UAE ministry reveals new incentives to promote growth of industrial SMEs

Incentives include free technology maturity assessments to help companies accelerate technological transformation

The UAE launched Operation 300bn in 2021 to position itself as a global industrial centre by 2031. Bloomberg
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The UAE’s Ministry of Industry and Advanced Technology, along with its partners, has launched new incentives packages to boost industrial small and medium enterprises in the Emirates.

The initiatives align with the objectives of the national Operation 300bn strategy, which aims to transform the UAE's industrial base into a globally competitive, productive and sustainable economic engine.

As part of the incentives, which were launched at Adipec, the ministry has teamed up with companies including Maxbyte and Schneider Electric to provide free Industrial Technology Transformation Index assessments for companies.

Certified assessors from Maxbyte, a provider of Fourth Industrial Revolution solutions, will conduct 50 free ITTI assessments by mid-2024. Assessors from Schneider Electric will conduct 25 assessments.

The ministry’s new incentive packages will also provide manufacturers and SMEs with the opportunity to nominate employees for a golden visa.

Manufacturers with high maturity that achieve an ITTI score of 40 per cent to 60 per cent can nominate up to two people to receive the special visa, while companies with a score of 61 per cent and above can nominate up to five.

“SMEs are now being offered maximised support to integrate advanced technologies, enhancing productivity, competitiveness, sustainability and efficiency across the value chain,” said Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.

These partnerships aim to make manufacturing in the UAE smarter and greener in line with Operation 300bn and in support of the Make it in the Emirates initiative.”

In 2021, the UAE launched Operation 300bn to position itself as a global industrial centre by 2031.

The 10-year comprehensive road map focuses on increasing the industrial sector's contribution to gross domestic product to Dh300 billion in 2031, from Dh133 billion in 2021.

The ministry, which is leading Operation 300bn, was created in 2020 to increase the competitiveness of products made in the UAE and the industrial sector's contribution to the economy.

It is also accelerating the adoption of Fourth Industrial Revolution technologies in the industrial sector under the UAE Industry 4.0 programme.

In 2022, it supported 175 factories in developing a road map for their technological transformations, bringing the total number to 275 factories.

Updated: October 05, 2023, 4:47 PM