UAE industrial sector achieves significant growth in 2023 through strong partnerships

The UAE industrial sector achieved significant growth and transformation in 2023, driven by strong partnership between Ministry of Industry and Advanced Technology (MoIAT) and the private sector, and the launch of the MoIAT strategy, called Operation 300 billionUAE officials said.

In their statements, they explained that the advances of the industrial sector during 2023 contributed to boosting the growth of the national economy in the medium and long term, through the implementation of a comprehensive system of legislation and policies, and the launch of initiatives, programs and projects to support innovation, entrepreneurship and startup empowerment.

Arafat Al Yafei, Executive Director of the Industrial Development Office (IDB)the arm of the Abu Dhabi Department of Economic Development (ADDED) responsible for developing and regulating the industrial sector, said:

“2023 saw significant achievements within the industrial sector, with numerous initiatives and programs supporting the objectives of our ambitious strategies, including the UAE National Industry and Advanced Technology Strategy, Operation 300 Billion and the Abu Dhabi Industrial Strategy. Dubai (ADIS). We are working closely with MoIAT and other strategic partners to accelerate the growth of the industrial sector and its transformation into Industry 4.0, with sustainability and human development at the core.

“ADIS is guiding our efforts to strengthen Abu Dhabi’s position as the region’s most competitive industrial hub, create new jobs and business opportunities and contribute to economic diversification. The strong performance of the industrial sector in 2023 reflects the continued success of ADIS initiatives. “The sector now accounts for more than 17 percent of Abu Dhabi’s non-oil GDP and 9 percent of overall GDP.”

Badr Al-Olama, Director General of Abu Dhabi Investment Office (GOODBYE)saying,

“At ADIO, we are committed to improving the emirate’s manufacturing footprint and improving the competitiveness of our industrial sector. “We are proud to work alongside the Ministry of Industry and Advanced Technology in this endeavour, and they have been a key partner in promoting the Abu Dhabi Industrial Strategy.”

Hazeem Sultan Al Suwaidi, CEO of Borouge,

“As a leading local petrochemical company operating on the international stage, Borouge recognizes the importance of strategic partnerships in promoting industrial and economic development. We value MoIAT’s key role in driving industrial development in the UAE, providing strategic direction for the positioning of the country’s industrial champions globally, while promoting a wide range of initiatives to boost bilateral global trade.

“Over the last year, MoIAT and Borouge have collaborated in many areas, from promoting global trade and industrial standards and safety, to improving sustainability and innovation while increasing value in the country.

“We look forward to continuing to collaborate with MoIAT in the coming years to advance the country’s industrial strategy.”

Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Banksaying,

“As a key financial driver powering the UAE’s industrial development strategy, our partnership with the Ministry of Industry and Advanced Technology plays a critical role in supporting the UAE’s economic diversification agenda and advancing its industrial capabilities and technological. In 2023, we double the size of our industrial funding approvals with a focus on promoting investment in local manufacturing in partnership with the ‘Make it in the Emirates’ initiative. “This is part of our commitment to enable Operation 300 billion and support key sectors that are aligned with national priorities, with the aim of increasing the BED contribution to national GDP by more than AED 10 billion by 2026.”

Saeed Ghumran Al Remeithi, CEO of Emirates Steel Arkan Groupsaying,

“The MoIAT Annual Report 2023 reflects the ministry’s efforts to advance the domestic industrial sector and enhance its contribution to sustainable development in line with the vision of the UAE leadership, strengthening the country’s position as a global hub for manufacturing and innovation.

“At Emirates Steel Arkan, we value the ministry’s pioneering role in driving the National ICV Programme, expanding access to global markets and supporting the future direction of the industrial sector, particularly in line with global climate action efforts. “Furthermore, we recognize the ministry’s efforts to safeguard domestic industries and empower Emirati talent to work in the domestic industrial sector through the Emirati Talent Competitiveness Program (Nafis).”

On behalf of Dubai Industrial City, Saud Abu Alshawareb, Executive Vice President of Industry at TECOM Group PJSCsaying,

“Our collaboration with the Ministry of Industry and Advanced Technology empowers more than 800 customers and 300 operational factories within Dubai Industrial City. This relationship deepened during the launch of our ‘Make Brilliance’ global awareness campaign in 2023, where we signed a tripartite agreement with MoIAT and Emirates Development Bank (EDB) to drive the ‘Make it in the Emirates’ initiative. As part of our agreement, EDB has committed to providing AED 1 billion in financing for Dubai Industrial City customers over the next three to five years.

“In addition, during MoIAT’s Make it in the Emirates 2023 Forum, we also confirmed the attraction of AED 1 billion in investments thanks to Dubai and the UAE’s continued success in developing the industrial sector. MoIAT is a critical partner in our vision to enrich the local manufacturing value chain and we will continue to unlock joint synergies to deliver a reinvented future for the benefit of all.”

Abdulnasser Bin Kalban, CEO of Emirates Global Aluminumsaying,

“The Ministry of Industry and Advanced Technology plays a leading role in the economic and industrial development of the UAE, and EGA is proud to support this national progress. The UAE’s national industrial strategy inspires the growth of our own business, as well as our collaboration “Efforts to further localize the EGA supply chain. “The ministry is also enabling sector-wide cooperation to enhance the UAE’s industrial competitiveness.”

News source: Emirates News Agency