Make it in the Emirates forum: $6.26 billion boost for local manufacturing

There will be investments worth AED20 billion in new industrial projects, Dr Al Jaber says
Make it in the Emirates forum: $6.26 billion boost for local manufacturing
The number of Emiratis employed in companies certified under the National ICV Program reaches 16,000

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

Taking place from May 27 to May 28, the exhibition features 44 major industrial institutions showcasing locally manufactured products, as well as innovations and solutions supporting the development of the industrial and technological sectors.

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 enhance the role of the industrial sector in sustainable economic development. The aim has been to unify 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 has also been working to drive self-sufficiency by providing for the nation’s basic product needs, ensuring the continuity and agility of industry, and creating a positive tangible economic and social impact.

Major announcements

Touching on the announcements being made at the Make it in the Emirates Forum, Dr. Al Jaber said: “This edition will announce more significant and quality investment opportunities, partnership and manufacturing agreements, and additional enablers and financing solutions. One of the most important announcements is an additional AED23 billion ($6.26 billion) in offtakes, raising the total value to AED143 billion for over 2,000 products, including AED20 billion from ADNOC and AED3 billion from PureHealth.”

“Moreover, there will be investments in new industrial projects worth AED20 billion and financing solutions for the industrial sector (in partnership with the Emirates Development Bank and commercial banks, valued at AED1 billion, to empower SMEs. Additionally, competitive electricity prices will be provided for industrial companies in Ajman, Ras Al Khaimah, Umm Al Quwain, and Fujairah, in cooperation with the Ministry of Energy and Infrastructure and the Etihad Water and Electricity, who we thank for their cooperation and efforts,” Dr Al Jaber said.

“Furthermore, the AI in Industry Innovation Program will be launched, funded by the Emirates Development Bank, with a value of AED370 million to support startups,” he added.

Growing contribution

The industrial sector’s GDP contribution has grown to AED197 billion in 2023, a 49 percent increase from 2020, the minister said at the Make it in the Emirates Forum. During this period, UAE industrial exports increased to AED187 billion in 2023, a 60 percent increase compared to 2020. Meanwhile, the flexible financing solutions for the industrial sector grew 70 percent year-on-year in 2023, reaching a value of AED6 billion.

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