A new industrial financing entity will soon be established in Abu Dhabi to finance large industries and small and medium-sized enterprises (SMEs) as industrial financing requires the establishment of new frameworks, said Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development (ADDED).
Abu Dhabi’s industrial sector contributed about AED 83.5 billion ($22.73 billion) to the emirate’s GDP in 2021, he said at the launch of Abu Dhabi’s new industrial strategy.
The launch was attended by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Abdullah bin Touq Al Marri, Minister of Economy, Sheikh Abdullah bin Mohammed Al Hamed, Chairman of the Department of Health-Abu Dhabi, Abdullah Al Hamli, Head of the Economic Cities and Free Zones Sector-Abu Dhabi Ports Group, and several officials.
There are new initiatives aimed at attracting industrial investments to Abu Dhabi, including reducing electricity, water and gas tariffs, as well as industrial lands prices, Al Hammadi said, highlighting the launch of the “Abu Dhabi Partners Initiative,” which aims to attract local and international partners in key industrial sectors.
The industrial sector is a key contributor to the national economy, amidst the current efforts to attract advanced and technological industries, he further said, while pointing out that Abu Dhabi’s manufacturing sector has witnessed significant growth over the past years, with more than 850 industrial establishments being based in the emirate, in addition to seven operators of industrial zones that facilitate business and prosperity.
Al Hammadi said that within a year, the UAE has advanced five places to rank 30th globally in a report by the Competitive Industrial Performance Index issued by the United Nations Industrial Development Organisation (UNIDO) in 2021, which evaluates industrial performance in 152 countries.