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The UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a preliminary agreement with the Abu Dhabi Investment Office (Adio) to strengthen incentives for companies in the UAE’s industry and advanced technology sector.
MoIAT said in a statement on Monday that the agreement 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” .
It 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’ campaign,” said MoIAT Deputy Minister Omar Al Suwaidi.
The UAE launched its “300 Billion Action” industrial strategy last year, positioning it as a global industrial hub by 2031. The 10-year comprehensive roadmap focuses on increasing the industrial sector’s contribution to the country’s GDP from AED133 billion (US$36.21 billion) in 2021 to AED300 billion in 2031.
UAE’s National Domestic Value Scheme Recently expanded to include domestic companies in Ras Al Khaimah and Fujairah.
The ICV scheme is part of the UAE 50-nation project launched last September and aims to boost domestic industry growth by reallocating half of government procurement and tender contract spending to the national economy by 2031.
Last year, it injected more than Dh41.4 billion into the national economy.
“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,” said Abdulla AlShamsi, Acting Director General of Adio.
“Our joint efforts with MoIAT will provide strong support for advanced technology companies to help them achieve the next phase of their growth in Abu Dhabi.”
The UAE economy expanded by 8.4% in the first quarter of this year, beating initial estimates, as higher oil prices and successful Covid-19 mitigation measures allowed it to post its fastest annual growth since 2011.
Gross domestic product growth in the first quarter – significantly higher than the pre-pandemic GDP level of 2.1% – was higher than the UAE Central Bank’s previous estimate of 8.2%. This is due to a strong rebound in the economy due to tourism, activity in the real estate sector and rising oil prices.
Updated: 10/31/2022 5:42pm
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