UAE Introduces AED180bn Industrial Initiative at Make it in the Emirates Forum

Post by : Bianca Suleiman

Dr. Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, emphasized the UAE's strength in the face of both regional and global challenges. He attributed this resilience to the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the unity within Emirati society.

These statements were made at the inauguration of the fifth and largest iteration of the Make it in the Emirates forum, which serves as the nation's primary industrial platform. During this significant event, he unveiled AED 180 billion in new industrial procurement opportunities aimed at localizing over 5,000 products across key sectors such as the economy, food, and healthcare.

Dr. Al Jaber noted that the UAE is converting recent challenges into opportunities while remaining committed to cultivating a robust industrial base. He underscored that resilience, economic sovereignty, and industrial expansion are integral components of the UAE's long-term strategy.

He acknowledged the UAE Armed Forces, frontline workers, and national institutions for their efforts in maintaining stability amidst recent tensions.

Significant Industrial Sector Growth

The minister pointed out that the UAE's industrial sector has experienced substantial growth. Its contribution to the national economy has surged to AED 200 billion, reflecting a 70% increase since 2021. Industrial exports have reached AED 262 billion, including AED 92 billion from advanced industries.

These accomplishments affirm the effectiveness of the UAE’s industrial strategy.

The National In-Country Value (ICV) Program has significantly contributed to this advancement by fostering local industries and investments.

Increased Investments and Opportunities

The total value of industrial procurement opportunities has risen from AED 168 billion to AED 180 billion anticipated over the next decade.

This forum follows the Make it with ADNOC event, which announced projects worth over AED 200 billion within the next two years. A new initiative called “Local+” was introduced to link contractors with 70 Emirati manufacturers.

Economic Security and Global Trade Perspectives

Dr. Al Jaber stressed the necessity of establishing economic security within the nation rather than relying on imports. He cautioned that disruptions in global trade routes could have widespread effects.

Discussing the Strait of Hormuz, he underlined the importance of preserving freedom of navigation as vital for global economic stability.

Shifts in the UAE’s Energy Strategy

He touched upon the UAE's strategic repositioning in the global energy market, including its exit from OPEC and OPEC+. He characterized this move as one that aims to bolster national interests, investment, and growth.

The UAE will pursue a responsible role in global energy markets while also gaining added flexibility.

Role of AI in Industries

Dr. Al Jaber announced that artificial intelligence will crucially influence the future of industries in the UAE, serving as an “industrial brain” to enhance efficiency, productivity, and decision-making.

UAE as a Global Investment Destination

He invited international investors and manufacturers to consider the UAE for investments, accentuating its business-friendly environment, advanced infrastructure, and global accessibility.

He further urged the private sector to place greater emphasis on domestic investments, deeming it essential for sustainable economic stability.

Vision for the Future

Dr. Al Jaber concluded by stating that future economies will hinge on three core elements: energy, technology, and industry. Nations that can effectively integrate these pillars will dominate global growth.

Ending with a clear call to action, he stated:
“Build with us. Invest with us. Make it in the Emirates.”

#Global News #World News #UAE News #Dubai News