ABU DHABI, UAE – The UAE Ministry of Industry and Advanced Technology (MoIAT) and Ras Al Khaimah Economic Zone (RAKEZ) Thursday signed a Memorandum of Understanding (MoU) with the aim of enhancing the UAE’s appeal as an investment destination.
Omar Suwaina Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology and Ramy Jallad, CEO of RAKEZ, signed the agreement on the sidelines of Abu Dhabi Sustainability Week (ADSW).
UAE Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber was present on the occasion.
Al Suwaidi said, “Our MoU with RAKEZ aligns with our commitment of boosting collaboration with government and private sector entities to drive the progress the industrial sector in the country.”
He said, “It serves the objectives of our national industrial strategy, Operation 300bn, to help create an attractive business environment for domestic and international investors.”
he added, “Through such partnerships, we seek to encourage more businesses to join our Make it in the Emirates campaign through offering a wide array of incentives.”
Al Suwaidi said, “MoIAT offers finance solutions in collaboration with its strategic partners like Emirates Development Bank to help these investments grow and have a global outreach.”
Jallad said, “This agreement signifies an important step towards our common goal to further strengthen the industrial sector in the UAE and attract investments to the country by providing an ideal environment and competitive advantages to investors.”
He said, “We are confident that this alliance will contribute positively towards positioning Ras Al Khaimah and the UAE as regional and global hubs for industrial investments.”
The two entities will cooperate in programs and initiatives under the National Strategy for Industry and Advanced Technology, Operation 300bn, and encourage industrial companies to join the UAE Industry 4.0 program and undergo a readiness assessment.
They will also promote the activities of the Champions 4.0 Network through encouraging industrial companies to participate and will incentivize companies to join and benefit from the National In-Country Value Program.
The MoU also offers incentive packages to attract investment in industries such as attractive rates for land, facilities and utilities, in line with the Make it in the Emirates initiative.
The two entities will host joint roadshows and participate in events to promote investment opportunities.
The two entities will also jointly enhance the participation of the industrial sector in the technical committees concerned with the creation of standard and technical regulations, as well as facilitating the decarbonization of the industrial sector in the UAE, in line with the objectives of the UAE Net Zero by 2050 Strategic Initiative.