Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
A slew of investments is set to be announced next week as part of the UAE’s ongoing effort to become a global industrial hub. The announcements are expected to take place at the Make it in the Emirates Forum, to be held on May 27-28 at Abu Dhabi’s Energy Centre.
“We are going to announce additional investment opportunities in seven sectors with a value of $33.5 billion in Abu Dhabi. These are the 100 opportunities we’re going to announce at Make it in the Emirates,” said H.E. Arafat Al Yafei, Executive Director of the Industrial Development Bureau (IDB), to Aletihad on Monday.
The forum, now in its third edition, aims to showcase investment opportunities in the emirate’s growing industrial sector. Co-organised by the Ministry of Industry and Advanced Technology (MoIAT), the Abu Dhabi Department of Economic Development (ADDED), and ADNOC, the conference focuses on the energy, telecoms, aerospace, healthcare, and food and beverage sectors.
Previous editions of the forum have seen almost Dh120 billion of local procurement agreements signed, creating nearly 5,000 jobs. This year, the organisers hope to continue this legacy, further driving the country’s diversification goals and cementing its place in the global industrial landscape.
“Today, we are on the right path because the numbers in 2023 have proven that we have achieved beyond our targets considerably. The contribution of the industrial sector in 2023 was Dh101 billion, building towards Dh172 billion by 2031,” Al Yafei said.
“We are on the right track to create additional jobs, having reached 16,200 quality jobs in 2023. Additionally, we plan to increase exports of locally produced products by 143% by 2031.”
The forum comes at a time of global disruption and polarisation in supply chains, with conflicts and protectionist policies increasingly threatening the integrated global trading system. Nevertheless, speaking to reporters on Monday, the organisers expressed confidence that the emirates had forged a resilient and open industrial ecosystem that would continue to attract foreign and local direct investment.
“I think as we stand now it is still a very international business; industrialisation is a very global business. So, we are still interested in FDI. But at the same time, I’d like to state that we also see a lot of interest from local investors,” said Dr. Saleh Al Hashmi, Director of Group Commercial and In-Country Value at ADNOC, to Aletihad.
Dr. Al Hashmi noted that the levelling effect of AI and its advanced supply-chain systems would enable the UAE to grow as a hub for industrialists both regionally and internationally. This sentiment was echoed by Al Yafei, who explained that a combination of strong legislation, international bilateral agreements, and logistical infrastructure gave the UAE, and Abu Dhabi in particular, a strong edge against competitors.
“We have a very strong logistical arm in Abu Dhabi Ports with at least 30 international ports. We have great infrastructure and specialised industrial zones. In terms of competitiveness, the UAE, and Abu Dhabi in particular, is number one in the Middle East for ease of doing business and talent attraction,” Al Yafei explained.
“More than that, we have a very strong financial ecosystem. Abu Dhabi is called the capital of capital, and we have the correct regulations, guidelines, and policies that provide security to investors. We are the only country in the region with several free trade agreements, called Super Comprehensive Economic Partnerships, allowing any producer from the UAE to reach 2.5 billion people.”
