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Make it in the Emirates Forum Concludes with Signing of 32 Industrial Partnership Agreements
 

1,800 industrial stakeholders, investors and 24 Prominent Exhibitors participated in the forum
AED 110 billion of offtake agreements unveiled
Event witnessed the announcement of promising opportunities across 11 industrial sectors
Forum identified 300 products to be manufactured locally, contributing AED 6 billion to GDP annually
Agreements set to leverage purchasing power of 12 leading national companies
 
Abu Dhabi, UAE. 23 June 2022 - 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), has concluded with the signing of 32 agreements between government entities, industrial companies, and financing institutions. 1,800 stakeholders from the industrial sector and investors and 24 leading companies participated in the forum.
Leading national companies announced a commitment of AED 110 billion in potential purchasing agreements for existing and new partners. The forum included an exhibition highlighting opportunities and incentives across more than 11 priority sectors and unveiled more than 300 products to be manufactured locally. These products will contribute more than AED 6 billion to GDP annually.
The 32 agreements will diversify the industrial sector and enhance its sustainability, increasing the national industrial sector’s contribution to the UAE’s economic diversification. 


The forum witnessed important announcements including the unveiling of incentives for manufacturers in the UAE. The incentives include financing up to 80 percent of capital expenditures at low interest rates, with grace periods of two years, and a repayment period of up to 15 years, reducing industrial fees, reducing tariffs for services, facilitating exports into new markets, and financing via 7 major financing institutions.
The incentives also include facilitating access to financing sources, such as soft loans, trade finance and credit solutions to support exports by the Abu Dhabi Export Support Office and the Export Credit Union.  
Abu Dhabi Department of Economic Development launched several programs to support the industrial sector and enhance its competitiveness, such as the Abu Dhabi Local Content Program (ADLC) and the Electric Tariff Incentive Program (ETIP) along with initiatives to improve the sector's financing environment. Other enabling factors introduced at the forum include discounts on land and office rental at KIZAD, and up to an 18-month grace period on land rentals at Tawazun Industrial City.


Presentations
The forum’s second day included presentations from public and private sector entities on available investment opportunities. Abu Dhabi National Oil Company (ADNOC) delivered a presentation on the industrial opportunities related to mechanical products and air conditioners, industrial opportunities related to pipes, fittings and valves, opportunities related to electrical, control and communications products, and opportunities related to technology 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. 


32 agreements
Over the course of two days, the forum witnessed the signing of 32 agreements between government entities and leading industrial companies. Under these agreements, some companies joined the National In-Country Value (ICV) Program that will provide around AED 110 billion of potential purchase agreements to existing and new partners in a step that will localize supply chains.
Among the agreements, ADNOC, as a major driver of industrial growth in the UAE, signed agreements worth AED 21 billion with local and international companies to purchase locally manufactured products.


Exhibition
The forum featured an exhibition in which more than 24 national entities and companies participated and through which they announced promising industrial opportunities. A number of enablers and incentives were announced. The forum witnessed 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.

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 9168 times
PR Category : Banking & Investments
Posted on : Friday, June 24, 2022  10:34:00 AM UAE local time (GMT+4)
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