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UAE: 30 projects worth Dh6 billion announced at Make it in the Emirates Forum
Leading national firms announcing their intention to invest Dh110 billion over next 10 years to purchase 300 products from local manufacturers
More than 30 innovative industrial projects worth over Dh6 billion, additional Dh10 billion in offtake agreements, 5,000 jobs for citizens, a green in-country value programme, initiatives to raise exports and bolster economic growth were among the several major announcements at the Make it in the Emirates Forum in Abu Dhabi.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, in his address noted that the inaugural edition of the forum accomplished several achievements, including leading national companies announcing their intention to invest Dh110 billion over the next 10 years to purchase 300 products from local manufacturers.
“In the first year alone, 28 per cent of these offtake agreements have been implemented, representing a total value of Dh31 billion. This is an outstanding achievement,” he revealed during the opening day of the forum’s second edition.
“This forum is supporting the growth of the industrial sector through various projects and initiatives,” he told a packed Abu Dhabi Energy Centre, with attendance from top ministers, decision makers, companies, financial institutions, and investors.
Later, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, visited the forum and met exhibitors. The forum is organised by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development and ADNOC.
The series of significant announcements made during this edition of the forum are:
* Increasing the value of purchase agreements for local manufacturers and industrial investments by more than Dh10 billion, taking the total value of products targeted for localisation to Dh120 billion.
* Announcing more than 30 innovative industrial projects worth more than Dh6 billion. These projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE.
* Allocating more than Dh20 billion via ADNOC for the purchase of structures and metal products exclusively from national factories. This will provide more opportunities to manufacture products such as cables and pipes.
* Adopting a new standard within the national in-country value programme called Green ICV to encourage sustainability practices and motivate companies to reduce emissions.
* Allocating competitive financing solutions to the industrial sector worth Dh5 billion from First Abu Dhabi Bank, and Dh1 billion from Mashreq Bank.
* And aiming to provide 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Programme, with the support of Nafis and the Ministry of Human Resources and Emiratisation.
Operation 300 billion
Al Jaber pointed out that implementation of ‘Operation 300 billion’ strategy has resulted in raising industry’s contribution to national GDP from Dh132 billion in 2020 to Dh182 billion in 2022, reflecting 38 per cent growth.
It was in 2021 that the Ministry of Industry and Advanced Technology launched Operation 300 billion – the national strategy for industry and advanced technology.
“Through implementing this strategy, MoIAT has already achieved some remarkable milestones.”
Among other highlights, he said, the national strategy has increased the value of the UAE’s industrial exports to Dh175 billion – a 49 per cent increase on 2020; offered financing solutions worth Dh3 billion to support and enable the Make it in the Emirates initiative as part of a collaboration with the Emirates Development Bank; launched the Technological Transformation Programme to accelerate the adoption of Fourth Industrial Revolution technologies and contribute to decarbonisation; expanded the National In-Country Value Programme to a federal level to leverage local purchasing power. The programme redirected Dh53 billion into the national economy in 2022, 25 per cent more than the previous year. Also, the Integrated Industrial Partnership for Sustainable Economic Development was launched with the participation of the UAE, Egypt, Jordan and Bahrain.
“Recently, agreements were announced for nine different industrial projects, attracting investments exceeding $2 billion.”
Made in Emirates
Al Jaber launched 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.”
The COP28 President-Designate said there were 183 days left for the much-anticipated climate summit, which will focus on inclusion, joining forces, and forging partnerships rather than driving division.
“With the guidance of the UAE’s leadership, we will host COP28 with a great sense of responsibility and full appreciation of its gravity. During the climate conference, we will work to achieve transformational progress in climate action, focusing on finding practical and realistic solutions to mitigate the impacts of climate change, especially in the Global South.”
Al Jaber said that there was a need to enhance the work of international financial institutions, pledge financial commitments, and focus efforts on “curbing emissions, not progress”.
“Given that industry is responsible for around 20 per cent of global carbon emissions – according to the World Economic Forum's report – the sector has a crucial role in emission reduction. Hence, it is our sector's paramount responsibility to demonstrate the feasibility of working concurrently towards two objectives: reducing emissions and achieving sustainable growth,” he said and invited delegates and decision makers to explore partnership and investment opportunities.
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