With the help of a strong sustainable infrastructure, adaptable laws and a top notch set of standards and technical regulations that raise the competitiveness of Emirati goods, the UAE’s industry and advanced technology sector is continuing to make remarkable qualitative advancements. The sector has improved its competitiveness, contributed to the nation’s GDP and reinforced its position in sustainable economic development under the National Strategy for Industry and Advanced Technology often known as “Operation 300bn.“
Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology told the Emirates News Agency (WAM) that the industrial sector’s share of the GDP had increased to 11% or AED 205 billion by the end of 2023. He said that the sector’s contribution to the nation’s economic diversification and support for sustainable development has increased as a result of these advancements. According to UNIDO’s Competitive Industrial Performance Index (CIP), the UAE’s ranking jumped from 35th place in 2019 to 27th place globally and first in the Arab world confirming this.
Al Suwaidi added that as of Q3 2024 corporate expenditure had been channeled into the national economy to the tune of almost AED 73 billion thanks to the National in Country Value (ICV) Program which was introduced as part of “Projects of the 50.” With more than 19,000 Emiratis working for private sector enterprises accredited by the program, this effort has promoted social impact and growth and integration among industrial and service companies.
He claimed that a new industrial law that relaxes licensing requirements especially for SMEs and the simplification of industrial licensing procedures have been made possible by the Industrial Development Council which is made up of representatives from the federal government, local governments and industrial zones.
With more than AED 19 billion in competitive investment from the Emirates Development Bank and other financial institutions, industrial finance has grown dramatically in recent years. The industrial sector received AED 9.5 billion in finance in 2024 which included AED 1.1 billion for cutting edge technology and AED 1.8 billion in credit solutions from Etihad Credit Insurance.
Over the course of its three editions, the “Make it in the Emirates” Forum has accomplished some incredible accomplishments. By the end of 2023, 2,000 locally made goods were covered by purchase agreements totaling AED 143 billion over a ten-year period. Furthermore, more than 300 items were manufactured and acquired in quantities valued at almost AED7 billion and manufacturing contracts totaling AED 62 billion were given out.
