Etihad Rail, developer and operator of the UAE’s national railway network, Emirates’ defence conglomerate Edge, and Sharjah Investment and Development Authority (Shurooq) have joined forces with the UAE’s Ministry of Industry and Advanced Technology to accelerate the national in-country value programme.
The new entities have become the second set of companies to commit to the programme that was launched as part of the UAE government's Projects of the 50 initiative, which aims to to boost the country's industrial sector.
In September, another group of companies including Etisalat, Emirates Steel and Taqa joined the programme.
The second set of entities participating in the programme has diverse activities and capabilities, said ministry undersecretary Omar Suwaina Al Suwaidi.
The programme will enhance the capabilities of local suppliers holding a national in-country value certificate “through the redirection of more than 42 per cent of government and participating private-sector procurement by 2025, helping business expansion and operational improvement”, Mr Al Suwaidi said.
It is in line with Operation 300bn, the national strategy launched in March to position the UAE as a global industrial hub by 2031.
The 10-year comprehensive strategy aims to increase the industrial sector's contribution to the country's gross domestic product from the current Dh133 billion ($36.21bn) to Dh300bn.
Overall, Operation 300bn aims to support 13,500 small- and medium-sized enterprises over the next decade.
“The programme will allow Edge to generate in-country value by further cultivating, nurturing and diversifying our sovereign capabilities and our home-grown talent so we can maintain a significant competitive edge and contribute significantly to the GDP of the UAE,” said Faisal Al Bannai, chief executive and managing director of Edge.
Initiatives under the national in-country value programme are designed to boost co-operation between the ministry, other federal and local agencies, and major national companies.
They aim to redirect public- and private-sector procurement to the local economy and enhance the role and development of the national industrial sector.
Shurooq’s partnership and involvement in the programme “reflects on our commitment to further support and strengthen our national industrial sector … a responsibility shared by all national entities involved,” said Marwan bin Jassim Al Serkal, executive chairman of Shurooq.
“The national in-country value programme will play a crucial role in also increasing supply and demand for specialised products and services from local businesses and corporations,” he added.
The signing ceremony was attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah bint Youssef Al Amiri, Minister of State for Advanced Technology.