Abu Dhabi is allotting $2.7 billion to six programs that could potentially propel its manufacturing sector to new heights. With this investment, the sector’s value could reach $46.8 billion, more than doubling its current size.
The programs include Talent Development, Ecosystem Enablement, Industry 4.0, Circular Economy, Homegrown Supply Chain, and Value Chain Development. This is according to Eng. Arafat Al Yafei, executive director of the Industrial Development Bureau (IDB).
The investment could also generate 13,600 high-skilled jobs. Additionally, it could drive non-oil exports to $48.8 billion by 2031.
The Abu Dhabi Industrial Strategy
Abu Dhabi has been doubling down on its efforts to become the region’s most competitive industrial hub.
In June last year, Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan launched the Abu Dhabi Industrial Strategy (ADIS). This supports the United Arab Emirates (UAE) national strategy, Operation 300bn. With this strategy, Abu Dhabi aims to raise the industrial sector’s contribution to the gross domestic product (GDP) to $81.7 billion by 2031.
A year since the launch of the Abu Dhabi Industrial Strategy (ADIS), the region has witnessed a 16.6 percent surge in the issuance of new industrial licenses. Moreover, the total capital investments by manufacturers operating in the UAE capital have surged by $3.4 billion. It reached $104.6 billion by the end of June 2023.
Read: New industrial licenses surge 16.6 percent
Collaboration among major institutions
Speaking at a workshop, Al Yafei emphasized that they are collaborating with key institutions to further drive the sector. The Ministry of Industry and Advanced Technology (MoIAT) and the Abu Dhabi Chamber of Commerce and Industry (ADCCI), in cooperation with IDB, organized the event.
“We are focused to continue working closely with our strategic partners such as the MoIAT and the ADCCI to raise awareness about programs and incentives contributing to attracting talents and investments to benefit from ample opportunities in the Abu Dhabi industrial sector,” stated the IDB executive director.
For her part, Salama Al Awadhi, director of the National In-Country Value (ICV) Program at the MoIAT, said that the ministry “collaborates with public and private sector partners to strengthen the role of the national industrial and technological landscape. This aligns the sector with the direction of global transformation.”
The workshop, which tackled national initiatives in the sector, was held at the Abu Dhabi Chamber premises.
During the event, Abu Dhabi Chamber Chief Executive Officer Ahmed Khalifa Al Qubaisi also reaffirmed its commitment to support the industrial sector. The Abu Dhabi Chamber leads the Industry Working Group. According to him, this particular group “provides a platform for fostering constructive dialogue among key stakeholders from both the public and private sectors, thus driving the growth of the industry.”
For more industry news, click here.
