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Abu Dhabi to host ‘Made in the UAE’ forum on June 21 and June 22, a UAE-promoted local industrial sector.
The event will provide an “important platform to showcase local investment opportunities in the industrial sector,” a key driver in the UAE’s economic diversification efforts, the Ministry of Industry and Advanced Technology said on Wednesday.
The event was hosted by the ministry in partnership with the Abu Dhabi Department of Economic Development (added) and was themed “Invest, Partner, Grow”.
More than 1,300 representatives from investment companies, financial institutions, state-owned enterprises and public sector entities will participate in the forum.
Large state-owned enterprises will provide “billion dirhams of investment opportunities in various sectors, including defence, petrochemicals, metals, electrical appliances and equipment, rubber and plastics, pharmaceuticals and medical supplies, among others,” the ministry said.
Government entities will also offer incentives such as access to substantial capital financing through flexible repayment terms, low interest rates and other financial solutions.
The Ministry of Commerce said the event will see the signing of several commercial agreements and industry partnerships.
The UAE seeks to expand the contribution of its non-oil sector and boost its local industrial sector.
business activities in UAE’s non-oil private sector economy Output and new orders rose to 55.6 in May from 54.6 in April, the highest reading of the year in May, as customer demand rose.
The latest figures mark one of the biggest improvements in the health of non-oil economies over the past three years.
Last year, the UAE launched Operation 300 billion strategy Increase the industry’s contribution to the country’s GDP from AED133 billion in 2021 to AED300 billion ($81.6 billion) by 2031.
As part of this strategy, it has also launched a “Made in the UAE” campaign to support local manufacturing.
The ministry is promoting the country’s industrial strategy and has also launched the National Domestic Value Programme, which in its first year directs more than AED41 billion to the national economy.
Next week’s “Make it in the Emirates” forum will focus on topics such as investment opportunities in the industrial sector, expected demand for products and services, and the future of industry.
Participating entities include Added, Adnoc, Mubadala Investment Company, Etisalat, ADQ, Aldar Group, Edge Group, Taqa, Emirates Steel, Etihad Rail, Emirates Global Aluminium, Etihad Airways, Masdar, Emirates Nuclear Energy Corporation, Tawazun Economic Council, Pure from Nationwide Sanitation Chambers everywhere.
Seven financial institutions including Emirates Development Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Etihad Credit Insurance, Abu Dhabi Development Fund, Abu Dhabi Islamic Bank and Standard Chartered Bank will also showcase their financial solutions Program.
More than 24 companies will also be participating in a booth where they will highlight investment opportunities for their businesses.
The UAE’s economy will grow at an annual rate of 5.4 percent this year, thanks to higher oil prices and the country’s success in containing the impact of the coronavirus pandemic, the UAE’s central bank said.
The economy will grow by 3.8% in 2021 and is expected to grow by 4.2% in 2023.
Updated: June 22, 2022 5:44 am
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