Connect with us

UAE News

UAE’s Ministry of Industry and Advanced Technology Drives Industrial Sector and Economy to New Heights, States Dr Sultan Al Jaber

Dubai's Casa Canal Project by AHS Properties Sells 80% of Units Within Days of Launch

Since its establishment in 2020, the Ministry of Industry and Advanced Technology (MoIAT) has spearheaded transformative initiatives, leading to significant advancements in the UAE’s industrial landscape and economic growth, according to Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

Transformational Growth

The UAE has experienced a remarkable 49% increase in the industrial sector’s contribution to the gross domestic product (GDP), amounting to Dh197 billion ($53.6 billion), since the inception of the ministry. Industrial exports have surged by 60% to Dh187 billion, reflecting the sector’s robust performance.

Key Initiatives and Programs

The success is attributed to strategic programs such as the National In-Country Value (ICV) program, redirecting over Dh237 billion into the national economy and providing employment opportunities for 16,000 Emiratis. Additionally, the launch of Operation 300bn in 2021 aims to elevate the industrial sector’s GDP contribution to Dh300 billion by 2031.

Facilitating Growth and Investment

Initiatives like Make it in the Emirates encourage local and international investors to manufacture and export products from the UAE, fostering industrial growth. The ministry has also facilitated financing solutions worth Dh5.3 billion in collaboration with various partners.

Enhancing Competitiveness

The introduction of Federal Decree Law No. 25 of 2022 has reinforced the UAE’s industrial hub status, promoting ease of doing business and aligning with global trends. The Technology Transformation Programme and the industrial technology transformation index have further enhanced the sector’s competitiveness and sustainability.

Looking Ahead

The ministry continues to focus on providing valuable opportunities to the industrial sector, attracting foreign investments, and positioning the UAE as a global industrial center. Dr Al Jaber emphasized the importance of collaborative efforts in achieving these goals and ensuring sustained growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending