UAE: The industrial sector is an essential pillar in building a sustainable economy

Abu Dhabi, December 28 / WAM / The industrial and advanced technology sector in the UAE continues to achieve exceptional qualitative leaps, benefiting from the advanced and sustainable infrastructure, flexible laws, and the quality system of standard specifications and technical regulations that support the competitiveness of Emirati products.

His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, confirmed in statements to the Emirates News Agency, WAM, that the industrial and advanced technology sector in the UAE has strengthened its role in sustainable economic development and raised its competitiveness and contribution to the country’s gross domestic product under the umbrella of the National Strategy for Advanced Industry and Technology “Project.” 300 billion.”

He said that the capabilities, incentives and opportunities provided in the country’s business environment were reflected in the growth of the industrial sector’s contribution to the gross domestic product, which reached 11% with a value of 205 billion dirhams at the end of 2023.

He added that all industrial sector performance indicators reflect the achievement of remarkable growth in implementing the strategic objectives of the UAE in terms of the growth and competitiveness of the industrial and technological sector, and enhancing its role in the country’s economic diversification and supporting sustainable development, which is confirmed by global competitiveness reports, where the UAE’s ranking rose from the position 35 in 2019 to 27th place internationally and first in the Arab world, according to the Global Industrial Competitiveness Index issued by the United Nations Industrial Development Organization (UNIDO).

He pointed out that the National Content Program, “one of the UAE’s 50 projects,” has achieved qualitative and important leaps, including redirecting companies’ spending to the national economy amounting to more than 73 billion dirhams until the third quarter of this year, which contributed to creating more opportunities for growth and integration between companies. Industrial and services, especially after the expansion of its application to include 31 federal and local government agencies, and many major national companies in the country.

He noted the impact of the National Content Program not only on the level of promoting growth and offering more investment opportunities, but also through the tangible social impact it achieved, represented by the number of citizens working in companies that obtained the program’s certificate in the private sector reaching more than 19 thousand citizens.

He pointed to the role of the Industrial Development Council, whose membership includes a large segment of federal and local government agencies and industrial zones, in coordinating, unifying and facilitating industrial licensing procedures, in addition to the new industry law, which eased the conditions for industrial licensing procedures, especially at the level of small and medium-sized companies.

He pointed to a group of incentives witnessed by the industrial sector in the country, such as the adoption of a new competitive electricity tariff for the industrial sector in the Northern Emirates in cooperation with the Ministry of Energy and Infrastructure and the Union Water and Electricity Company, as well as the provision of industrial lands in the emirates of the country at competitive prices, and rent exemptions for industrial investors. During the period of establishing industrial companies, in addition to allowing factories to generate renewable energy, and valuing waste of industrial use as industrial inputs to reduce costs and enhance national sustainability efforts.

During the past years, the industrial sector in the country has witnessed a significant growth in incentives, especially at the level of competitive financing provided to industrial companies of all types, from financing solutions amounting to more than 19 billion dirhams provided by the Emirates Development Bank, the strategic partner of the Ministry in implementing the “300 Billion Project,” in addition to a number From other banks in the country, such as First Abu Dhabi Bank, Mashreq Bank and others.

The financing provided to the industrial sector in the UAE, from the beginning of the current year 2024 until the third quarter of it, amounted to about 9.5 billion dirhams, of which 1.1 billion dirhams were provided to the advanced technology sector, in addition to 1.8 billion dirhams as credit solutions for the industrial sector through the Etihad Export Credit Company.

During the three implemented editions, the “Make in the Emirates” Forum achieved unprecedented achievements, including the growth of purchase agreements available for locally manufactured products for a period of 10 years, which reached 143 billion dirhams by the end of 2023, including 2,000 products for local manufacturing, and manufacturing contracts worth 62 billion were awarded. dirhams, producing more than 300 products and purchasing them in quantities worth about 7 billion dirhams.

During its fourth edition, from May 19 to May 22, 2025, the forum will provide more opportunities worth billions of dirhams, which will be announced for manufacturing products in the UAE, with a greater focus on new qualitative areas, including space, exploring clean technology opportunities in the industrial sector, and the growth of sustainable manufacturing. Achieving global leadership in the main productive sectors and traditional crafts.

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