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Tuesday, February 27, 2024

MoIAT signs MOU with EDCC to boost local defense companies and exports


The Ministry of Industry and Advanced Technology (MoIAT) has signed a Memorandum of Understanding (MoU) with the Emirates Defense Companies Council (EDCC) to support the local defense industry and boost exports.

MoIAT Undersecretary Omar Al Suwaidi signed the Memorandum of Understanding with EDCC Chairman Mona Al Jaber. The signing ceremony took place during the International Defense Exhibition (Idex 2023) and was attended by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Major General Assistant to the Ministry of Defense for Support and Defense Industry Dr. Mubarak Saeed Ghafan Al Jabri, Deputy Minister and Vice-Chairman of the Idex and Navdex Committee, and Tareq Abdulraheem Al Hosani, Secretary-General of the Tawazun Committee.

The MoU aims to empower and improve the performance of small and medium enterprises (SMEs) in the defense sector through a package of incentives and enablers that support and promote growth.

contract of purchase

It will also help SMEs secure procurement contracts from major defense companies. Additionally, it will offer flexible financing solutions through the UAE Development Bank and encourage businesses to participate in the Industrial Technology Transformation Index (ITTI).

The MoU will incentivize and empower investors by providing long-term lease contracts and a business incubator, while taking advantage of the competition. It aims to develop the UAE’s defense industry and boost exports under the Make it in the Emirates initiative.

Al Suwaidi said, “The MoU is in line with the objectives of the National Industrial and Advanced Technology Strategy (Action 300 Billion) to attract industrial investment, strengthen partnerships and collaboration with public and private sector entities as well as SMEs by providing incentives and facilitation measures. It In the UAE initiative.

global destination

“As part of its strategic objectives, MoIAT focuses on supporting the development of national industries and enhancing their competitiveness, while stimulating innovation and promoting the adoption of advanced technologies across industries. It also positions the UAE as a global destination to pioneer the industries of the future. We are keen to Integrate and collaborate with all relevant entities in the UAE to support them in leveraging the strengths and enablers provided by MoIAT and its strategic partners.”

Mona Al Jaber said: “The collaboration with MOIAT is a significant boost to EDCC’s efforts to assist UAE defense companies in building their operations and capabilities according to global best practices, and to promote the development of UAE industry in global forums.”

“We strive to ensure that all our future plans and strategies are in line with the objectives of the National Industrial Strategy and the ‘Made in UAE’ campaign launched by MOIAT. This will help the development of the industry in general and the defense industry in particular, reflecting the UAE as an advanced industry image of the destination globally,” she added.

financing solutions

Under the MOU, the parties will work with partners to provide financing solutions for defense projects and factories, helping to create an environment conducive to business growth.

Incentives offered by the MOU include bespoke facilities, long-term leases, free lease periods, a supportive incubator, and smaller units available for tenant occupancy. These incentives support stakeholders in achieving their goals, promote the adoption of cutting-edge technologies, and support local manufacturing of competitive, high-quality products. — trade arab news agency


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