The UAE’s Ministry of Industry and Advanced Technology (MoIAT) has stressed the need for more investment in sectors such as renewable energy and climate technology.
“The UAE’s technological development, industrial digitalisation, 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,” said Omar Al Suwaidi, Undersecretary of the Ministry of Industry & Advanced Technology, speaking on the eve of UAE Climate Tech.
He opened Annual Investment Meeting’s (AIM) 2023, Investment Track saying: “At the heart of these opportunities are a unique value proposition. It comprises 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.”
Financial incentives
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 AED4.4 billion ($1.2 billion) in financing solutions to empower industrial companies in 2022, including almost AED700 million to help companies obtain advanced technology solutions.
He 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 AED180 billion to GDP, with industrial exports reaching AED174 billion. To ensure the industrial sector develops sustainably, MoIAT is driving various initiatives to support decarbonisation, 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 May 31 to June 1 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 AED110 billion with national enterprises committing to purchase more than 300 products from local suppliers to support their future growth plans.
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.
Competitive advantages
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 address topics including UAE industrial value proposition, incentives and solutions are available to regional and international businesses, contribution of decarbonisation in the industrial sector to achieve zero-emissions, the Make it in the Emirates initiative, and Operation 300Bn.
Panellists
The panellists included Osama Amir Fadhel, Assistant Undersecretary of Industrial Accelerator Sector, Ministry of Industry & Advanced Technology, Eng Arafat Al Yafei, Executive Director, Industrial Development Bureau, Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank, and Rami Jallad, CEO, RAKEZ, Ayman Ismail, Vice President of Strategy and Government Affairs at Schneider Electric.
The 2023 Make it in the Emirates forum will act as a platform to provide promising tech-driven, sustainability-focused companies with a stage at one of the region’s largest and most attended industrial investment events to pitch, learn and connect.-- TradeArabia News Service
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