The UAE Minister of Industry and Advanced Technology, Sultan Al Jaber, launched industrial projects worth more than 6 billion dirhams ($1.63 billion) on Wednesday as part of an extensive array of measures to boost the "Make it in the Emirates" programme.
UAE Minister Unveils Green Fuel Production
The "Make it in the Emirates" Forum, held in Abu Dhabi, witnessed Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, making significant announcements regarding the country's industrial sector. One of the highlights was the introduction of a hydrogen electrolyser plant that produces green fuels. This innovative facility aligns with the UAE's commitment to sustainability and adopting clean energy solutions.
Major Boost for UAE's Industrial Sector
In addition to the hydrogen electrolyser plant, Al Jaber also revealed plans to increase the value of purchase agreements for local manufacturers and industrial investments by over 10 billion AED. Moreover, Abu Dhabi National Oil Co. (ADNOC) will allocate more than 20 billion AED to exclusively purchase products from national factories, further bolstering the local economy.
Local Manufacturing Agreements and Investments
The UAE has been actively working towards developing its industrial sector as an integral part of its long-term vision. Measures implemented to boost the economy and establish the country as an industrial hub have yielded significant results. In 2022, the UAE's industrial exports reached AED175 billion, marking a 48% increase from 2020. This growth has contributed to the sector's increased contribution to the national GDP, rising from 132 billion AED in 2020 to 182 billion AED in 2022.
UAE's Industrial Exports Surge, Boosting GDP
The industrial strategy "Operation 300bn," launched in 2021 by Sheikh Mohammed bin Rashid Al Maktoum, aims to elevate the industrial sector's GDP contribution to 300 billion AED by 2031. The ongoing "Make it in the Emirates" initiative, supported by financing solutions worth 3 billion AED from the Ministry of Industry and Advanced Technology in 2022, is a testament to the government's dedication to promoting local industries and fostering sustainable growth.
As the "Make it in the Emirates" Forum serves as a key investment event in the UAE, attracting significant investment and procurement opportunities. The theme of the forum revolves around investment, sustainability, and growth, reflecting the nation's strategic focus on driving economic development and embracing sustainable practices.