Al Jaber also announced more than 30 industrial projects worth over Dh6 billion
Abu Dhabi: The UAE has unveiled a new plan to strengthen its industrial sector by announcing an additional Dh10 billion in offtake agreements. This move builds upon the previous Dh110 billion worth of procurement opportunities and brings the total value of products targeted for localization to Dh120 billion.
Dr. Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, highlighted the achievements of the previous year’s forum, where national companies committed to investing Dh110 billion over the next decade to purchase 300 products from local manufacturers. “I am pleased to share with you that in the first year alone, 28 per cent of these offtake agreements have been implemented, representing a total value of Dh31 billion,” he said.
In addition to the offtake agreements, Al Jaber also announced more than 30 industrial projects worth over Dh6 billion. These projects include the establishment of the UAE’s first hydrogen electrolyzer plant, a significant initiative in advancing sustainable practices.
During the forum, ADNOC chief revealed that the oil giant would allocate over Dh20 billion to procure structures and metal products from national companies.
Sustainable job opportunities
The minister also announced the creation of 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Program. This initiative, supported by Nafis and the Ministry of Human Resources & Emiratization, seeks to boost employment prospects for the local workforce.
Make it in the Emirates initiative
To support the “Make it in the Emirates” initiative, the Ministry of Industry and Advanced Technology collaborated with the Emirates Development Bank to provide financing solutions worth Dh3 billion. It also launched the Technological Transformation Program to accelerate the adoption of Fourth Industrial Revolution technologies and contribute to achieving lower emission goals.
The minister also commended the success of MoIAT’s National In-Country Value Program. In 2022, the program injected Dh53 billion into the national economy, a 25 per cent increase compared to the previous year. Al Jaber expressed anticipation for more entities to join the program, further enhancing growth opportunities for local manufacturers.
The ministry has taken steps to streamline processes, including reducing fees and developing programs that support innovation, entrepreneurship, and small and medium-sized enterprises (SMEs). Additionally, it has facilitated access for manufacturers to export markets, encompassing over 2.5 billion consumers.
The forum also showcased competitive financing solutions for the industrial sector. First Abu Dhabi Bank will provide Dh5 billion, while Mashreq Bank will offer Dh1 billion in financing options.
SOURCE&CREDITS: gulfnews.com