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The UAE recorded 120 billion dirhams ($32.6 billion) in industrial exports to foreign markets in 2021, driven by a surge in the number of factories commencing production, said the country’s Ministry of Industry and Advanced Technology (MoIAT).
The MoIAT, established in July 2020, has overseen a historic rise in industrial exports, with 220 new facilities going into service during the year, according to a report by state news agency WAM on Wednesday.
The state’s National In-Country Value (ICV) Programme, which was launched to redirect spending by public entities and major companies under its umbrella to the local economy, has also succeeded in circulating 41.4 billion dirhams back into the domestic market, further promoting local companies.
As a result, the UAE has climbed five places in the latest Competitive Industrial Performance Index by the United Nations Industrial Development Organisation (UNIDO), the report said.
“MoIAT has achieved several outstanding results within one year of its establishment, which supported the growth of the UAE’s industrial sector by contributing to its capabilities, competitiveness and attractiveness," said Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.
Al Jaber said that 45 public entities and 13 major national institutions and companies have joined the National ICV Programme, aiding the response to the increasing demand for efficient and competitive supply chains, as well as helping create 1,000 high-quality job opportunities for nationals.
Last year witnessed several key initiatives and projects that seek to stimulate innovation in the industrial sector and accelerate the adaption of advance technology, according to Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology, said.
The initiatives include the UAE Industry 4.0 programme and the advanced technology financing programme launched in partnership with the Emirates Development Bank.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
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