The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a preliminary agreement with AD Ports Group to boost the development of the industrial sector in the Arab world’s second-largest economy.
The agreement with AD Ports, one of the region’s fastest growing trade, industry and logistics enablers, was signed on the sidelines of the Make it in the Emirates forum in Abu Dhabi on Wednesday.
The deal is part of the government’s efforts to boost the industrial sector’s competitiveness and accelerate its growth in line with the country’s industrial strategy, the ministry said in a statement.
The agreement was signed by MoIAT undersecretary Omar Al Suwaidi and AD Ports Group managing director and chief executive Mohamed Al Shamisi in a ceremony attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.
Last year, the UAE launched Operation 300bn, an overarching strategy to position the country as an industrial hub by 2031. The 10-year plan focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion ($36.21bn) in 2021 to Dh300bn in 2031.
The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment and ensuring availability of dedicated financing for local industrial companies.
The UAE has emerged from the Covid-19 pandemic stronger, helped by its focus on developing the industrial sector to boost economic resilience in the faces of global challenges, Dr Al Jaber told the two-day forum on Tuesday in Abu Dhabi.
The UAE's champion companies such as Mubadala Investment Company, Abu Dhabi National Oil Company, ADQ, Taqa and Masdar are offering $30bn in deals to UAE manufacturers in a bid to localise their supply chains and boost the country's industrial production.
More than 300 products are available in the 11 priority sectors for local manufacturers and more than $11bn has so far been redirected into the national economy through the national In-Country Value scheme.
The Make it in the Emirates forum is part of the MoIAT’s efforts to bring companies, investors and industrial units together to discuss procurement opportunities and partnership.
The purchasing and manufacturing opportunities on show at the forum span several key sector including metals, petrochemicals, chemical industries, plastics, machinery and equipment, defence, pharmaceuticals, medical technology and equipment, communications and agricultural technology.