The UAE industrial sector’s contribution to gross domestic product reached about Dh197 billion ($53.64 billion) last year, with the country achieving 30 per cent of Operation 300bn’s target since its 2021 launch, officials said on Wednesday.
The Emirates’ industrial exports increased by 17 per cent, recording 7 per cent growth in productivity since the launch of the programme and reaching Dh187 billion in 2023, the Ministry 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,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
The UAE launched its industrial strategy, Operation 300bn, to position the country as an industrial centre by 2031. The 10-year strategy focuses on increasing the industrial sector’s contribution to GDP to Dh300bn by 2031, from Dh133 billion in 2021.
MoIAT, which is overseeing the strategy, was created in 2020 to increase the competitiveness of products made in the UAE and the industrial sector's contribution to the economy.
As part of Operation 300bn, the UAE also launched the National In-Country Value programme, which aims to boost the private sector’s participation in the economy, diversify output and localise critical parts of the supply chain.
“Supporting the localisation of supply chains, the National ICV programme achieved 17 per cent growth in local expenditure year-on-year, reaching Dh61 billion,” Dr Al Jaber said.
“Additionally, 28 per cent of the total value of the local procurement deals announced in the Make it in the Emirates Forum have been secured, which amounts to Dh31 billion.”
The Make it in the Emirates campaign encourages local and international investors to manufacture and export products from the UAE.
The number of ICV programme partners grew to 28 in 2023, while the number of ICV-certified companies increased to 5,500, representing annual growth of 22 per cent.
The initiative contributed to an 80 per cent increase in the number of Emiratis employed by certified companies to nearly 16,000 last year, from about 9,000 the year before.
Thanks to the ministry’s initiatives, last year the UAE ranked first in the region and 29th globally in the competitive industrial performance index released by the UN Industrial Development Organisation.
In partnership with Emirates Development Bank, Mashreq Bank and First Abu Dhabi Bank, MoIAT provided the industrial sector with financing solutions worth Dh5.3 billion last year, a 70 per cent increase.
Small and medium enterprises secured 90 per cent of the financing, which is intended to boost industrial companies’ capacity for growth and competitiveness, Dr Al Jaber said.
The ministry also secured credit solutions totalling Dh1.4 billion last year through Etihad Credit Insurance, the UAE’s federal export credit agency, and facilitated Dh3.3 billion in industrial investments in future industries like biotechnology, hydrogen and electric vehicles.
It also provided customs exemptions worth Dh3 billion to producers of industrial inputs, including equipment and raw materials.
Industrial service fees totalled Dh29.5 million last year, down 52 per cent compared to 2022.
“The achievements witnessed in the national industrial sector confirm that it is on the right path … the sector continues to be a key engine of the UAE’s sustainable economic growth, supporting local production, empowering talent and providing opportunities for business expansion to investors, enabling them to promote their products and access key global markets,” Dr Al Jaber said.
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Killing of Qassem Suleimani
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
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Billy Liddell 228
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
UAE currency: the story behind the money in your pockets
Specs
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20specs
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The Baghdad Clock
Shahad Al Rawi, Oneworld
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
The%20specs
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