UAE working to stimulate factories' growth through financing solutions and regulations

Ministry of Industry and Advanced Technology is keen to support the success and expansion of industrial projects, Dr Al Jaber says

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, underlined the UAE’s emerging position and attraction as a global industrial hub during a visit to Kizad. Photo: Ministry of Industry Show more

The UAE is working to support the domestic manufacturing industry's growth through various initiatives, offering financing tools and developing the regulatory framework to boost its competitiveness, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

The Emirates seeks to become a global destination for industrial investments with a strategy based on creating value, innovation, sustainability, future foresight and boosting competitiveness, he said on Thursday while visiting Khalifa Industrial City (Kizad).

"We are working to stimulate national factories and industries through various initiatives and financing solutions that support growth, and we are continuing to develop procedures and review policies and the legislative and regulatory structure to stimulate the industrial sector to enhance its competitiveness," he said.

"The Ministry of Industry and Advanced Technology is keen to follow up on all industrial projects and support their success and expansion, through communication with all relevant partners in the industrial sector to learn about their needs and requirements."

Dr Al Jaber's visit to Kizad is part of a series of tours by the minister to inspect the performance of industrial facilities in the country and to discuss ways to motivate investors to take advantage of the benefits offered by the UAE.

The UAE's industrial strategy includes an attractive business environment, a stimulating work system for establishing and developing industrial projects and closer co-operation with various parties to develop procedures and incentives related to the industrial sector, the ministry said.

The UAE, the Arab world’s second-largest economy, plans to increase the contribution of the industrial sector to its gross domestic product in the next 10 years to create jobs and attract investment.

Last year, the UAE announced Operation 300bn, which aims to more than double the contribution of the industrial sector to economic output to Dh300 billion ($81.68bn) by 2031, from Dh133bn in March 2021.

Kizad is an integrated commercial, industrial and logistic centre in Abu Dhabi, operating under the umbrella of the Economic Cities and Free Zones Sector of Abu Dhabi Ports Group and contributing to strengthening the industrial sector by helping its products to access global markets comprising 4.5 billion consumers worldwide.

"Today we are witnessing living examples and major developments in Kizad and its ability to attract quality industrial investments," Dr Al Jaber said. "Kizad provides a supportive environment for global industrial projects, which is a major tool for growth, development and prosperity.”

During his visit, the minister was briefed on the efforts of some Kizad-based companies including The National Food Products Company, which is one of the largest companies in the region for the wholesale food trade and related logistics.

He also heard about the plans and operations of Al Tala Board Manufacturing Company, which operates a factory that produces high quality wood boards through recycling palm tree waste using innovative technologies.

Mohamed Al Shorafa, chairman of Abu Dhabi Department of Economic Development, who accompanied Dr Al Jaber, reiterated Abu Dhabi's commitment to further develop the industrial sector to strengthen its non-oil sectors.

"The industrial sector is witnessing substantial shifts, particularly with manufacturing industries based on advanced technologies," Mr Al Shorafa said.

"Kizad has been a major catalyst in developing projects that are adopting industry 4.0 applications and solutions. Strategically located near Khalifa Port, Kizad provides unique solutions, reflecting Abu Dhabi’s capability to attract investments and launch innovative projects with world-class services and products."