A dozen of the UAE’s largest national companies on Tuesday committed to allocate nearly Dh110 billion in potential purchase agreements for local manufacturers.
At the Make it in the Emirates Forum held in Abu Dhabi, 12 of the country’s leading companies identified more than 300 products across 11 sectors to be manufactured locally.
“This unprecedented move will contribute to creating opportunities for the growth of the national industrial sector, adding at least Dh6 billion annually to GDP,” Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, said in his address.
The minister noted that the UAE’s leadership has been supporting the transformation of the industrial sector into a global manufacturing hub. He emphasised that the vision and directives of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, constitute the foundation of the national industrial strategy, which is designed to contribute to a diversified and sustainable economy and leverage on the country’s value proposition and competitive advantages to build a strong industrial sector, enhance self-sufficiency and localise supply chains.
“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,” Dr Al Jaber said.
He noted that the ministry was guided by the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“The UAE, with its strong will, resources, capabilities and effective policies, is capable of building a global economic base. By achieving self-sufficiency in a number of vital industries, we will enhance the resilience of our economy in the face of global crises and safeguard the UAE from global economic challenges.”
Dr Al Jaber pointed out that the priority sectors to “achieve the UAE’s goal”, include: food and agriculture, pharmaceuticals, petrochemicals, heavy industries, aluminium and iron, defence, electrical equipment and appliances, and future industries like space and clean energy such as hydrogen.
Dr Al Jaber said that leading national companies, with significant purchasing power, 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. These companies include, Abu Dhabi National Oil Company (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.
Adnoc eyes Dh70b local purchases
Adnoc identified Dh70 billion ($19 billion) worth of products in its procurement pipeline that could be manufactured locally. Out of this value, it signed agreements worth Dh21 billion ($5.7 billion) for local manufacturing opportunities with UAE and international companies at the forum.
Dr Al Jaber, who is also the managing director and group CEO at Adnoc, said: “Adnoc is reinforcing its role as a critical engine for the UAE’s industrial growth as we expand our operations to responsibly cater for the world’s growing energy demand. In line with the UAE Leadership’s wise directives and our national industrial strategy, Adnoc is creating multiple long-term domestic manufacturing opportunities for the private sector, through our robust procurement pipeline. We invite local and international manufacturers to take advantage of these opportunities and join the UAE in our industrial growth journey as we strengthen the resilience of our supply chains, enhance economic self-sufficiency and deliver lasting value.”
Separately, the ministry signed memoranda of Understandings with EDGE, Pure Health and Abu Dhabi Ports.
The two-day forum brought together local and international industrial companies, government entities, financing institutions, and investors.
The forum, organised by the ministry in cooperation with the Abu Dhabi Department of Economic Development (ADDED), under the theme of ‘Invest, Partner, Grow’, provides an important platform for presenting local investment opportunities in the national industrial sector and boost it, which is a key enabler of the UAE’s economic diversification efforts.
More than 1,300 representatives from investment firms, financial institutions, national companies and public sector entities participate in the forum, with more than 20 key stakeholders speaking on topics including industrial growth strategies.
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).