Abu Dhabi has started a new one-billion-dirham ($272 million) programme to boost industrial investment and cement its position as the preferred destination for business and talent.
Abu Dhabi Channel Partners programme, launched by Abu Dhabi Department of Economic Development (ADDED), will provide detailed guides of investment opportunities, supported by customised incentive packages to address the needs of key players and investors.
The new programme aims to increase the emirate’s global competitiveness, attract new foreign and domestic direct investments, facilitate transfer of technology, knowledge, expertise and increase the industrial sector’s contribution to Abu Dhabi’s non-oil GDP.
Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “We are investing AED 1 billion in the Abu Dhabi Channel Partners as part of initiatives and programmes to improve the value chain of the industrial sector, attracting quality industrial investments in subsectors identified by the Abu Dhabi Industrial Strategy as priorities to spur growth and meet our strategic objectives.”
The programme launched by ADDED’s Industrial Development Bureau (IDB), has identified a set of industrial investment opportunities in the seven manufacturing subsectors such as food processing, pharmaceuticals, chemicals, electrical, electronics, machineries and equipment, and transportation. The various packages from the programme will many incentives to address the needs of key players and investors.
The first batch of the programme was announced to incentivise investors in the food processing industries. IDB have identified 20 investment opportunities in the food processing sector in Abu Dhabi with a combined market size of around AED 29.4 billion by 2027.
Abu Dhabi is investing AED1 billion in six programmes including Industry 4.0, circular economy, talent development, ecosystem enablement, homegrown supply chain and value chain development to more than double the size of its manufacturing sector to AED 172 billion, create 13,600 skilled jobs and increase the emirate’s non-oil exports to AED 178.8 billion by 2031.
(Writing by Seban Scaria; editing by Daniel Luiz)