UAE allocates USD6.3B to enhance industrial sector

5/27/2024 5:47:34 AM

(MENAFN) The UAE is allocating an extra Dh23 billion (USD6.3 billion) to its industrial sector, with support from two prominent companies as part of its efforts to enhance domestic manufacturing and promote self-sufficiency. This significant investment reflects the nation's commitment to strengthening its industrial capabilities and reducing dependency on external sources.

Adnoc is going to contribute Dh20 billion, and Pure Health, the largest healthcare group in the Emirates, will provide Dh3 billion towards the funding for the UAE's industrial sector, Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology, announced during the third Make it in the Emirates forum in Abu Dhabi on Monday.

He mentioned that this infusion of funds would elevate the total funding for the industrial sector to over Dh143 billion, which is earmarked to bolster the domestic manufacturing of over 2,000 products.

Dr. Al Jaber remarked that the forum successfully underscored the benefits of investing in the UAE's industrial sector, emphasizing its ability to "respond to demand to ensure investors will have visibility and viable projects."

Additionally, a new lending initiative worth Dh1 billion was unveiled to bolster support for small and medium enterprises (SMEs), in collaboration with Emirates Development Bank and various commercial banks.

Moreover, a fresh initiative has been introduced to offer competitive electricity rates for industrial firms operating in Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah. This scheme, developed in collaboration with the Ministry of Energy and Emirates Water and Electricity Company, aims to enhance the competitiveness of industrial enterprises in these regions.

"Our objectives are developing the UAE industrial ecosystem, enabling the industrial community, creating more investment opportunities and strengthening our economy’s resilience," Dr Al Jaber declared.

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