▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...
InnovationOpenLab

UAE Commits Additional $6.26b in Industrial Offtakes

Government enterprises and private companies in the UAE committed an additional $6.26 billion to local manufacturing during the Make it in the Emirates (MIITE) Forum, which concluded on Tuesday. Organ...

Business Wire

ABU DHABI, United Arab Emirates: Government enterprises and private companies in the UAE committed an additional $6.26 billion to local manufacturing during the Make it in the Emirates (MIITE) Forum, which concluded on Tuesday. Organized by the Ministry of Industry and Advanced Technology (MoIAT), the forum witnessed a series of announcements, including a $820 million commitment to buy locally produced medical equipment. The local procurement announcements build on offtakes generated by the two previous editions of the forum, raising the total value to $38.93 billion representing 2,000 products for local manufacturing.

These commitments are a part of a series of multi-billion-dollar agreements and initiatives announced at MIITE aimed at promoting economic self-sufficiency and attracting investment to the UAE. Eighty-two agreements were signed during MIITE, supporting Operation 300bn, a strategy aimed at increasing manufacturing value added to $81 billion by 2031.

Industrial projects and investments worth more than $5.44 billion were announced during MIITE, including a $12 million investment to launch UAE’s first microalgae producer. UK-based Levidian announced a $100 million investment in a new Regional Delivery Centre in Abu Dhabi, targeting $2 billion in revenues by 2030 and promising to create hundreds of jobs.

MoIAT launched the AI Innovation Program to help industrial companies integrate AI in their operations. The program is backed by $100 million of financing from Emirates Development Bank (EDB). EDB partnered with commercial banks to provide $272 million worth of co-lending to support industrial companies. Another initiative, Transform 4.0, was launched with the aim of creating 100 Industry 4.0 lighthouses over the next three-to-five years.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The third edition of the Make it in the Emirates Forum marks a significant gathering of pace and momentum for the UAE’s industrial sector. In just three years, since the establishment of the ministry, the industrial sector’s contribution to GDP has grown 49% to AED 197 billion ($53.64). The country has emerged as a truly global hub for industrial investment and innovation, attracting some of the world's biggest names and best talents.

“The announcements made this week will enhance national resilience in key sectors such as energy, healthcare and food, but also create strong investment opportunities for companies seeking to unlock the new wave of value being created by Operation 300bn.”

*Source: AETOSWire

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Axyon AI: Italian Artificial Intelligence for Finance applications

Axyon AI offers an AI platform specifically designed for asset management, with several interesting strengths for those approaching machine/deep learning…

Italian Artificial Intelligence tackles medical emergencies at sea

Mermaid-AI is a telehealth platform at sea based on a visor equipped with an AR, medical Artificial Intelligence algorithms, satellite communications…

Gyala: a new "Made in Italy" cybersecurity

With a proven track record in the defence field, Gyala now also brings its cybersecurity technologies to the wider enterprise audience

ITALIAN PROJECT AWARDS 2023: the best IT projects of the year, awarded

Now in its third edition, the initiative is targeted at the ICT professional world and honours projects based on innovative ideas and technologies, realised…

Most read

Sheba Microsystems Welcomes MEMS Technology Leader and Entrepreneur Matt…

Sheba Microsystems Inc. (Sheba) a global leader in MEMS technologies, today announced the appointment of Matt Crowley as Senior Strategic Advisor. Matt…

Linda Boff Joins Said Differently as CEO to Lead Next Phase of Growth

Said Differently, an award-winning creative, strategy, and customer experience company founded in 2020, announced today that Linda Boff, who previously…

BAE Systems, Inc. Announces Leadership Transition on Board of Directors

BAE Systems, Inc. today announced that former U.S. Senator Kelly A. Ayotte will step down as the Chair of the Board of Directors as she embarks on an…

North American Data Center Colocation Services, 2024-2029: Lucrative Opportunities…

The "Growth Opportunities in North American Data Center Colocation Services, 2024-2029" report has been added to ResearchAndMarkets.com's offering. This…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!