products from national companies, the forum heard. It was also announced that MoIAT will adopt a new standard within the National In-Country Value Programme called Green ICV, to encourage sustainability practices and motivate companies to reduce emissions.
Dr. Al Jaber noted that during the forum, competitive financing solutions will be announced for the industrial sector, including Dh5 billion from First Abu Dhabi Bank and Dh1 billion from Mashreq Bank.
He also announced the provision of 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Programme that has been supported by Nafis and the Ministry of Human Resources & Emiratisation.
UAE industry booming
Dr. Al Jaber said, “In pursuit of our leadership’s goals, the Ministry of Industry and Advanced Technology introduced the National Strategy for Industry and Advanced Technology, which has several key objectives.”
“These include: supporting our national development by capitalising on the UAE’s competitive advantages and introducing attractive incentives that attract investments; promoting local products; accelerating the expansion of the industrial sector; driving innovation and sustainable technological transformations; and increasing the industrial sector’s contribution to national GDP to more than Dh300 billion by 2031.”
He noted the milestones already achieved by Operation 300 billion. Under the strategy, the value of the UAE’s industrial exports reached Dh175 billion in 2022, compared to Dh117 billion in 2020, representing 49 percent growth. The industrial sector’s contribution to GDP increased from Dh132 billion in 2020 to Dh182 billion in 2022, representing 38 percent growth.
In collaboration with the Emirates Development Bank, the ministry offered financing solutions worth Dh3 billion to support and enable the Make it in the Emirates initiative. The ministry also launched the Technological Transformation Programme to accelerate the adoption of Fourth Industrial Revolution technologies and contribute to lower emission goals.
Dr. Al Jaber stressed the value of the opportunities offered by the forum, which lead to tangible, result-driven outcomes. He noted the example of the Integrated Industrial Partnership for Sustainable Economic Development launched between the UAE, Egypt, Jordan and Bahrain. Recently, agreements have been announced for 9 comprehensive industrial projects under the partnership, attracting investments exceeding US$2 billion.
He also noted the success of MoIAT’s National In-Country Value Programme, which redirected Dh53 billion into the national economy in 2022, 25 percent more than the previous year, anticipating more entities to join the programme, which will further enhance growth opportunities for local manufacturers.
Empowering industrial sector
Dr. Al Jaber said, “Through issuing Federal Decree-Law No. 25 of 2022 to enhance the UAE’s industrial competitiveness and investment attractiveness, the ministry has streamlined processes, including lowering fees and developing programmes that support and enable innovation, entrepreneurship, and SMEs.”
“It has also facilitated access for our manufacturers to export markets representing more than 2.5 billion consumers, as part of a collaboration with our partners in the Ministry of Economy, Ministry of Finance, and various economic departments.
Made in the Emirates
Dr. Al Jaber also announced the launch of the Made in the Emirates brand, a national emblem that brings numerous advantages and opportunities to the companies that earn it. “This brand will be promoted as a symbol of the quality of Emirati products, and their adherence to the highest international standards,” he said.
He added, “I invite all attendees and participants to explore through this forum the incentives and enablers provided by various economic development departments, industrial and special zones, financing institutions, and national companies.”
