Abu Dhabi [UAE], December 28 (ANI/WAM): The UAE’s industry and advanced technology sector continues to achieve exceptional qualitative leaps, supported by a robust, sustainable infrastructure, flexible legislation, and a high-quality system of standards and technical regulations that enhance the competitiveness of Emirati products.
The sector has strengthened its role in sustainable economic development, enhanced its competitiveness, and contributed to the country’s GDP under the National Strategy for Industry and Advanced Technology “Operation 300bn.”
In statements to the Emirates News Agency (WAM), Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, said that the Industrial sector’s contribution to GDP rose to 11 percent, reaching AED205 billion by end of 2023.
He noted that this progress has enhanced the sector’s role in the country’s economic diversification and support for sustainable development. This is confirmed by global competitiveness reports, which show the UAE’s ranking rising from 35th place in 2019 to 27th globally and first in the Arab world, according to UNIDO’s Competitive Industrial Performance Index (CIP).
Al Suwaidi also noted that the National In-Country Value (ICV) Programme launched as part of “Projects of the 50”, redirected over AED 73 billion in corporate spending into the national economy as of Q3 2024. This initiative has fostered growth and integration among industrial and service companies while creating social impact, with over 19,000 Emiratis employed in private sector companies certified by the programme.
He stated that the Industrial Development Council comprising federal, local, and industrial zone representatives, has played a crucial role in streamlining industrial licensing procedures and implementing a new industrial law that eases licensing requirements, particularly for SMEs.
Over the past few years, industrial financing has significantly expanded, with over AED 19 billion in competitive funding provided by the Emirates Development Bank and other financial institutions.
In 2024, AED 9.5 billion in financing was allocated to the industrial sector, including AED 1.1 billion for advanced technology and AED 1.8 billion in credit solutions provided by Etihad Credit Insurance.
The “Make it in the Emirates” Forum has achieved remarkable milestones across its three editions. By the end of 2023, purchase agreements for locally manufactured products over a 10-year period had reached AED143 billion, covering 2,000 locally produced items. Additionally, manufacturing contracts worth AED62 billion were awarded, and over 300 products were produced and purchased in quantities valued at approximately AED7 billion. (ANI/WAM)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.