ADDED identifies 725 activities eligible for full ownership

Abu Dhabi’s “Basic Industrial Project” has become a success in its first year with the introduction new 22 industrials licences, ADDED said on Monday as it identified 725 industrial activities that are available for 100 per cent foreign ownership,

The Basic Industrial Project, launched by the Abu Dhabi Department of Economic Development (ADDED) and Industrial Development Bureau (IDB), issued those new licences covering the medical, food and electrical sectors with a total investment of Dh286.4 million.

Mohamed Ali Al Shorafa, chairman of ADDED, said that the basic industries project contributes to the self-sufficiency of the industrial commodities across Abu Dhabi, and promotes the local industrial investment in key sectors including medical, food and electrical industries.

Al Shorafa said the IDB seeks to add 50 new local industrial facilities over the next three years to contribute to achieving self-sufficiency in many targeted industrial fields including medical, food and electrical industries.

He said ADDED has identified 725 industrial activities that are available for 100 per cent foreign ownership, which in turn contributes to attracting further foreign direct investments in the industrial fields targeted by the project.

Al Shorafa praised the level of partnership and collaboration between the department and its strategic partners in enhancing the basic industries self-sufficiency system. “These partnerships contribute to attracting new investments and promoting the existing basic industries within the emirate’s local economy ecosystem through focusing on basic industries and empowering and promoting their competitiveness, in addition to realising self-sufficiency in food, medicine, energy and vital industries.”

He said the manufacturing industries in Abu Dhabi have spurred the growth rate to 4.8 per cent and raised the share of the non-oil GDP by 13 per cent at the end of 2020 as per the Statistics Centre-Abu Dhabi.

He said ADDED has launched the industrial commodities self-sufficiency plan in Abu Dhabi early last year. It also has identified the list of investment activities for the targeted sectors by adding 29 new activities in partnership with the Abu Dhabi Investment Office, to develop a plan to attract additional foreign investments to the emirate.

According to a recent report, the local share of the industrial commodities in the fields of medical, food, and electrical industries will be raised to over 25 per cent. The list of investment fields identified within the basic industries project included food industries that cover 17 fields, eight new industries, plus the development of nine existing industries. “While medical industries cover 23 fields, including new 14 industries, plus the development of nine existing ones, electrical industries cover 12 fields, among which seven are new industries and five are the development of existing ones.”

The IDB’s report said seven licences specialised in food industries field were issued with a total investment of Dh9.8 million, in addition to six licences specialised in medical industries with a total investment of Dh261.8 million.

According to the IDB report, nine industrial licences were issued in the electrical industries sector with a total investment of Dh14.8 million.

— issacjohn@khaleejtimes.com