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The UAE Ministry of Industry and Advanced Technology (MoIAT) has highlighted the need for more investment in areas such as renewable energy and climate technology.
“Technology development, industrial digitization and net zero efforts in the UAE present great investment opportunities, which we are delighted to share with you through the Make it in the Emirates campaign,” said Omar Al Suwaidi, Undersecretary for Industry & Advanced Technology, at Speech on the eve of the UAE Climate Technology Conference.
“At the heart of these opportunities is a unique value proposition. It includes free trade agreements, a highly skilled workforce, strategic locations, world class sustainable industrial infrastructure and more, including various incentives and enablers. MoIAT is working with strategic partners to deliver these incentives as part of our efforts to create a vibrant, diverse and welcoming environment for companies and individuals.”
financial incentives
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 AED 4.4 billion (US$ 1.2 billion) in financing solutions to empower industrial companies by 2022, with almost AED 700 million to help companies obtain Advanced technical solutions.
He added: “Made in the UAE continues to build momentum, attracting interest from around the world and boosting the national industry. By 2022, the industrial sector will contribute more than AED180 billion to GDP and industrial exports will reach AED174 billion MoIAT is promoting various initiatives to support decarbonization, encourage the adoption of 4IR, promote green standards and reduce waste in order to ensure the sustainable development of the industrial sector. This commitment supports the UAE’s 2050 Net Zero Competitive efforts.”
The second edition of the Make it in the Emirates Forum will take place from 31 May to 1 June and 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.
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.
competitive advantage
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 industries.
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.
team member
The panelists included Osama Amir Fadhel, Assistant Undersecretary, Industrial Accelerators Division, Ministry of Industry and Advanced Technology, Eng Arafat Al Yafei, Executive Director, Industrial Development Authority, Ahmed Mohamed Al Naqbi, CEO, UAE Development Bank, and Rami Jallad, CEO, RAKEZ, Ayman Ismail, Vice President of Strategy and Government Affairs at Schneider Electric.
The 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 . — trade arab news agency
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