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ABU DHABI, 9th May, 2023 (WAM) — The Ministry of Industry and Advanced Technology, MoIAT, has concluded its participation in the Annual Investment Meeting (AIM) 2023, to be held in Abu Dhabi from 8-10 May.
MoIAT’s participation in the world’s leading investment platform is in line with the national industrial and advanced technology strategy, and the 300 billion action aims to increase the contribution of the industrial sector to GDP. The strategy also aims to improve the UAE’s business environment to attract local and international investors into priority industries under the ‘Make it in the Emirates’ programme.
MoIAT used the event to highlight the UAE’s competitive advantages to international investors. The Ministry hosted a panel session titled “Made in the UAE: Emerging Opportunities and Industrial Growth”, showcasing the country’s value proposition as a solution to global challenges.
The panel session brought together key stakeholders from various sectors to discuss how the UAE can leverage its strengths to address challenges and position the country as a preferred investment destination. Discussions highlighted investment opportunities in key sectors and the impact of the UAE’s economic diversification strategy on local industry. These industries include hydrogen, medical technology, pharmaceuticals, space, chemicals, metals, food and beverage and advanced technology. Topics discussed at the conference included the UAE’s industrial value proposition, incentives and solutions available to regional and international businesses, the contribution of decarbonisation of the industrial sector towards zero emissions, the ‘Make in the UAE’ initiative, and 300 billion in action.
Panelists included His Excellency Osama Amir Fadhel, Assistant Undersecretary, Industrial Accelerators Division, Ministry of Industry and Advanced Technology, Engineer. Arafat Al Yafei, Executive Director, Industrial Development Authority; Ahmed Mohamed Al Naqbi, CEO, UAE Development Bank; Rami Jallad, CEO, RAKEZ; Ayman Ismail, Vice President, Strategy and Government Affairs, Schneider Electric.
invest in sustainable development
On the eve of the UAE Climate Technology Conference, H.E. Omar Al Suwaidi, Undersecretary of Industry and Advanced Technology, addressed AIM’s Investment Track, highlighting the need for more investment in areas such as renewable energy and climate technology.
“Technology development, industrial digitalization and net zero efforts in the UAE present tremendous investment opportunities, which we are delighted to share with you through the Make it in the Emirates campaign,” HE Al Suwaidi told investors.
“At the heart of these opportunities is a unique value proposition. It consists of free trade agreements, highly skilled workforce, strategic geographic location, world-class sustainable industrial infrastructure, etc., including various incentives and enablers. MoIAT is working with strategic partners Partnering to provide these incentives as part of our efforts to create a vibrant, diverse and welcoming environment for companies and individuals.”
To date, MoIAT has partnered with various local and international financial institutions to provide financial incentives. Emirates Development Bank and Etihad Credit Insurance jointly provide AED4.4 billion in financing solutions to empower industrial companies by 2022, with nearly AED700 million to help companies access advanced technological solutions .
His Excellency added: “Make it in Emirates continues to build momentum, attracting interest from around the world and boosting the national industry. The industrial sector contributes more than AED180 billion to GDP by 2022, with industrial exports reaching AED174 billion AED. To ensure sustainable development of the industrial sector, MoIAT is promoting various initiatives to support decarbonization, encourage the adoption of 4IR, promote green standards and reduce waste. This commitment supports the UAE’s 2050 Net Zero Efforts made by national industrial competitiveness.”
The second edition of the Make it in the Emirates Forum, taking place from 31 May to 1 June, aims to build on the success of the inaugural edition in 2022, which was attended by 1,800 stakeholders, including investors from around the world. The forum resulted in offtake agreements worth AED110 billion, with national companies committing to source more than 300 products from local suppliers to support their future growth plans.
Make it in the Emirates Forum 2023 will serve as a platform for promising technology-driven, sustainability-focused companies to pitch, learn and network at one of the largest and best-attended industrial investment events in the region .
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