Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, on Wednesday announced industrial projects, including the first hydrogen electrolyzer plant, worth more than 6 billion dirhams ($1.63 billion), as part of a slew of initiatives to support the "Make it in the Emirates" programme.
The hydrogen electrolyser plant produces green fuels.
Speaking at the "Make it in the Emirates" Forum taking place in Abu Dhabi on Wednesday, he also announced increasing the value of purchase agreements for local manufacturers and industrial investments by more than AED10 billion and allocating more than AED20 billion via Abu Dhabi National Oil Co. (ADNOC) for the purchase of products exclusively from national factories.
Al Jaber said the UAE's industrial exports hit AED175 billion in 2022, up 48% from 2020 due to measures to boost the economy and develop the country as an industrial hub by 2031. The efforts have increased industry’s contribution to national GDP to AED 182 billion in 2022 from AED 132 billion in 2020, he said.
In 2021, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, launched the Industrial Strategy "Operation 300bn", which aims to raise the industrial sector’s contribution to the GDP to AED 300 billion by 2031.
The key investment event in the UAE, which is expected to see billions of dollars' worth of investment and procurement opportunities, is held under the theme of investment, sustainability, and growth.
Al Jaber said during 2022 MoIAT offered financing solutions worth AED 3 billion support and enable the "Make it in the Emirates" initiative.
(Writing by Brinda Darasha; editing by Seban Scaria)