The UAE Ministry of Industry and Advanced Technology (MoIAT) has concluded its participation in the Annual Investment Meeting (AIM) 2023, which is taking place in Abu Dhabi from 8 to 10 May.
MoIAT’s participation in the world’s leading investment platform was in line with the National Strategy for Industry and Advanced Technology, Operation 300 Billion, which aims to raise the contribution of the industrial sector to GDP. The strategy also aims to enhance the UAE’s business environment to attract local and international investors to priority industries under the Make it in the Emirates initiative.
MoIAT leveraged the event to highlight the UAE’s competitive advantages to an audience of international investors. The ministry hosted a panel session titled ‘Make it in The Emirates: Emerging Opportunities and Industrial Growth’, which showcased the country’s value proposition as a solution to global challenges.
The panel session brought together key stakeholders from various sectors to discuss how the UAE’s strengths address challenges and position the country as a preferred investment destination. The discussion highlighted investment opportunities in key sectors and the impact of the UAE’s economic diversification strategy on local industries. These sectors include hydrogen, medical technology, pharma, space, chemicals, metals, F&B, and advanced technology. The session addressed topics including UAE industrial value proposition, incentives, and solutions available to regional and international businesses, the contribution of decarbonization in the industrial sector to achieve zero emissions, the Make it in the Emirates initiative, and Operation 300Bn.
Investing in sustainable development
Speaking on the eve of UAE Climate Tech, His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry & Advanced Technology, opened AIM’s Investment Track by stressing the need for more investment in sectors such as renewable energy and climate technology.
Read more: UAE’s industry to contribute AED 300 bn to the economy by 2031
“The UAE’s technological development, industrial digitalization, and net zero efforts are giving rise to huge investment opportunities, which we are pleased to share with you through the Make it in the Emirates campaign,” HE Al Suwaidi told investors.
“At the heart of these opportunities is a unique value proposition. It is comprised of free trade agreements, a highly skilled workforce, a strategic geographical location, world-class sustainable industrial infrastructure, and much more, including various incentives and enablers. MoIAT is working alongside strategic partners to offer these incentives as part of our efforts to create a dynamic, diverse, and welcoming environment for companies and individuals to flourish.”
Make it in the Emirates
To date, MoIAT has collaborated with various local and international financial institutions to provide financial incentives. Together, Emirates Development Bank and Etihad Credit Insurance provided AED 4.4 billion in financing solutions to empower industrial companies in 2022, including almost AED 700 million to help companies obtain advanced technology solutions.
His Excellency added: “Make it in the Emirates continues to build momentum, attracting interest from around the world and driving the growth of national industries. In 2022, the industrial sector contributed over AED 180 billion to GDP, with industrial exports reaching AED 174 billion. To ensure the industrial sector develops sustainably, MoIAT is driving various initiatives to support decarbonization, encourage 4IR adoption, promote green standards, and reduce waste. This commitment supports the UAE Net Zero by 2050 Strategic Initiative as well as our efforts to enhance the competitiveness of national industries.”
The second Make it in the Emirates Forum takes place from 31 May to 1 June and aims to build on the success of the inaugural forum in 2022, which was attended by 1,800 stakeholders, including investors from around the world. The forum resulted in offtake agreements worth AED 110 billion with national enterprises committing to purchase more than 300 products from local suppliers to support their future growth plans.
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