UAE state and private entities have pledged an additional $6.26 billion towards bolstering local production during the recently concluded Make it in the Emirates (MIITE) Forum, organized by the Ministry of Industry and Advanced Technology (MoIAT). Among the highlights of the forum was a commitment of $820 million for procuring locally manufactured medical equipment.
These commitments supplement the offerings from the preceding editions of the forum, culminating in a total value of $38.93 billion, spanning over 2,000 products for local manufacturing. They are integral components of a series of billion-dollar agreements and initiatives unveiled at MIITE, with the objective of fostering economic self-sufficiency and attracting investments to the UAE. A total of 82 agreements were inked during MIITE, aligning with Operation 300bn, a strategic initiative aimed at elevating manufacturing value-added to $81 billion by 2031.
MIITE also saw the announcement of industrial projects and investments exceeding $5.44 billion. Notable among these was a $12 million investment to launch the UAE’s maiden microalgae producer. Additionally, British company Levidian disclosed a $100 million investment in a new Regional Distribution Center in Abu Dhabi, with aspirations of generating $2 billion in revenue by 2030 and creating numerous job opportunities.
MoIAT introduced the AI Innovation Program during the forum, intended to facilitate the integration of AI into industrial operations. The program secured $100 million in funding from the Emirates Development Bank (EDB), which collaborated with commercial banks to provide $272 million in co-financing to support industrial enterprises. Another initiative unveiled was Transform 4.0, aiming to establish 100 Industry 4.0 beacons over the next three to five years.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, commented, “The third edition of the Make it in the Emirates Forum signifies a notable acceleration in the momentum and vitality of the UAE’s industrial sector. In just three years since the establishment of the ministry, the industrial sector’s contribution to GDP surged by 49%, reaching AED 197 billion ($53.64 billion). The nation has emerged as a genuine global nexus for investment and industrial ingenuity, attracting top-tier talent and major players from around the world.”
He further added, The announcements made this week will enhance national resilience across pivotal sectors such as energy, healthcare, and food, while concurrently offering compelling investment prospects for companies keen on tapping into the transformative value generated by Operation 300 billion.
