The UAE Minister of Industry and Advanced Technology, Sultan Al Jaber, made a significant announcement during the “Make it in the Emirates” Forum in Abu Dhabi.
The UAE unveiled industrial projects valued at over 6 billion dirhams ($1.63 billion) as part of its commitment to the “Make it in the Emirates” program. The initiatives aim to bolster the country’s industrial sector and promote domestic manufacturing.
One of the notable projects unveiled is the construction of the UAE’s first hydrogen electrolyzer plant, which will play a vital role in producing green fuels. The hydrogen electrolyzer technology utilizes renewable energy sources to split water into hydrogen and oxygen, providing a sustainable solution for fuel production. This plant represents a significant step toward the UAE’s vision of becoming a global leader in the field of clean and renewable energy.
In addition to the hydrogen electrolyzer plant, Minister Al Jaber also announced an increase in the value of purchase agreements for local manufacturers and industrial investments, amounting to more than 10 billion dirhams. The government has allocated a substantial budget of over 20 billion dirhams through the Abu Dhabi National Oil Co. (ADNOC) to exclusively procure products from national factories, further boosting domestic manufacturing.
The UAE’s commitment to expanding its industrial sector has yielded impressive results. In 2022, the country witnessed a surge in industrial exports, reaching 175 billion dirhams, marking a 48% increase from 2020. These achievements are attributed to various measures implemented to stimulate economic growth and transform the UAE into a thriving industrial hub by 2031. As a result, the contribution of the industrial sector to the national GDP rose to 182 billion dirhams in 2022, up from 132 billion dirhams in 2020.
The “Make it in the Emirates” initiative aligns with the broader Industrial Strategy called “Operation 300bn,” launched by Sheikh Mohammed bin Rashid Al Maktoum in 2021. This strategy aims to elevate the industrial sector’s contribution to the UAE’s GDP to 300 billion dirhams by 2031, creating a sustainable and diversified economy.
The “Make it in the Emirates” Forum serves as a pivotal investment event in the UAE, attracting substantial investment and procurement opportunities. The event focuses on themes such as investment, sustainability, and growth, demonstrating the UAE’s commitment to fostering a thriving business environment that encourages innovation and economic prosperity.
Minister Al Jaber highlighted the support provided by the Ministry of Industry and Advanced Technology (MoIAT) in driving the “Make it in the Emirates” initiative forward. In 2022 alone, MoIAT offered financing solutions worth 3 billion dirhams to support and enable local industries, further strengthening the country’s manufacturing capabilities.