Al Taweelah plant in Abu Dhabi. Boosting the UAE’s industries and adopting advanced technology are among the central planks of the country's economic diversification strategy. Bloomberg
Al Taweelah plant in Abu Dhabi. Boosting the UAE’s industries and adopting advanced technology are among the central planks of the country's economic diversification strategy. Bloomberg
Al Taweelah plant in Abu Dhabi. Boosting the UAE’s industries and adopting advanced technology are among the central planks of the country's economic diversification strategy. Bloomberg
Al Taweelah plant in Abu Dhabi. Boosting the UAE’s industries and adopting advanced technology are among the central planks of the country's economic diversification strategy. Bloomberg

UAE aims to boost industrial investment at Make it in the Emirates forum


Alvin R Cabral
  • English
  • Arabic

The UAE aims to boost the momentum of industrial investments at the third Make it in the Emirates forum, underpinning the vital role the sector plays in the country's economic and diversification strategies.

The forum, which will run on May 27 and 28 in Abu Dhabi, will build on the strength of the Dh120 billion ($32.7 billion) worth of local procurement agreements forged through more than 100 deals signed at past events.

This year's event will highlight investment opportunities in several crucial industries, foremost of which are energy, telecoms, aerospace, health care, and food and beverage.

Speakers will include Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Badr Al Olama, director general of the Abu Dhabi Investment Office and Faisal Al Bannai, secretary general of Abu Dhabi's Advanced Technology Research Council.

Topics dominating the two-day forum include the growth of UAE's Operation 300bn industrial initiative, using artificial intelligence in industries, the Emirates' space ambitions and boosting the youth's role in the industry, among others.

The event will be hosted by the ministry, in co-operation with the Abu Dhabi Department of Economic Development. Adnoc will convene executives from global corporations, government and private sector officials, small and medium enterprises, and start-ups, among others.

Make it in the Emirates has also enabled Dh6 billion in financial solutions, 30 industrial projects collectively worth more than Dh6 billion, and about 5,000 job opportunities for Emiratis in the industrial sector, according to data from the Ministry of Industry and Advanced Technology.

“The UAE is today one of the top destinations for industrial investments,” Dr Sultan Al Jaber said on the ministry's website.

“The country offers a range of competitive advantages, including credibility, reliability, transparent laws, solid governance, competitive financing and an excellent quality of life within a diverse, tolerant and safe society, as well as a strategic geographical location with advanced infrastructure.”

Growing the UAE’s industries and adopting advanced technology are among the central aspects of the UAE’s economic diversification strategy – several programmes have been launched in this regard – as it steers away from dependence on oil.

The Arab world's second-largest economy expanded by 3.6 per cent to Dh1.68 trillion last year, driven by strong non-oil sector growth, preliminary estimates from the Federal Competitiveness and Statistics Centre showed on Thursday.

At current prices, meanwhile, the Emirates' gross domestic product stood at Dh514.13 billion, representing an annual expansion of about 2.3 per cent.

The UAE has also recorded a 49 per cent increase in the industrial sector's contribution to the GDP, reaching Dh197 billion, since the creation of the ministry, while industrial exports have surged 60 per cent to Dh187 billion, it was reported in March.

Industrial productivity has increased by 18 per cent compared to 2020 and the UAE was ranked first regionally and 29th globally last year in a UN agency’s competitive industrial performance index, climbing seven spots since 2020.

The surge is underpinned by various programmes such as the National In-Country Value programme, through which, more than Dh237 billion being spent outside the UAE was redirected into the national economy, Dr Al Jaber had said in March.

So far, 16,000 Emiratis have been employed across ICV-certified companies.

The UAE also launched its industrial strategy, Operation 300bn, in 2021 to position the country as an industrial centre by 2031.

The 10-year strategy focuses on increasing the industrial sector’s contribution to GDP to Dh300 billion by 2031, from Dh133 billion in 2021.

The ministry also launched initiatives to allow easy financing and minimise risks for industrial companies.

Last year, it provided Dh5.3 billion in financing solutions for the industrial sector in co-operation with its partners including Emirates Development Bank, First Abu Dhabi Bank and Mashreq Bank.

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Our legal consultant

Name: Hassan Mohsen Elhais

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Russia's Muslim Heartlands

Dominic Rubin, Oxford

T20 WORLD CUP QUALIFIER

Results

UAE beat Nigeria by five wickets

Hong Kong beat Canada by 32 runs

Friday fixtures

10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey

7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

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Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

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Torque: 985Nm

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The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

COMPANY%20PROFILE
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Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

Updated: May 26, 2024, 7:29 AM