Make it in the Emirates Forum: UAE companies launch 300 products, allocate Dhs110bn to support manufacturing

The Make it in the Emirates Forum, the latest initiative of the Ministry of Industry and Advanced Technology (MoIAT), held in association with the Abu Dhabi Department of Economic Development (ADDED), began on June 21. The two-day event has witnessed the attendance of major local and international industrial companies, UAE government entities and financial institutions operating in the UAE.

Twelve national companies introduced 300 products for local production and procurement at the event, highlighting the UAE’s efforts to become a hub for global industries. These products introduced for local production will contribute over Dhs6bn to the national GDP annually.

National companies, including ADNOC, ADQ Holding, Emirates Global Aluminium, TAQA, Etisalat, Etihad Airways, Edge, Mubadala, Emirates Steel, Pure Health, Strata, Aldar, Emirates Nuclear Energy Corporation, Etihad Rail and Masdar, announced the provision of Dhs110bn towards potential purchase agreements to existing and new partners.

The products spanned 11 sectors, including metals, petrochemicals, chemical industries, plastics, machinery and equipment, defense industries, pharmaceutical industries, technology and medical equipment, communications and agricultural technology.

Localising these products is also expected to attract investments, promote the industrial sector and advanced technology, diversify the economy, enhance economic growth and sustainability, create new job opportunities and fortify supply chains.

Over 1,300 delegates attended the event, including representatives from leading national companies, manufacturers and investors with over 20 panel speakers comprising CEOs of major industrial companies, as well as high level representatives from the public and private sector.

Dr Sultan bin Ahmed Al Jaber, MoIAT, who inaugurated the event, said in his opening note, that the ministry was focused on implementing the vision of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and aimed to “double our efforts, prepare for the future, contribute to our national economic diversification efforts and leverage the competitive advantages of the UAE in order to build a robust industrial sector that promotes self-sufficiency and increases local production”.

He added that the ministry is also guided by the directives of “HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who has said that the UAE, with its strong will, resources, capabilities and effective policies, is capable of building a global economic base, and that, by achieving self-sufficiency in a number of vital industries to enhance the resilience of our economy in the face of global crises, we will safeguard the UAE from global economic challenges”.

Dr Al Jaber added the UAE enjoys “highly skilled human resources, energy resources, raw materials, a strategic geographic location, advanced infrastructure, transparent laws, reliability and credibility, competitive financing, an ideal quality of life in a diverse, tolerant and secure society, strategic economic partnership agreements and cooperation and trade agreements with various countries around the world. All of which have enabled us to develop our national industry, attract investments, build partnerships, and enter new markets”.

He also encouraged companies to take advantage of the forum, highlighting that large companies are sharing their plans and visions “including their current product procurement plans, their future demand for various products, materials and services as well as their commitment to allocate part of that procurement to local suppliers in an effort to develop their existing industries and create new ones in the UAE and achieve economic value”.

Dr Al Jaber said: “The ministry seeks to contribute to safeguarding our achievements, benefiting from the regulatory and legislative ecosystem that stimulates industrial investments in the country, creating commercially viable opportunities for the growth of the industrial sector, supporting local products, reducing dependence on imports, and empowering our economy by increasing the industrial sector contribution to the GDP to Dhs300bn by 2031.”

He highlighted the achievements of the ministry to date, explaining that “the ministry launched the National In-Country Value programme, which aims to redirect the largest amount of purchases by major companies and government agencies to the local economy and prioritises suppliers who invest in and manufacture products and services locally; incentivising them with financing solutions”.

Currently, the programme is being implemented by 45 government agencies and six leading national companies, with the participation of 5,500 local industrial companies. During its first year, the programme has succeeded in redirecting more than Dhs40 billion to the national economy.

Muhammad Ali Al Shorafa, chairman of ADDED, said: “The Make in the Emirates Forum showcases opportunities for local and international stakeholders to develop their organisations by leveraging the UAE’s competitive advantages with the aim of empowering the national industrial sector. The forum also sheds light on the UAE’s attractive investment environment, as well as opportunities and incentives in the industrial sector. In addition, the forum introduces the expected demand for products and services of leading national companies over the next decade and showcases industrial success stories. The forum also highlights purchasing and manufacturing opportunities for stakeholders to participate in.”

During the event, MoIAT also signed an agreement with Emirates Development Bank and EDGE Group, have signed a mutual agreement to support the development of manufacturing at one of the world’s top 25 advanced technology groups for defence. The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support growth in the defense sector, one of the key industries of the future.

The agreement includes financing of up to Dhs1bn provided by EDB to support and accelerate the industrialisation of EDGE’s unique offerings.