Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, yesterday (31 May) inaugurated the second UAE Forum, which was themed ‘Investment’. sustainability. grow’.
The two-day Make it in the Emirates is a unique forum organized by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and Adnoc, a trusted and responsible provider of low carbon energy.
The Make it in the Emirates forum brings together local and international industrial companies, government entities, financial institutions and investors.
In a speech at one of the region’s most important industry events, Dr Al Jaber announced the signing of an additional AED10 billion (AED2. USD) offtake agreements, bringing the total value target to localize the number of products to AED 120 billion.
“One of the major achievements of last year’s forum was the announcement by several leading national companies of their intention to invest AED110 billion over the next ten years to purchase 300 products from local manufacturers,” said Dr Al Jaber.
“I am pleased to share that in the first year alone, 28% of these offtake agreements have been implemented, with a total value of AED 31 billion.”
He also announced more than 30 innovative industrial projects worth more than AED6 billion: “These projects include pioneering initiatives such as the establishment of the first hydrogen electrolysis plant in the UAE.”
The Forum was informed that Adnoc will also allocate more than AED20 billion to purchase structural and metal products from domestic companies. It was also announced that MoIAT will adopt a new standard called Green ICV in the National Domestic Value scheme to encourage sustainable practices and incentivize companies to reduce emissions.
He noted that during the forum, competitive financing solutions will be announced for the industrial sector, including AED5 billion from First Abu Dhabi Bank and AED1 billion from Mashreq Bank.
Dr. Al Jaber also announced the creation of 5,000 sustainable jobs for UAE nationals in industry through the Entrepreneurs Program supported by Nafis and the Ministry of Human Resources and Emiratisation.
The Make it in the Emirates forum, held ahead of COP28, focuses on sustainable industrial development, decarbonisation and increasing the contribution of the industrial sector to climate action.
Dr. Al Jaber said:[The UAE] COP28 will be hosted with a high sense of responsibility and a full understanding of its importance. During the Climate Conference, we will strive to make transformational progress on climate action, with a focus on finding practical solutions to mitigate the impacts of climate change, especially in the Global South. COP28 will focus on inclusion, joining forces and building partnerships rather than driving division. “
Noting that the industrial sector will play a key role in reducing emissions, as according to a report by the World Economic Forum, the industrial sector accounts for about 20% of global carbon emissions, Dr Al Jaber said: “The first responsibility of our sector is to demonstrate feasibility while working towards Achieve two goals: reduce emissions and achieve sustainable growth.”
“With this in mind, this year’s forum will revolve around enhancing sustainable practices and promoting the adoption of clean energy solutions in the industrial sector,” he added.
The Make it in the Emirates Forum also provides an important platform for businesses and governments to explore the UAE’s competitive advantages, such as incentives, enablers, financing and partnerships, contributing to the country’s transformation into a global industrial hub.
Dr. Al Jaber said: “In accordance with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Sheikh Mohammed bin Rashid Al Maktou, Vice President and Prime Minister of the UAE and Ruler of Dubai, The Ministry of Industry and Advanced Technology is committed to creating an integrated legislative and regulatory system to leverage the UAE’s competitive advantage, following His Highness’ instructions.
“The aim is to promote growth and sustainability in the industrial sector. We aim to be self-sufficient in manufacturing essential products and localize important industries, especially those related to food and medical safety.”
Dr. Al Jaber expressed his gratitude to His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister in the Presidency, for his invaluable support. He also thanked His Highness for his guidance in prioritizing strategies to boost the growth of the industrial sector, increase its contribution to GDP and promote economic diversification.
He underscored the strong commitment of the leadership to strengthen the strategic role of the industrial sector in sustainable development plans. He highlighted the significant efforts of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, who launched the Abu Dhabi Industries The strategy, which aims to double the size of the manufacturing sector, will bring the emirate’s revenue to AED172 billion by 2031.
UAE industry booming
Dr Al Jaber said: “In order to achieve our leadership’s goals, the Ministry of Industry and Advanced Technology has launched the National Industrial and Advanced Technology Strategy, which has several key objectives. These include: Attractive incentives to support our national development; Promote local products; Accelerate the expansion of the industrial sector; Drive innovation and sustainable technological transformation; Increase the contribution of the industrial sector to the country’s GDP to over AED 300 billion by 2031 .”
He pointed to the milestone of 300 billion actions already achieved. According to the strategy, the value of the UAE’s industrial exports will reach AED175 billion by 2022, compared to AED117 billion in 2020, an increase of 49%. The contribution of the industrial sector to GDP will increase from AED 132 billion in 2020 to AED 182 billion in 2022, a growth rate of 38%.
The Ministry, in partnership with the UAE Development Bank, provided financing solutions worth AED 3 billion to support and realize the Make it in the Emirates initiative. The ministry has also launched a Technology Transformation Program to accelerate the adoption of Fourth Industrial Revolution technologies and contribute to lowering emissions targets.
Your Excellency emphasized the value of the opportunities offered by the Forum, which lead to tangible, results-oriented outcomes. He mentioned the example of an integrated industrial partnership for sustainable economic development initiated between the UAE, Egypt, Jordan and Bahrain. Recently, the two parties announced the agreement on nine comprehensive industrial projects under the partnership, attracting investment of more than US$2 billion.
Your Excellency also pointed to the success of MoIAT’s National Domestic Value Programme, which reinvested AED53 billion into the national economy in 2022, a 25% increase from the previous year, with more entities expected to join the programme, which will further Increased growth opportunities for local manufacturers.
Empowering the Industrial Sector
Dr Al Jaber said: “By issuing Federal Decree No. 25 of 2022 to enhance the UAE’s industrial competitiveness and investment attractiveness, the Ministry has streamlined processes including reducing fees and developing programs to support and promote innovation, entrepreneurship and SMEs. It also facilitates our manufacturers’ access to export markets representing more than 2.5 billion consumers, as part of a partnership with the Ministry of Economy, Ministry of Finance and various economic sector partners.
“The Make it in the Emirates Forum, launched last year, has proven helpful in turning uncertainty caused by geopolitical tensions and economic, health and logistical challenges into opportunities for sustainable development. In addition, it has strengthened the Self-sufficient and local.”
Made in UAE
Dr Al Jaber also announced the launch of the Made in the Emirates brand, a national emblem that brings numerous advantages and opportunities to companies that acquire it.
“The brand will be promoted as a symbol of the quality of UAE products, and their adherence to the highest international standards,” he said.
He added: “I invite all attendees and participants to explore through this forum the incentives and enablers offered by various economic development sectors, industries and special zones, financial institutions and state-owned enterprises.” – trade arab news agency