UAE hosts business roundtable for UK's industrial companies

Meeting took place on the sidelines of Adipec 2022

Omar Al Suwaidi, undersecretary of the UAE's Ministry of Industry and Advanced Technology, speaks during the Make it in the Emirates Forum. Victor Besa / The National
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UK-based industrial companies attended a business roundtable hosted by the UAE Ministry of Industry and Advanced Technology in Abu Dhabi on Tuesday.

The meeting, which aimed to strengthen bilateral business ties, took place on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference 2022.

Business leaders met Omar Al Suwaidi, undersecretary at the ministry.

Mr Al Suwaidi put forward a presentation on the UAE’s foreign direct investment (FDI) value proposition, including incentives and enablement solutions, under the Make it in the Emirates initiative, the ministry said in a statement.

Representatives from Adnoc, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office and Taziz also delivered presentations before a general discussion between delegates.

Delegates also discussed the future of supply chain opportunities in a post-pandemic world, the statement said.

In 2021, the UAE announced Operation 300bn, a 10-year strategy to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion and strengthen the Make it in the Emirates initiative. Both initiatives have the goal of transforming the nation into a manufacturing powerhouse.

Last year, Abu Dhabi sovereign wealth fund Mubadala signed a £10bn ($11.31bn) agreement at Downing Street to expand the UAE-UK Sovereign Investment Partnership.

Over the next five years, the UAE-UK partnership will aim to drive a significant increase in investment across three sectors: technology, infrastructure and energy transition.

In September 2021, the UK Department for Business, Energy and Industrial Strategy and the UAE Ministry of Industry and Advanced Technology signed a preliminary agreement to join forces in a broad range of areas. These included the development of life sciences, space, hydrogen and wider industrial sectors, including supply chain resilience, regulations and standards.

Updated: November 02, 2022, 7:26 AM