Sultan Al Jaber, UAE Minister of Industry and Advanced Technology (MoIAT) stated that his country’s industry aims to contribute $300 billion to the UAE economy by 2031.
Al Jaber also said that the UAE government will set aside 110 billion dirhams for potential purchase agreements with local manufacturers.
“This step will contribute to creating new opportunities for national industry growth by adding at least 6 billion dirhams annually to the UAE’s gross domestic product,” the minister said at an Abu Dhabi conference.
He explained that after conducting the necessary research and studies, the ministry has identified priority industrial sectors such as food, pharmaceuticals, petrochemicals, heavy industries such as aluminum and iron, defense and agricultural industries, electrical equipment and appliances, as well as future industries in the fields of space and clean energy like hydrogen.
Al Jaber added that financing is one of the most important factors for success, and in this context, MoIAT collaborated with the Emirates Development Bank (EDB) to provide competitive financing solutions that support the growth of industrial companies. He noted that EDB has so far provided 2 billion dirhams to finance the main sectors of strategic priority for the UAE economy.
He further indicated that the ministry anticipates more competitive financing programs from domestic banks and competent financing authorities.
Moreover, he mentioned that the MoIAT is currently working with the relevant authorities on additional features and incentives to improve the business climate and reduce costs.