UAE industrial exports rose 25 per cent last year to reach a record value of Dh262 billion ($71.3 billion), as the country boosted manufacturing capabilities to achieve its economic diversification targets.
Export figures have more than doubled since the UAE set up the Ministry of Industry and Advanced Technology in 2020 to support the expansion of its manufacturing sector, the UAE Government Media Office said in a statement on Monday.
Exports from medium and high-tech industries rose 42 per cent annually to Dh92 billion, exceeding the target of Dh90 billion for 2031 six years ahead of schedule.
“The backbone of any competitive national economy is its industrial base," said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
"The UAE is an industrial powerhouse, driven by strong integration between government legislation and the private sector, supported by exceptional digital infrastructure and a solid financial and banking system."
The UAE has been focusing on industrial growth as it diversifies its economy away from oil. The Emirates launched its industrial strategy, Operation 300bn in 2021, to position itself as an industrial centre by 2031.
The overarching industrial agenda focuses on sectors such as chemicals, electrical, construction, machinery and equipment, food, transport, metals, pharmaceuticals, rubber, plastic and fibreglass, and wood and paper.
"The federal government continues to develop the business environment and update policies to bolster a productive and sustainable economy," said Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
In May, the UAE said it would provide industrial companies with more than Dh40 billion in financing over the next five years to boost growth and expand the country's industrial base.
At the same time, it also launched the Emirates Growth Fund, a Dh1 billion investment platform, under the Emirates Development Bank, to support small and medium enterprises in strategic sectors. These include manufacturing, health, food security and advanced technology.
The UAE's ICV programme, meanwhile, has been aimed at boosting the growth of domestic industries by redirecting half of government spending on procurement and tender contracts to the national economy by 2031.
“Through the National Strategy for Industry and Advanced Technology, and the ‘Make it in the UAE’ initiative as a strategic driver of industrial investment attractiveness, we at the ministry are focusing on transforming growth in industrial trade into sustainable value for the national economy," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
He added that the plan centred on making advanced industries more competitive, scaling exports, integrating supply chains, improving self-sufficiency in essential goods and accelerating private-sector growth.
