UAE Pledges Additional US$2.7bn In Industry Offtake Agreements, Invites Global Investors To Leverage Incentives
By Ron Chen, Bureau Chief, Asia
Minister of Industry and Advanced Technology, His Excellency Dr. Sultan Al Jaber, has announced US$2.7 billion in offtake agreements for the UAE’s industrial sector in a move to boost local manufacturing, strengthen supply chains and attract international investors.
Addressing the second Make it in the Emirates Forum, HE Dr. Al Jaber said the new set of procurement opportunities would build on the previous forum’s offtake agreements.
“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest US$29.9 billion over the next decade to purchase 300 products from local manufacturers,” HE Dr. Al Jaber said.
“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 US$8.4 billion.”
HE Dr. Al Jaber also announced plans for more than 30 new industrial projects, representing more than US$1.6 billion of investments.
“These projects include pioneering initiatives such as setting up the first hydrogen electrolyzer plant in the UAE,” he said.
US$1.63 billion of financing solutions for the industrial sector were also announced along with 5,000 jobs for UAE nationals in industry through the Industrialist Programme.
HE Dr. Al Jaber added: “I invite all attendees and participants to explore through this forum the incentives and enablers provided by various economic development departments, industrial and special zones, financing institutions, and national companies.”
The UAE’s industrial exports reached US$47.6 billion in 2022, growing 49 per cent compared to 2021. The industrial sector’s contribution to GDP rose to US$49.5 billion in 2022, a 38 per cent increase on 2020.
The Make it in the Emirates Forum is organized by the Ministry of Industry and Advanced Technology in partnership the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
