Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Dr. Sultan Ahmad Al Jaber, Minister of Industry and Advanced Technology, kicked off the ‘Make it in the Emirates’ conference with the announcement of more than Dh40 billion of new incentives, investments, and initiatives to support the development of the industrial sector in the country.
“Helping the UAE and industrial ecosystem, enabling the industrial community, creating more investment opportunities and strengthening our economies resilience. When we do that, we want to ensure every step of the way we enable and enhance the self sufficiency of our economy and our supply chains,” Dr. Al Jaber told the crowd of public and private sector players gathered at the Abu Dhabi Energy Centre on Monday.
Dr. Al Jaber announced an additional Dh23 billion for guaranteed procurement opportunities for local manufacturing, raising the total value to Dh143 billion for over 2,000 products. This would be funded by ADNOC, providing Dh20 billion and Dh3 billion coming from Pure Health.
Moreover, an additional Dh20 billion will be made available in new investments in the sector. This coincides with the launch of Dh1 billion in Co-Lending Finance opportunities for SME’s working in the industrial space provided by Emirates Development Bank and commercial banks.
Dr. Al Jaber also announced a initiative to provide competitive electricity rates for industrial companies in Ajman, Ras Al Khaimah, Umm Al Quwain, and Fujairah, in collaboration the Ministry of Energy and Infrastructure, and the Federal Electricity and Water Authority.
Finally, Dh370 million will be made available from the Emirates Development Bank for startups and SME innovating and utilising Artificial Intelligence.
Dr. Al Jaber said the new incentives and investments would continue the legacy of success that the country’s industrial sector had been experiencing since 2020.
“As a result of the vision and support of our leadership, together with our collective efforts, we are starting to see real through tangible, positive, sustainable socio economic impact across our economy,” he said.
