Since the initiation of Operation 300bn in 2021, the industrial sector witnessed notable growth, with a 17% increase in industrial exports and a 7% growth in productivity….reports Asian Lite News
The Ministry of Industry and Advanced Technology (MoIAT) has highlighted its key accomplishments for 2023, emphasizing the sector’s pivotal role in contributing to the UAE’s GDP. Under the leadership’s vision, the ministry focused on creating a thriving business environment, boosting the In-Country Value (ICV) in the industrial sector, promoting technological advancements, and fostering sustainability.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, announced that the industrial sector’s contribution to the GDP is projected to reach AED197 billion in 2023. The achievements were anchored in four pillars: supporting a business-friendly environment for UAE companies, enhancing ICV in the industrial sector, accelerating technological transformation, and promoting sustainability in line with the National Strategy for Industry and Advanced Technology, Operation 300bn.
Since the initiation of Operation 300bn in 2021, the industrial sector witnessed notable growth, with a 17% increase in industrial exports and a 7% growth in productivity. Import substitution projects totaling AED9.3 billion were activated, contributing to the sector’s resilience and self-sufficiency.
Also Read
The UAE secured the first regional position and 29th globally in the Competitive Industrial Performance Index, as per the United Nations Industrial Development Organization (UNIDO). Collaborating with strategic partners, the ministry provided competitive financing solutions amounting to AED5.3 billion, reflecting a 70% growth from 2022, with 90% directed towards SMEs.
The National ICV Programme achieved a 17% growth in local expenditure, reaching AED61 billion, fostering the localization of supply chains. The Industrialists Programme, introduced in 2023, empowered Emiratis by connecting them with industrial companies, resulting in 7,000 job placements.
Dr. Al Jaber highlighted the ministry’s commitment to sustainability and climate action, unveiling the Industrial Decarbonisation Roadmap during COP28. This roadmap aims for a 93% reduction in carbon emissions by 2050, showcasing the UAE’s dedication to environmental responsibility.
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, underscored the ministry’s focus on technological transformation. The Industrial Technology Transformation Index (ITTI) evaluated and developed technology roadmaps for 153 companies, contributing to sustainability practices and creating 360 high-technology jobs. Al Amiri emphasized the integration of ITTI into the National ICV Programme to incentivize technology adoption.
Incentives and enablers were key to MoIAT’s success, including new laws on industry regulation, AED5.3 billion in financial solutions, customs exemptions totaling AED3 billion, and AED1.4 billion in credit solutions to boost exports. Industrial service fees were reduced by 52%, amounting to AED29.5 million, fostering a business-friendly environment.
The inaugural Make it in the Emirates Awards celebrated contributors to the UAE industry, recognizing visionaries and innovators shaping the future. The Make it in the Emirates Startup Competition showcased sustainable technological ideas, connecting startups with investors.
The National ICV Programme achieved significant milestones, with AED61 billion spent on local products and services, a 22% increase in certified companies, and an 80% rise in Emiratis employed. The Industrialist Career Fair and Industrial Technology Transformation Index played crucial roles in advancing Emiratisation and technological transformation.
To drive technological advancements, the ministry launched the ITTI and Industry 4.0 Enablement Centres, facilitating digital strategies and technological transformation projects. The ministry attracted industrial investments worth AED380 million in the plastic recycling sector through new technical regulations.
In collaboration with ADNOC and Masdar, the UAE Climate Tech forum aimed to accelerate sustainable development initiatives. The ministry’s participation in COP28 included the announcement of the Industrial Decarbonisation Roadmap and the showcasing of 43 climate tech startups.
The industrial partnership with Egypt, Jordan, and Bahrain progressed, reaching joint investment projects totaling $3.3 billion by the end of 2023. This initiative focuses on sustainable growth, self-sufficiency, and the integration of value chains in priority industries.
Overall, MoIAT’s achievements in 2023 reflect its commitment to driving economic growth, fostering innovation, and ensuring sustainability in the UAE’s industrial landscape.
Al Jaber ranks first among CEOs in MENA
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), has been ranked first among CEOs in the Middle East and North Africa, and second among CEOs in the oil and gas sector globally, by leading global brand valuation consultancy Brand Finance.
Dr. Sultan Al Jaber was ranked first among CEOs in MENA in recognition of his pivotal role in strengthening ADNOC’s position as a reliable and responsible energy provider, implementing a strategic plan to modernise and develop the company and ensure that its business is future-proof by focusing on applying the latest technologies in the company’s operations, increasing the efficiency of its operations while reducing emissions and investing in the future energy system.
Under the leadership of Dr. Sultan Al Jaber, ADNOC has achieved qualitative achievements during 2023 and took significant steps to ensure that its business is future-proof. These included the execution of an initial public offering (IPO) on the shares of two of its companies, which achieved record demand.
ADNOC also commits to being a global leader in achieving net-zero emissions by 2045, leveraging cutting-edge technologies to accelerate carbon reduction, expand renewable energy, and pioneer low-carbon solutions. Additionally, ADNOC’s brand strength was attributed to its commitment to decarbonisation. It is one of 50 founding signatories of the Oil and Gas Decarbonisation Charter, a global commitment to speed up climate action across the industry that was launched at COP28.
Brand Finance is a world leading independent brand valuation and strategy consultancy. Headquartered in the City of London, the consultancy is present in over 20 countries. Founded in 1996 with the aim of ‘bridging the gap between marketing and finance’, for more than 20 years, the Consultancy has helped companies and organisations of all types to connect their brands to the bottom line.
ALSO READ: Missile Strikes Escalate Iran-Pakistan Tensions
