The UAE has announced that it has achieved 30% of Operation 300bn’s target since its launch in 2021, with the industrial sector’s contribution to GDP hitting a projected AED197 billion ($53.6 billion), said a report by The Ministry of Industry and Advanced Technology (MoIAT). 

 

Announcing its key achievements for 2023, MoIAT said the ministry’s achievements were driven by four main pillars, including: providing a business-friendly environment that supports the growth and attractiveness of UAE companies; boosting In-Country Value in the industrial sector; accelerating technological transformation to support productivity and competitiveness; and promoting sustainability. 

 

The pillars align with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300bn.

 

Lauding the support from the UAE leadership, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology said: "We aim to achieve sustainable economic development by amplifying efforts and building a robust industrial sector, supported by an integrated legislative and regulatory system."

 

"The ministry continues to leverage advanced technology solutions to increase the industrial sector’s competitiveness and contribution to GDP. In 2023, the ministry achieved several milestones, including completing 30% of the Operation 300bn target, with the sector’s contribution to GDP reaching a projected AED 197 billion in 2023," he stated.

 

"Since the launch of Operation 300bn in 2021, industrial exports grew by 17%, with the sector recording a 7% growth in productivity. The ministry also activated import substitution projects worth AED9.3 billion, he added. 

 

In 2023, the UAE ranked first regionally and 29th globally in the Competitive Industrial Performance Index, released by the United Nations Industrial Development Organization (UNIDO).

 

"The ministry, in collaboration with its strategic partners EDB, Mashreq Bank and FAB, provided the industrial sector with competitive financing solutions totaling AED 5.3 billion, marking a 70% growth from 2022. SMEs secured 90% of the financing provided under the initiative, which aims to enhance industrial companies’ capacity for growth and competitiveness," remarked Al Jaber. 

 

"In addition, the ministry secured credit solutions amounting to AED 1.4 billion in 2023 through Etihad Credit Insurance. Further, the ministry facilitated AED 3.3 billion in industrial investments in future industries like biotechnology, hydrogen, and electric vehicles," he added.

 

Al Jaber said: "Supporting the localization of supply chains, the National ICV Program achieved 17% growth in local expenditure YoY, reaching AED 61 billion. Additionally, 28% of the total value of the local procurement deals announced in the Make it in the Emirates Forum have been secured, which amounts to AED31 billion."

 

"As part of its efforts to drive Emiratization in the industrial sector, the ministry launched the several initiatives. These have boosted career growth for local talent in National ICV Program-certified companies and employed more than 7,000 UAE nationals," he noted. 

 

"Additionally, the Industrialists Program was introduced in 2023 to empower Emiratis, connecting jobseekers with industrial companies and provided 500 jobs in its first launch," he added.

 

Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said: "Our ministry has accomplished several key achievements in 2023, supporting the growth of the national industrial sector. These achievements have helped boost productivity, competitiveness, and investment attractiveness, particularly in strategic industries and priority sectors."

 

"Some of these achievements were the result of several new programs and initiatives promoting technology transformation in the industrial sector, which boosted the competitiveness of the UAE in various global indicators. The country ranked first regionally and climbed five positions globally in the United Nations Frontier Technologies Readiness Index," noted Al Amiri.

 

"As part of its efforts to accelerate the adoption of innovative technologies in industry, the ministry launched the Industrial Technology Transformation Index (ITTI) in 2023. A cornerstone of Operation 300bn, the index evaluated and developed technology roadmaps to 153 companies," she noted. 

 

The assessments resulted in an increase in the number of companies implementing sustainability practices to reach 70%. Additionally, the percentage of companies adopting Fourth Industrial Revolution (4IR) solutions is 32%. 

 

The initiative led to the creation of 360 high-technology jobs, with assessed companies investing an estimated AED600 million in technology,” she added.

 

Al Amiri highlighted the integration of the ITTI into the National ICV Program’s formula to incentivize companies to adopt technologies and sustainable practices. 

 

The National ICV Program achieved several milestones in 2023. The value spent by National ICV entities on local products and services increased by 17% to AED 61 billion, while the value of green offtake opportunities reached AED 200 million. 

 

The program also saw a growth in the number of participants from government entities and major business institutions, bringing the total number of National ICV partners to 28.

 

The number of National ICV-certified companies increased to 5,500, representing a growth of 22% compared to 2022. The program contributed to an 80% increase in the number of Emiratis employed in certified companies from approximately 9,000 in 2022 to approximately 16,000 in 2023.-TradeArabia News Service