The UAE is launching a series of initiatives including setting up new industrial units to increase industrial exports and boost the sector’s contribution to the national economy, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, has said.
With the initiatives launched last year, the UAE has already managed to increase the industrial sector’s contribution to national gross domestic product to Dh182 billion ($50 billion), a 38 per cent increase from Dh132 billion in 2020, Dr Al Jaber said in his key note speech at the second Make it in the Emirates forum in Abu Dhabi.
The value of the UAE’s industrial exports rose to Dh175 billion last year, a 49 per cent increase from 2020 on the back of the National Strategy for Industry and Advanced Technology launched by the ministry, he said.
This year, the UAE plans to “increase the value of purchase agreements for local manufacturers and industrial investments by more than Dh10 billion, taking the total value of products targeted for localisation to Dh120 billion”, Dr Al Jaber told delegates on Wednesday.
Last year, national companies including Adnoc announced investment of Dh110 billion over the next decade to purchase 300 products from local manufacturers.
“I am pleased to share with you that in the first year alone, 28 per cent of these offtake agreements have been implemented, representing a total value of Dh31 billion,” Dr Al Jaber said. “This is an outstanding achievement.”
The Arab world’s second-largest economy also plans to launch more than 30 “innovative industrial projects” valued at about Dh6 billion.
“These projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE,” he said.
The UAE launched its broader industrial strategy, Operation 300bn, in 2021, which aims to position the country as an industrial centre by 2031. The 10-year strategy focuses on increasing industry’s contribution to GDP to Dh300 billion by 2031, from Dh133 billion in 2021.
The strategy focuses on boosting production in 11 priority areas, supporting the growth of national industry, attracting foreign investment, modernising legislation and ensuring availability of dedicated financing for industrial companies.
The Ministry of Industry and Advanced Technology, which was created in 2020 to increase the competitiveness of products made in the UAE, is leading Operation 300bn.
The Make it in the Emirates campaign encourages local and international investors to manufacture and export products from the UAE.
The UAE has also been expanding its In Country Value (ICV) programme that aims to boost private-sector participation in the economy, diversify output and localise critical parts of the supply chain.
State energy company Adnoc is allocating more than Dh20 billion for the purchase of structures and metal products “exclusively from national factories, an initiative that will provide more opportunities to manufacture of products such as cables and pipes”, Dr Al Jaber said.
Last year, the ICV programme redirected Dh53 billion into the national economy, a 25 per cent rise from a year earlier.
The UAE, which is hosting Cop28 this year, is also adopting “a new standard” within the national ICV programme called “Green ICV, to encourage sustainability practices and motivate companies to reduce emissions”, said Dr Al Jaber, who is also Cop28 President-designate.
The industrial sector in the UAE has grown rapidly over the last few years, despite a global economic slowdown. The government is also accelerating the adoption of Fourth Industrial Revolution technologies in the sector under the UAE Industry 4.0 programme.
In 2022, the ministry supported a further 175 factories in developing a road map for their technological transformations, bringing the total number to 275.
It aims to unveil more than 1,000 technological projects by 2031, raise advanced technology exports to Dh15 billion and increase the GDP of advanced technology to Dh110 billion.
The ministry has also taken several steps to improve the ease of doing business and ensuring the industrial sector's access to financing.
This year, First Abu Dhabi Bank, the biggest lender in the UAE by assets, will allocate competitive financing solutions for industrial sector companies. Mashreq is also joining the financing initiative with a Dh1 billion funding commitment to the industrial sector, Dr Al Jaber said.
This financing is on top of the funding being provided by Emirates Development Bank, which last year completed financing deals worth Dh3 billion to support and enable the Make it in the Emirates initiative.
The ministry also aims to provide “5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Programme”, with the support of Nafis and the Ministry of Human Resources and Emiratisation, he added.
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
COMPANY%20PROFILE
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
More coverage from the Future Forum
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
Maestro
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How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
