Dh40-billion incentives, investment opportunities: How UAE aims to boost industrial sector

Dh40-billion incentives, investment opportunities: How UAE aims to boost industrial sector

'Make it in the Emirates Forum' in Abu Dhabi. Photos: Ashwani Kumar

Published: Mon 27 May 2024, 3:12 PM Last updated: Mon 27 May 2024, 10:16 PM

In a major boost to developing the UAE’s industrial ecosystem, more than Dh40 billion worth of incentives, investment opportunities, and initiatives were announced during the third 'Make it in the Emirates Forum' held in Abu Dhabi.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said since the launch of the UAE's industrial strategy, Operation 300bn initiative, the industrial sector’s contribution to the gross domestic product (GDP) has surged 49 per cent to Dh197 billion by the end of 2023 as compared to 2020 (when it was Dh132 billion).

“We have boosted our industrial exports by 60 per cent to Dh187 billion. We have deployed Dh67 billion towards in-country value, i.e., a 109 per cent increase since 2020,” said Dr Al Jaber while addressing ministers, industry leaders, and decision-makers, and noted the collective efforts have resulted in 16,000 jobs for Emiratis.

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“In just under three years, and as a result of the vision and support of our leadership, together with our collective efforts,