- AED 110 billion direct debit deals disclosed
- The event witnessed the announcement of promising opportunities in 11 industry sectors
- Forum identified 300 products to be produced locally, contributing AED6 billion to GDP annually
- Agreements aimed at increasing the purchasing power of 12 large national companies
Abu Dhabi, United Arab Emirates:- The Make in the Emirates Forum, organized by the Ministry of Industry and Advanced Technology (MoIAT) in cooperation with the Abu Dhabi Department of Economic Development (AD DED), took place concluded by the signing of 32 agreements between government entities, industrial enterprises and financing institutions. 1,800 industry players and investors and 24 leading companies participated in the forum.
Major national companies have announced a commitment of AED110 billion in potential purchase agreements for existing and new partners. The forum included an exhibition highlighting opportunities and incentives in over 11 priority sectors and unveiled over 300 products to be made locally. These products will contribute over AED 6 billion to GDP per year.
The 32 agreements will diversify the industrial sector and enhance its sustainability, increasing the contribution of the domestic industrial sector to the economic diversification of the UAE.
The forum witnessed some important announcements including the unveiling of incentives for manufacturers in the UAE. Incentives include financing up to 80% of capital expenditures at low interest rates, with grace periods of two years and a repayment period of up to 15 years, reduced industrial royalties , reduction of service tariffs, facilitation of exports to new markets and financing via 7 major financial institutions.
The incentives also include facilitating access to sources of finance, such as concessional loans, trade finance and credit solutions to support exports by the Abu Export Support Office. Dhabi and the Export Credit Union.
The Department of Economic Development Abu Dhabi has launched several programs to support the industrial sector and improve its competitiveness, such as the Abu Dhabi Local Content Program (ADLC) and the Electricity Tariff Incentive Program (ETIP), as well as initiatives to improve the financing environment for the sector. Other favorable factors introduced at the forum include discounts on land and office rental at KIZAD, and up to an 18-month grace period on land rental at Tawazun Industrial City.
The second day of the forum included presentations from public and private sector entities on available investment opportunities. Abu Dhabi National Oil Company (ADNOC) made a presentation on the industrial opportunities related to mechanical products and air conditioners, the industrial opportunities related to pipes, fittings and valves, the opportunities related to electrical, control and communication products, and the opportunities related to technological products.
There were also presentations from PureHealth, Etihad Airways, Emirates Global Aluminium, EDGE Group, Baker Hughes International for Industrial Services, Abu Dhabi Fund for Development and Taziz.
Over two days, the forum saw the signing of 32 agreements between government entities and leading industrial companies. As part of these deals, some companies have joined the National In-Country Value (ICV) program which will provide around AED110 billion worth of potential purchase deals to existing and new partners in a step that will locate channels supply.
Among the deals, ADNOC, as a major driver of industrial growth in the UAE, has signed deals worth AED21 billion with local and international companies to purchase locally manufactured products.
The forum presented an exhibition in which more than 24 national entities and enterprises participated and through which they announced promising industrial opportunities. A number of enablers and incentives have been announced. The forum saw the participation of seven major financial institutions, including Emirates Development Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Etihad Credit Insurance, Abu Dhabi Fund for Development, Abu Dhabi Islamic Bank, HSBC and Standard Chartered.