A one-of-its-kind forum, its primary goal is to showcase investment opportunities within the local industrial sector, emphasising the potential for investment, product development, product localization, and redirecting procurement towards the national economy. 

 

The two-day event is being organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development and Adnoc under the theme 'Investment, Sustainability, Growth'.

 

Senior officials, decision makers, government and private sector officials, experts, entrepreneurs, financing entities, investors, startups, and SMEs will be taking part. 

 

It was officially inaugurated by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, in the presence of senior ministers including Mohamed bin Hadi Al Husseini, Minister of State for Financial Affairs; Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Abdulla bin Touq Al Marri, Economy Minister; Mariam bint Mohammed Saeed Hareb AlMheiri, Minister of Climate Change and Environment, Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology, and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. 

 

In his opening address, Al Jaber announced an additional AED10 billion of offtake agreements in the UAE’s industrial sector, building on the previous forum’s AED110 billion worth of procurement opportunities, taking the total value of products targeted for localization to AED120 billion.

 

Unveiling more than 30 innovative industrial projects worth more than AED6 billion, Al Jaber said: "These projects include pioneering initiatives such as setting up the first hydrogen electrolyzer plant in the UAE."

 

Adnoc will also allocate over AED20 billion for the purchase of structures and metal products from national companies, the forum heard. It was also announced that MoIAT will adopt a new standard within the National In-Country Value Program called Green ICV, to encourage sustainability practices and motivate companies to reduce emissions.

 

During the forum, competitive financing solutions will be announced for the industrial sector, including AED5 billion from First Abu Dhabi Bank and AED1 billion from Mashreq Bank.

 

Al Jaber also announced the provision of 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Program that has been supported by Nafis and the Ministry of Human Resources & Emiratization.

 

Taking place in the in the run-up to COP28, the Forum focuses on sustainable industrial development, decarbonization and increasing the industrial sector’s contribution to climate action.

 

Noting the industrial sector is set to play a crucial role in emissions reduction as it is responsible for approximately 20% of global carbon emissions, according to World Economic Forum's report, Al Jaber said: "It is our sector's paramount responsibility to demonstrate the feasibility of working concurrently towards two objectives: reducing emissions and achieving sustainable growth."

 

"With this in mind, this year's forum is centered around bolstering sustainable practices, and promoting the adoption of clean energy solutions within the industrial sector," he added.

 

Al Jaber stressed upon the value of the opportunities offered by the forum, which lead to tangible, result-driven outcomes. 

 

He noted the example of the Integrated Industrial Partnership for Sustainable Economic Development launched between the UAE, Egypt, Jordan and Bahrain. Recently, agreements have been announced for nine comprehensive industrial projects under the partnership, attracting investments exceeding $2 billion.

 

Al Jaber also noted the success of MoIAT’s National In-Country Value Program, which redirected AED 53 billion into the national economy in 2022, 25 percent more than the previous year, anticipating more entities to join the program, which will further enhance growth opportunities for local manufacturers.

 

He also announced the launch of the Made in the Emirates brand, a national emblem that brings numerous advantages and opportunities to the companies that earn it.

 

"This brand will be promoted as a symbol of the quality of Emirati products, and their adherence to the highest international standards," he added.-TradeArabia News Service