Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said the UAE is starting a series of initiatives, including setting up new industrial units to increase industrial exports and boost the sector’s contribution to the national economy.
Dr. Al Jaber said in his keynote speech that, with the initiatives launched last year, the UAE has managed to increase the contribution of the industrial sector to Dh182 billion, a 38 percent increase from Dh 132 billion in 2020,
Moreover, Dr. Jaber told delegates on Wednesday that, this year, UAE plans to “increase the value of our purchase agreements for local manufacturers and industrial investments by more than Dh10 billion, taking the total value of products targeted for localization to Dh120 billion.”
Besides, Dr. Jaber stated, “This is an outstanding achievement, and 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”.
He stated, “These projects include pioneering initiatives like setting up the first hydrogen electrolyte plant in the UAE.”
The strategy focuses on increasing production in 11 priority areas, supporting the growth of national industry, attracting foreign investment, modernizing legislation, and ensuring the availability of dedicated financing for industrial companies.
The Ministry Of Industry and Advanced Technology, created in 2020 to increase the competitiveness of the products made in the UAE, is leading Operation 300bn.
Dr. Al Jaber said that State energy company Adnoc is allocating more than Dh20 billion to purchase structures and metals products ” exclusively from national factories, an initiative that will offer more opportunities to manufacture products like pipes and cables.”
In 2022, the Ministry supported the development of 175 factories in a road map for their technological transformations, bringing the total number to 275.
Besides, it aims to unveil more than 1,000 technological projects by 2031, raising advanced technology exports by Dh 15 billion and increasing the GDP of advanced technology to Dh110 billion.
Dr. Al Jaber said, This year, First Abu Dhabi Bank, the most prominent leader in the UAE by assets, will allocate competitive financing solutions for industrial sector companies. Mashreq is also joining the financing initiative with a Dh 1 billion granting commitment to the industrial sector.
This financing is on top of the funding being provided by Emirates Development which completed financial deals last year with Dh3 billion to support and enable the Make it in the Emirates initiative.
He finally concluded that the Ministry also aims to offer ” 5000 sustainable job opportunities for UAE nationals in their industrial sector through the Industrial Programme,” with the support of Nafis and the Ministry of Human Resources and Emiratisation.”
