UAE's Industrial Sector Achieves Significant Growth in 2023 through Strong Partnerships

The UAE's industrial sector achieved significant growth and transformation in 2023, driven by a strong partnership between the Ministry of Industry and Advanced Technology (MoIAT) and the private sector, and the launch of MoIAT's strategy, dubbed Operation 300bn, UAE officials affirmed.

In their statements, they explained that the industrial sector's strides during 2023 contributed to driving the national economy's growth in the medium and long terms, through the implementation of a comprehensive system of legislations and policies, and the launch of initiatives, programmes and projects to support innovation, entrepreneurship and empower startups.

Arafat Al Yafei, Executive Director of the Industrial Development Bureau (IDB), the Abu Dhabi Department of Economic Development’s (ADDED) arm responsible for developing and regulating the industrial sector, said,

“2023 saw significant achievements within the industrial sector, with numerous initiatives and programmes supporting the objectives of our ambitious strategies, including the UAE’s National Strategy for Industry and Advanced Technology, Operation 300bn, and the Abu Dhabi Industrial Strategy (ADIS). We are working closely with MoIAT and other strategic partners to accelerate the growth of the industrial sector and its Industry 4.0 transformation, with sustainability and human development at the core.

“ADIS is guiding our efforts to strengthen Abu Dhabi’s position as the region’s most competitive industrial hub, create new job and business opportunities, and contribute to economic diversification. The strong performance of the industrial sector in 2023 reflects the continued success of ADIS initiatives. The sector now represents over 17 percent of Abu Dhabi’s non-oil GDP and 9 percent of overall GDP.”

Badr Al-Olama, Director-General of Abu Dhabi Investment Office (ADIO), said,

“At ADIO, we are committed to advancing the manufacturing footprint of the emirate and enhancing the competitiveness of our industrial sector. We are proud to be working alongside the Ministry of Industry and Advanced Technology in this endeavour, and it has been a key partner in promoting Abu Dhabi’s Industrial Strategy.”

Hazeem Sultan Al Suwaidi, CEO of Borouge,

“As a leading homegrown petrochemical company operating on the international stage, Borouge recognises the importance of strategic partnerships in advancing industrial and economic development. We value MoIAT’s key role in driving industrial development in the UAE, providing strategic direction on the positioning of the country’s industrial champions globally, while also promoting a wide range of initiatives to boost bilateral global trade.

“Over the last year, MoIAT and Borouge have collaborated across many areas, from promoting global trade and industrial standards and safety, to enhancing sustainability and innovation while increasing in-country value.

“We look forward to further collaboration with MoIAT in the coming years to advance the country’s industrial strategy.”

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said,

“As a key financial engine empowering the UAE’s industrial development strategy, our partnership with the Ministry of Industry and Advanced Technology plays a critical role in supporting the UAE’s economic diversification agenda and advancing its industrial and technological capabilities. In 2023, we doubled the size of our industrial financing approvals with a focus on promoting local manufacturing investments in partnership with the ‘Make it in the Emirates’ initiative. This is part of our commitment to enabling Operation 300bn and supporting key sectors that are aligned with national priorities, with the aim of raising EDB’s contribution to national GDP by over AED10bn by 2026.”

Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, said,

"MoIAT's 2023 Annual Report reflects the ministry’s efforts to advance the national industrial sector and enhance its contribution to sustainable development in line with the vision of the UAE's leadership, strengthening the country’s position as a global hub for manufacturing and innovation.

“At Emirates Steel Arkan, we value the ministry’s pioneering role in driving the National ICV Programme, expanding access to global markets, and supporting the future direction of the industrial sector, particularly in line with global climate action efforts. Furthermore, we recognise the ministry’s efforts in safeguarding national industries and empowering Emirati talent to work in the national industrial sector through the Emirati Talent Competitiveness Programme (Nafis).”

On behalf of Dubai Industrial City, Saud Abu Alshawareb, Executive Vice President of Industrial at TECOM Group PJSC, said,

“Our collaboration with the Ministry of Industry and Advanced Technology empowers more than 800 customers and 300 operational factories within Dubai Industrial City. This relationship was deepened during the launch of our ‘Make Brilliance’ global awareness campaign in 2023, where we signed a tripartite agreement with MoIAT and Emirates Development Bank (EDB) to boost the ‘Make it in the Emirates’ initiative. As part of our agreement, EDB has committed to provide AED 1 billion in financing for Dubai Industrial City’s customers over the next three to five years.

“Moreover, during MoIAT’s Make it in the Emirates Forum 2023, we also confirmed attracting AED 1 billion in investments on the back of Dubai and the UAE’s continued success in developing the industrial sector. MoIAT is a critical partner in our vision to enrich the local manufacturing value chain, and we will continue to unlock joint synergies to deliver a reimagined future for the benefit of all.”

Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium, said,

"The Ministry of Industry and Advanced Technology plays a leading role in the economic and industrial development of the UAE, and EGA is proud to support this national progress. The UAE’s national industrial strategy inspires the growth of our own business, as well as our joint efforts to further localise EGA’s supply chain. The ministry is also enabling cooperation across the sector to enhance the UAE’s industrial competitiveness.”

News Source: Emirates News Agency