During the conclusion of the Make it in the Emirates (MIITE) Forum, government entities and private firms in the UAE pledged an additional $6.26 billion towards bolstering local manufacturing. Organized by the Ministry of Industry and Advanced Technology (MoIAT), the forum showcased various commitments, including a $820 million pledge for procuring locally made medical equipment. These announcements in local procurement build upon the previously generated offtakes from the forum’s two earlier editions, elevating the cumulative worth to $38.93 billion, encompassing 2,000 locally manufactured products.
These commitments form part of a broader array of multi-billion-dollar agreements and initiatives unveiled at MIITE, with a focus on fostering economic self-reliance and attracting investments to the UAE. The forum witnessed the signing of 82 agreements, lending support to Operation 300bn, a strategic endeavor aimed at augmenting manufacturing value added to $81 billion by 2031.
Among the highlights of MIITE were industrial ventures and investments surpassing $5.44 billion. Notably, a $12 million investment was earmarked for launching the UAE’s inaugural microalgae producer, while UK-based Levidian unveiled a $100 million investment plan for establishing a new Regional Delivery Centre in Abu Dhabi, with a revenue target of $2 billion by 2030 and the promise of generating hundreds of job opportunities.
MoIAT introduced the AI Innovation Program during MIITE, designed to assist industrial enterprises in integrating artificial intelligence into their operations. This program received backing worth $100 million from the Emirates Development Bank (EDB). Furthermore, EDB collaborated with commercial banks to offer $272 million in co-lending support to bolster industrial firms. Another notable initiative, Transform 4.0, was launched with the objective of establishing 100 Industry 4.0 lighthouses within the next three-to-five years.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, remarked, “The third edition of the Make it in the Emirates Forum signifies a substantial acceleration in pace and momentum for the UAE’s industrial sector. Within just three years since the establishment of the ministry, the industrial sector’s contribution to GDP has surged by 49% to AED 197 billion ($53.64 billion). The UAE has emerged as a truly global hub for industrial investment and innovation, attracting some of the world’s leading companies and top talents.
The announcements made this week will bolster national resilience across vital sectors such as energy, healthcare, and food, while also presenting compelling investment prospects for companies looking to capitalize on the new wave of value generated by Operation 300bn.
