Dh40-billion incentives, investment opportunities: How UAE aims to boost industrial sector

In a major boost to developing the UAE’s industrial ecosystem, more than Dh40 billion worth of incentives, investment opportunities, and initiatives were announced during the third 'Make it in the Emirates Forum' held in Abu Dhabi.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said since the launch of the UAE's industrial strategy, Operation 300bn initiative, the industrial sector’s contribution to the gross domestic product (GDP) has surged 49 per cent to Dh197 billion by the end of 2023 as compared to 2020 (when it was Dh132 billion).

“We have boosted our industrial exports by 60 per cent to Dh187 billion. We have deployed Dh67 billion towards in-country value, i.e., a 109 per cent increase since 2020,” said Dr Al Jaber while addressing ministers, industry leaders, and decision-makers, and noted the collective efforts have resulted in 16,000 jobs for Emiratis.

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“In just under three years, and as a result of the vision and support of our leadership, together with our collective efforts, we are starting to see tangible, positive, and sustainable socio-economic impact across our economy,” the minister said as he underlined that the leadership’s focus remains on developing the UAE’s industrial ecosystem, enabling the industrial community, creating more investment opportunities, and strengthening the country’s economy’s resilience.

The UAE, he underlined, will “enhance the self-sufficiency” of its economy and supply chains.

Dh20 billion projects

Dr Al Jaber announced a slew of incentives, opportunities, and initiatives as part of this year’s 'Make it in the Emirates'.

“There will be an additional Dh23 billion in guaranteed offtakes bringing the total value of captive procurement opportunities to Dh143 billion [for local manufacturing of more than 2,000 products],” he said.

He highlighted the procurement opportunities from ADNOC to the tune of Dh20 billion and Dh3 billion from Pure Health.

“New industrial projects and investments worth Dh20 billion, co-lending financial solutions worth Dh1 billion, new comparative electricity tariffs in the northern Emirates, and the launch of the AI innovation programme providing Dh370 million to targeted technology startups,” he said while noting the co-lending of Dh1 billion to empower small and medium enterprises in partnership between Emirates Bank Development and commercial banks.