Dubai: Industrial companies operating in the UAE tapped Dh699 million in special funding to source high-tech solutions during 2022, as part of the ‘Operation 300bn’ initiative launched in 2021.

Not just that, UAE’s industrial exports last year peaked at Dh174 billion, ‘which underlines the ability of our national industries to compete on the global stage’, said Dr. Sultan Al Jaber, Minister of Industry and Advanced technology.

"Launching several programs and strategies in 2022, MoIAT has made impressive achievements that support the UAE’s industrial growth,” he added. “The industrial sector’s enhanced efficiency and competitiveness have increased its investment attractiveness and support the growth of national GDP.

“The industrial sector is projected to have contributed over Dh180 billion.”

Operation 300bn envisages creating an industrial base for the UAE, with special focus on advanced manufacturing capacities.

Last year, the first ‘Make it in the Emirates’ forum was held, where more than 300 products that could be manufactured locally through investing over Dh110 billion as part of companies’ procurement requirements for the next decade was highlighted. This cuts across 11 sectors targeted as high-growth areas, including metals, petrochemicals, plastics, machinery and equipment, defense industries, pharmaceuticals, technology, medical equipment, communications, F&B, and agritech.

A feasibility study for 47 products targeted for local manufacturing was conducted by MoIAT to ‘measure their compatibility with its strategic sectors and determine their imports volume’. The findings were presented in a bid to attract ‘potential investors’ in priority industrial sectors. The Make it in the Emirates platform also offered incentives for manufacturers, including reduced industrial fees, lower fees for services provided to the industrial sector, and easing the entry of Emirati products into new markets at lower customs tariffs. There were also concessional financing through seven national and foreign finance institutions.

More to follow…