$6.26 billion increase for local production

The third edition of the Make it in the Emirates Forum and the accompanying exhibition began on Monday at the Abu Dhabi Energy Center.

Taking place on May 27-28, the exhibition brings together 44 of the most important industrial institutions presenting locally manufactured products, as well as innovations and solutions supporting the development of the industrial and technological sector.

In his opening speech, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized that since its establishment in 2020, the ministry has been working hard to strengthen the role of the industrial sector in sustainable economic development. The aim was to align efforts among stakeholders, provide key enablers, create a highly developed industrial system, establish strong regulatory and legislative capabilities, create an attractive investment environment and localize supply chains.

The ministry also worked to achieve self-sufficiency by meeting the country’s basic product needs, ensuring industrial continuity and flexibility, and creating positive, measurable economic and social impact.

Top announcements

Commenting on the announcements made at the Make it in the Emirates forum, Dr Al Jaber said: “More significant and high-quality investment opportunities, partnership and production agreements, as well as additional financing opportunities and solutions will be announced in this edition. One of the most important announcements is the additional collection of AED 23 billion ($6.26 billion), bringing the total to AED 143 billion for over 2,000 products, including AED 20 billion from ADNOC and AED 3 billion from PureHealth.”

“In addition, there will be investments in new industrial projects worth AED 20 billion and financial solutions for the industrial sector (in cooperation with Emirates Development Bank and commercial banks worth AED 1 billion to empower SMEs. Additionally, competitive electricity prices for enterprises will be ensured industrial sites in Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah, in cooperation with the Ministry of Energy and Infrastructure and Etihad Water and Electricity, whom we thank for their cooperation and efforts,” said Dr. Al Jaber.

“In addition, the AI ​​in Industry Innovation Program, financed by Emirates Development Bank, worth AED 370 million will be launched to support start-ups,” he added.

Growing contribution

The industrial sector’s contribution to GDP increased to AED 197 billion in 2023, an increase of 49% compared to 2020, the minister said at the Make it in the Emirates forum. During this period, the UAE’s industrial exports increased to AED 187 billion in 2023, an increase of 60% compared to 2020. Meanwhile, flexible financing solutions for the industrial sector increased by 70% year-on-year in 2023 year, reaching a value of AED 6 billion.

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