UAE: SME Incentive Program, Smart Manufacturing Competence Center launched – News

Abu Dhabi is investing AED10 billion in these projects to more than double the size of its manufacturing sector to AED172 billion

The region’s first Smart Manufacturing Competence Center (SMCC) and incentive program for small and medium enterprises (SMEs) was launched during the Make it in the Emirates Forum in Abu Dhabi.

The Abu Dhabi Department of Economic Development (ADDED) has issued an announcement aimed at facilitating the transition to smart manufacturing and Industry 4.0. These initiatives are part of the 34 initiatives developed by the ADDED Industrial Development Board (IDB) to achieve the goals of Abu Dhabi’s Industrial Strategy.

The Smart Hub will be a catalyst for an innovative and sustainable ecosystem for local and global industry stakeholders. Expected to begin operations in the first quarter of 2024, it will serve as a one-stop shop focused on Industry 4.0 technologies to help manufacturers on their digital journey. At the same time, the Smart Initiative seeks to convert 30 percent of existing industrial SMEs to an Industry 4.0 approach within five years. The initiative is backed by an AED500 million fund to drive productivity, technology adoption and enhance Abu Dhabi’s global competitiveness. It will be implemented in partnership with the Khalifa Enterprise Development Fund. It will successfully implement the six transformation programs of the Abu Dhabi Industrial Strategy: Industry 4.0, Circular Economy, Talent Development, Ecosystem Support, Local Supply Chain and Value Chain Development.

Abu Dhabi is investing AED10 billion in these projects to more than double the size of its manufacturing sector to AED172 billion, create 13,600 skilled jobs, and bring the emirate’s non-oil industries into full swing by 2031. Exports increased to AED 178.8 billion.

“The launch of these two new initiatives is a valuable addition to our efforts to drive the next phase of our diversification strategy, as we believe supporting the transition to Industry 4.0 will positively foster innovation, foster growth in knowledge-based industries, and increase non-oil GDP, said Ahmed Jasim Al Zaabi, Chairman of ADDED.

Al Zaabi emphasized that the launch of the Smart Plan, which includes the AED500 million fund, reflects ADDED’s efforts to provide financial support and create a favorable investment environment for SME manufacturers to transition to Industry 4.0 applications.

“This will ultimately increase the competitiveness of the industrial sector, support the attraction of foreign and domestic direct investment, and strengthen Abu Dhabi’s position as a leading industrial power. We remain committed to empowering entrepreneurs and investors from Abu Dhabi that is strong, resilient and benefit from the wealth of opportunities offered by a business-friendly ecosystem, enhancing our efforts to achieve comprehensive socio-economic development that puts human development, innovation and sustainability at the forefront of its priorities.”