Dh40 billion worth of incentives, investment opportunities: How the UAE intends to boost its industrial sector – News

“Do it at the Emirates Forum” in Abu Dhabi. Photos: Ashwani Kumar

The third Make it in the Emirates Forum, held in Abu Dhabi, announced significant incentives, investment opportunities and initiatives in the UAE, providing a significant boost to the development of the UAE industrial ecosystem.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said that since the launch of the UAE’s industrial strategy, Operation 300 billion initiative, the industrial sector’s contribution to gross domestic product (GDP) has increased by 49 percent to Dh197 billion last year year end 2023 compared to 2020 (when it was Dh132 billion).

“We have increased our exports of industrial products by 60 per cent to Dh187 billion. We have committed Dh67 billion to increase domestic value, an increase of 109% from 2020.” said Dr. Al Jaber, addressing ministers, industry leaders and policymakers, noting that joint efforts have resulted in the creation of 16,000 jobs for Emiratis.

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“In less than three years, thanks to the vision and support of our leadership, as well as our collective efforts, we are starting to see tangible, positive and lasting socio-economic impacts across our economy,” the minister said, emphasizing that leaders remain focused on development the UAE industrial ecosystem, enabling the industrial community, creating more investment opportunities and strengthening the resilience of the country’s economy.

He stressed that the UAE would “increase the self-sufficiency” of its economy and supply chains.

Projects worth Dh20 billion

Dr Al Jaber announced a host of incentives, opportunities and initiatives at this year’s Make it and the Emirates.

“Additional guaranteed supplies will amount to Dh23 billion, bringing the total value of internal procurement opportunities to Dh143 billion (for local production of over 2,000 products),” he said.

He highlighted procurement opportunities of Dh20 billion from ADNOC and Dh3 billion from Pure Health.

“New industrial projects and investments worth Dh20 billion, co-lending of financial solutions worth Dh1 billion, new comparable electricity tariffs in the northern Emirates and the launch of an AI innovation program providing Dh370 million to targeted technology start-ups,” he said, noting the co-lending of Dh1 billion to empower small and medium-sized enterprises through a partnership between Emirates Bank Development and commercial banks.