Make it in the Emirates Forum: New offtake deals worth Dhs10bn announced

Make it in the Emirates Forum: New offtake deals worth Dhs10bn announced

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, officially inaugurated the second edition of the Forum, which is being held under the theme of ‘Investment. Sustainability. Growth’. The is organised by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC. During his address, Dr Al Jaber announced an additional Dhs10bn of offtake agreements in the UAE’s industrial sector, building on the previous forum’s Dhs110bn worth of procurement opportunities, taking the total value of products targeted for localisation to Dhs120bn. “One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest Dhs110bn over the next decade to purchase 300 products from local manufacturers,” Dr Al Jaber said. “I am pleased to share with you that in the first year alone, 28 per cent of these offtake agreements have been implemented, representing a total value of Dhs31bn.” He also announced more than 30 innovative industrial projects worth over Dhs6bn. “These projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE,” said Dr Al Jaber. ADNOC will also allocate over Dhs20bn for the