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Abu Dhabi, UAE: The Ministry of Industry and Advanced Technology (MoIAT) today signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) to strengthen the sector of incentives and support for industrial and advanced technology companies in the UAE. The memorandum of understanding signed during the Abu Dhabi International Petroleum Exhibition (ADIPEC 2022) builds on MoIAT’s strategic role in driving the country’s industrial growth and promoting the diversification of the country’s economy.
The signing ceremony was attended by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and His Excellency Sarah bint Youssef Al Amiri, Minister of State for Public Education and Advanced Technology. The MoU was signed by His Excellency Omar Suwaina Al Suwaidi, Deputy Minister of Industry and Advanced Technology, and the engineer. Abdulla Abdul Aziz AlShamsi, Acting Director General of Abu Dhabi Investment Office, in front of several officials and stakeholders.
The MoU aims to identify investment opportunities in industry and advanced technologies and exchange industrial data, in addition to providing qualitative incentives that contribute to Abu Dhabi’s status as a regional and global industrial investment destination.
global industrial hub
His Excellency Al Suwaidi said: “The MoU with Abu Dhabi Investment Office will undoubtedly have a positive impact on our industrial sector and our ability to provide the necessary capabilities for future industries. The MoU will also enhance our ability to attract local and foreign investment, And create a business environment that supports investors and entrepreneurs, in line with the Make it in the Emirates movement.”
“The MoU is in line with the plans and initiatives of the Ministry of Industry and Advanced Technology and supports its goals of increasing the contribution of the industrial sector to GDP and supporting economic diversification.”
His Excellency added: “Through this MoU, we will work with our partners in the Abu Dhabi Investment Office to support investors and emerging small and medium industrial companies and provide incentives and competitive industrial enablers, to help drive the transformation of our industry.”
His Excellency concluded: “The Ministry will work closely with the Abu Dhabi Investment Office to promote the development of the industrial sector and enhance the competitiveness of Abu Dhabi and all companies operating in the UAE, in line with the National Industrial Strategy ‘Action 300 Billion’. The strategy is aimed at developing the UAE’s industrial sector, increasing its domestic value-added, and increasing its contribution to the country’s sustainable economic development.”
Qualitative opportunity
Britain. Al Shamsi said: “The industrial sector is playing an increasingly important role in contributing to the UAE’s diversification strategy as it continues to offer exciting investment opportunities for corporate engagement. As the Abu Dhabi Investment Office, this collaboration Will enrich Abu Dhabi’s innovation ecosystem and MoIAT will work together to advance new ideas and solutions in the industrial sector. Our joint efforts with MoIAT will provide strong support for advanced technology companies to help them realize their future in Abu Dhabi stage of development.”
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About the Ministry of Industry and Advanced Technology
The UAE Ministry of Industry and Advanced Technology (MoIAT) was established in July 2020 with a mandate to strengthen the UAE’s industrial sector, particularly by accelerating the adoption of advanced technologies and Fourth Industrial Revolution (4IR) solutions across the value chain.
MoIAT has three overarching goals: strengthening the UAE’s industrial base, securing national value and enhancing the competitiveness of local industries. By enhancing the contribution of advanced technologies, the ministry will support the country’s sustainable economic growth and ensure the contribution of the industrial sector to GDP.
The ministry will draft policies, laws and plans to create a world-class industrial development framework for the country, which will help attract foreign direct investment, promote domestic value creation, support national entrepreneurship, drive job creation and facilitate the development of “manufacturing” Products exported in the UAE.
From encouraging the establishment of industrial parks to enhancing local advanced technological capabilities, the ministry will accelerate industrial development to drive economic growth, diversification, preservation of value and national self-reliance.
For more information, please contact the MoIAT team: Media@moiat.gov.ae
About Abu Dhabi Investment Office
The Abu Dhabi Investment Office (ADIO) is the government entity responsible for attracting and promoting investment in the Emirate of Abu Dhabi.
ADIO provides growth opportunities for innovation investors and businesses of all sizes by facilitating connections between Abu Dhabi’s innovation ecosystem and fostering collaboration between the public and private sectors.
With a comprehensive range of customized services, incentives and partner programs, ADIO helps businesses achieve long-term, sustainable success in their markets and across the region.
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