More than a dozen of the UAE's largest companies have committed to allocating nearly AED 110 billion in potential purchase agreements for local manufacturers.
The pledge was made at the Made In The Emirates Forum, with the companies identifying more than 300 products and materials, which can be manufactured locally at competitive prices, at quality standards and with approved schedules, as additional manufacturing opportunities for existing and new investors.
In his keynote address, Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, said the move will create opportunities for the growth of the national industrial sector, adding at least AED 6 billion annually to GDP.
He added the strategy is designed to contribute to a diversified and sustainable economy and leverage the UAE's value proposition and competitive advantages to build a strong industrial sector, enhance self-sufficiency and localise supply chains,
Al Jaber said, "The COVID-19 pandemic and recent geopolitical challenges have disrupted our supply chains and affected the global economy; an experience from which we extracted many lessons.
"One of the most important lessons we learned is that regardless of global economic conditions, enhancing self-sufficiency and resilience in vital sectors such as food, healthcare, and the sectors critical to ensuring business continuity and economic growth, is critical."
He explained that one of the most important objectives of the Ministry of Industry and Advanced Technology is to leverage local purchasing power to develop the industrial sector, especially through the national In-Country Value Programme.
"Therefore, we have cooperated with the relevant government agencies, large national companies, investors, manufacturers, and various stakeholders, in preparing for this forum, which today is presenting you with opportunities from a group of leading national companies that have significant purchasing power. They include ADNOC, ADQ Holding, Emirates Global Aluminium, TAQA, Etisalat, Etihad Airways, Edge, Mubadala, Emirates Steel, Pure Health, Strata, Aldar, Emirates Nuclear Energy Corporation, Etihad Rail, and Masdar, among others.
"These companies today are offering more than 300 products and materials, which can be manufactured locally at competitive prices, at quality standards and with approved schedules, as additional manufacturing opportunities for existing and new investors."
This data will help manufacturers increase local production to meet the needs of large national companies, whether by relying on their existing capabilities or by creating partnerships and attracting external investors.
He continued, "I am happy to announce that these large national companies have committed to allocating nearly AED 110 billion in potential purchase agreements for local manufacturers. The forum's sessions and exhibition will provide details of these products and industrial investment opportunities. This unprecedented move will create opportunities for the growth of the national industrial sector, adding at least AED 6 billion annually to GDP."
UAE's leadership supports transformation of industrial sector into global manufacturing hub: Sultan Al Jaber#WamNews https://t.co/Y89uOm0i8l pic.twitter.com/ocDrBo9rNu
— WAM English (@WAMNEWS_ENG) June 21, 2022
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