June 24, 2022 9:58 am
The Ministry of Industry and Advanced Technology managed to achieve a series of qualitative successes and excellent results by organizing the “Make in the UAE” forum under the theme “Investment.. Partnership.. Growth” and the accompanying exhibition, which the ministry led in cooperation with the Department of Economic Development in Abu Dhabi and ADNOC, especially in terms of supporting the growth of domestic industries, increasing their competitiveness and improving the suitable and attractive business environment for investors in the industrial sector, with the announcement of the first batch of cooperation agreements worth 21 billion dirhams of the 110 billion dirhams committed by the country’s leading companies during the forum, which will be invested in the coming years in the UAE’s industry and related sectors.
The forum and the accompanying exhibition, hosted in the capital Abu Dhabi, for two days, was able to reflect a high national capacity to promote the growth of the national industrial sector, and to identify a set of products that can be increased locally in the coming years. , in order to increase qualitative production, and contribute around 6 billion dirhams annually to the country’s gross domestic product, benefiting from the superior legislative and legal environment that the UAE offers to industrial investors, and many incentives and advantages which are only available on this form organized in the United Arab Emirates.
Sophisticated legislative environment
Furthermore, the UAE has a legislative environment that represents one of the potential for industrial growth and competitiveness, with high competitive standards in terms of transparency, rule of law and the economy’s ability to promote business growth and prosperity in light of of security, security and stability, while the State allowed foreign investors to fully own a percentage of 100% for companies in most sectors, with emphasis on the industrial sector, which is a stimulating trend for more local and international industrial investments, from consistent with guaranteeing the State’s strategic industrial security, and strengthening it with more strengths, such as advanced technology, applications and solutions of the Fourth Industrial Revolution.
Since the announcement of the national strategy for industry and advanced technology, “the 300 billion project”, the Ministry of Industry and Advanced Technology has identified a set of strategic objectives to be achieved, based on the great capabilities of the State and support for the sector. industrial sector, with emphasis on the fact that it is the first country in the entrepreneurship index at the regional level. The Middle East is also the first in the Arab world in industrial competitiveness, with its promising logistics and digital infrastructure, and the advantages and incentives it offers, which were presented in detail in the forum’s activities, with emphasis on competitive financing, discounts on industrial land and many other possibilities. The Ministry of Industry and Advanced Technology also seeks to stimulate innovation and adoption of advanced technology in industrial systems and solutions in order to reinforce the UAE’s position as a global destination for pioneering future industries, which constitute the main objectives of the national strategy. for industry and advanced technology.
The ministry adopts a strategy in 3 main axes, aimed at increasing productivity in priority industrial sectors, which achieve food and pharmaceutical safety “such as the development of priority industries such as pharmaceutical, food, medical and agricultural technology” through the strengthening of current industrial sectors where the state has a competitive advantage “such as petrochemicals and minerals such as iron, aluminum and plastics” to stimulate future industries, which include the hydrogen industry, aerospace and other industries.
The “Make in the UAE” forum focused on these three sectors and provided participants with facilities, incentives and capabilities to support these trends, and 300 products were adopted, all related to this trend and the national strategy for industry and advanced technology, where 32 memoranda of understanding and cooperation agreements were signed between government agencies and leading industrial companies, amounting to billions of dirhams.
Among the most prominent of these agreements, Abu Dhabi National Oil Company “ADNOC”, as one of the main drivers of industrial growth in UAE, has signed agreements worth 21 billion dirhams with various local and international companies to provide a percentage of their needs that they intend to purchase of locally manufactured products and materials, such as Products related to mechanical and air conditioning products, piping products, fittings and valves, electrical, control and communication products and those related to technological products. In addition, PureHealth, Etihad Airways, Emirates Global Aluminum, Edge Group, Baker Hughes International for Industrial Services, Abu Dhabi Fund for Development and “Tazez” have participated in offering the most prominent industrial growth opportunities, capabilities and incentives provided, in addition to many vital advertisements and incentives. For manufacturers, which include reduction of industrial fees for companies, reduction of tariffs for services provided to the industrial sector, facilitation of the entry of Emirati products into new markets with reduced customs tariffs, as well as facilitated financing through 7 and foreign financial institutions.
Incentives and possibilities
The participating parties announced the offer of various incentives and enabling factors for the industrial sector in the country, in what resembles a national case that aims to improve the performance of the industry in the country towards more promising growth opportunities. Abu Dhabi, and 25% discount on land and office rentals provided by Khalifa Industrial City “Kizad”, with a grace period of up to 18 months on land rentals in the factory installation phase in Industrial City “Tawazun”, in addition to many other privileges, such as the availability of infrastructure and logistics, the ability to access new markets through new and expanded trade agreements, and opportunities to purchase future demand in local markets. Access to concessional financing through 7 national and foreign financial institutions.