The Emirati manufacturing sector is a key pillar in building a sustainable economy
AlEtihad (nprofile…yefn)
Abu Dhabi is witnessing exceptional qualitative leaps in its industry and advanced technology sector, leveraging its developed and sustainable infrastructure, flexible laws, and quality system of standards and technical regulations that support the competitiveness of Emirati products. Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, stated that the industry and advanced technology sector in the UAE has enhanced its role in sustainable economic development, raised its competitiveness, and contributed to the country's GDP under the framework of the 'Project 300 Billion' national strategy. He noted that the opportunities, incentives, and prospects provided in the business environment in the country have reflected on the growth of the industrial sector's contribution to the GDP, which reached 11% with a value of 205 billion dirhams by the end of 2023. He added that all the sector's performance indicators reflect the significant growth in the implementation of the strategic targets of the UAE on the level of industrial growth and competitiveness, and enhancing its role in the country's economic diversification and sustainable development, which is confirmed by global competitiveness reports, where the UAE rose from 35th place in 2019 to 27th place internationally and first in the Arab world, according to the UNIDO industrial competitiveness index. He pointed out that the 'National Content' program, one of the UAE's 50 projects, has achieved significant and important qualitative leaps, including redirecting private sector spending to the national economy, exceeding 73 billion dirhams by the third quarter of this year, which has contributed to creating more opportunities for growth and integration between industrial and service companies, especially after its expansion to include 31 federal and local government entities and many national major companies in the country. He noted that the 'National Content' program has not only enhanced growth and presented more investment opportunities, but also had a social impact, with over 19,000 Emirati employees working in companies that have obtained the program's certification in the private sector. He highlighted the role of the Industry Development Council, which includes a large number of federal and local government entities, industrial zones, and companies, in coordinating, unifying, and facilitating industrial licensing procedures, as well as the new industry law, which has simplified the procedures for industrial licenses, especially for small and medium-sized companies. He pointed out that the industry has witnessed a number of incentives, including the adoption of a competitive electricity tariff for the industrial sector in the northern emirates, in cooperation with the Ministry of Energy and Infrastructure and the Emirates Water and Electricity Company, as well as providing industrial land at competitive prices, exemptions from rent for industrial investors during the establishment of companies, and allowing factories to generate renewable energy, and utilizing industrial waste as industrial inputs to reduce costs and enhance national sustainability efforts. The industrial sector in the country has witnessed significant growth in recent years, with a major boost in incentives, especially on the level of competitive financing provided to industrial companies of all kinds, with solutions exceeding 19 billion dirhams provided by the Emirates Development Bank, the strategic partner of the Ministry in implementing 'Project 300 Billion', as well as a number of other banks in the country, including Abu Dhabi Commercial Bank, Mashreq Bank, and others. The financing provided to the industrial sector in the UAE, from the beginning of this year 2024 to the third quarter, amounted to 9.5 billion dirhams, including 1.1 billion dirhams provided to the advanced technology sector and 1.8 billion dirhams as financing solutions for the industrial sector through the Emirates Exports Credit Company.
https://www.aletihad.ae/news/%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A/4540226/%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A-%D8%B1%D9%83%D9%8A%D8%B2%D8%A9-%D8%A3%D8%B3%D8%A7%D8%B3%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A8%D9%86%D8%A7%D8%A1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%85%D8%B3%D8%AA%D8%AF%D8%A7%D9%85
Abu Dhabi is witnessing exceptional qualitative leaps in its industry and advanced technology sector, leveraging its developed and sustainable infrastructure, flexible laws, and quality system of standards and technical regulations that support the competitiveness of Emirati products. Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, stated that the industry and advanced technology sector in the UAE has enhanced its role in sustainable economic development, raised its competitiveness, and contributed to the country's GDP under the framework of the 'Project 300 Billion' national strategy. He noted that the opportunities, incentives, and prospects provided in the business environment in the country have reflected on the growth of the industrial sector's contribution to the GDP, which reached 11% with a value of 205 billion dirhams by the end of 2023. He added that all the sector's performance indicators reflect the significant growth in the implementation of the strategic targets of the UAE on the level of industrial growth and competitiveness, and enhancing its role in the country's economic diversification and sustainable development, which is confirmed by global competitiveness reports, where the UAE rose from 35th place in 2019 to 27th place internationally and first in the Arab world, according to the UNIDO industrial competitiveness index. He pointed out that the 'National Content' program, one of the UAE's 50 projects, has achieved significant and important qualitative leaps, including redirecting private sector spending to the national economy, exceeding 73 billion dirhams by the third quarter of this year, which has contributed to creating more opportunities for growth and integration between industrial and service companies, especially after its expansion to include 31 federal and local government entities and many national major companies in the country. He noted that the 'National Content' program has not only enhanced growth and presented more investment opportunities, but also had a social impact, with over 19,000 Emirati employees working in companies that have obtained the program's certification in the private sector. He highlighted the role of the Industry Development Council, which includes a large number of federal and local government entities, industrial zones, and companies, in coordinating, unifying, and facilitating industrial licensing procedures, as well as the new industry law, which has simplified the procedures for industrial licenses, especially for small and medium-sized companies. He pointed out that the industry has witnessed a number of incentives, including the adoption of a competitive electricity tariff for the industrial sector in the northern emirates, in cooperation with the Ministry of Energy and Infrastructure and the Emirates Water and Electricity Company, as well as providing industrial land at competitive prices, exemptions from rent for industrial investors during the establishment of companies, and allowing factories to generate renewable energy, and utilizing industrial waste as industrial inputs to reduce costs and enhance national sustainability efforts. The industrial sector in the country has witnessed significant growth in recent years, with a major boost in incentives, especially on the level of competitive financing provided to industrial companies of all kinds, with solutions exceeding 19 billion dirhams provided by the Emirates Development Bank, the strategic partner of the Ministry in implementing 'Project 300 Billion', as well as a number of other banks in the country, including Abu Dhabi Commercial Bank, Mashreq Bank, and others. The financing provided to the industrial sector in the UAE, from the beginning of this year 2024 to the third quarter, amounted to 9.5 billion dirhams, including 1.1 billion dirhams provided to the advanced technology sector and 1.8 billion dirhams as financing solutions for the industrial sector through the Emirates Exports Credit Company.
https://www.aletihad.ae/news/%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A/4540226/%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A-%D8%B1%D9%83%D9%8A%D8%B2%D8%A9-%D8%A3%D8%B3%D8%A7%D8%B3%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A8%D9%86%D8%A7%D8%A1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%85%D8%B3%D8%AA%D8%AF%D8%A7%D9%85