A total of 32 Memoranda of Understanding and cooperation agreements were signed between government agencies and leading industrial companies at the ‘Make it in the Emirates’ Forum organized by UAE’s Ministry of Industry and Advanced Technology (MoIAT).
These agreements included the signing of agreements between Abu Dhabi National Oil Company (ADNOC) and several local and international companies worth AED21 billion covering locally-made products and materials.
The two-day event, organized by MoIAT, ADNOC and the Abu Dhabi Department of Economic Development (ADDED), hosted by Abu Dhabi highlight UAE’s capacity to ensure the growth of national industry and identify a number of products the country will depend on in the coming years.
The UAE possesses a legislative environment that offers potential for growth and competitiveness in terms of industry, transparency, rule of law, and the ability of the economy to achieve growth and business prosperity.
The UAE allows full ownership of companies by foreign investors in all sectors, most notably the industrial sector.
Since the announcement of the strategy of MoIAT also known as ‘Operation 300bn’, the ministry has established a range of strategic goals based on the UAE’s capacities to support the industrial sector.
This has led to the country being ranked first in the Middle East in the Global Entrepreneurship Index 2020, and the first regionally in terms of industrial competitiveness.
The ministry aims to motivate industry and adopt advanced technologies in the areas of industrial systems and solutions.
The ministry has adopted a strategy as part of three major pillars aimed at enhancing productivity in priority sectors.
These are achieving food and pharmaceutical security, promoting existing industrial sectors such as petrochemicals, metals like iron and aluminum and motivating future industries, such as the hydrogen and space industries.
The Forum focuses on these three sectors and offers its participants relevant facilities and incentives.
Pure Health, Etihad Airways, Emirates Global Aluminium, the Edge Group, Baker Hughes, the Abu Dhabi Fund for Development and ‘TA’ZIZ’ have taken advantage of available industrial growth opportunities, capabilities and incentives.
There were several additional incentives for manufacturers like reduced industrial fees and service tariffs, facilitating the entry of Emirati products to new markets with reduced customs tariffs, as well as providing financing through seven national and foreign financing institutions.
Many of the event’s participating entities announced several incentives and factors aimed at empowering the national industrial sector, as part of the efforts to support industry in the country.
The incentives include programs to reduce fees for electricity provided by the Department of Economic Development in Abu Dhabi, and a 25 percent discount on land and office rents provided by the Khalifa Industrial City (Kizad) with a grace period of up to 18 months on land rents during the phase of establishing a factory in Tawazun City.
Several other advantages, such as infrastructure and logistics, and the ability to reach new markets through new and expanded trade agreements were also provided.