Make it in the Emirates Forum: New offtake deals worth Dhs10bn announced

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, officially inaugurated the second edition of the Make it in the Emirates Forum, which is being held under the theme of ‘Investment. Sustainability. Growth’.

The forum is organised by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

Additional offtake agreements announced

During his address, Dr Al Jaber announced an additional Dhs10bn of offtake agreements in the UAE’s industrial sector, building on the previous forum’s Dhs110bn worth of procurement opportunities, taking the total value of products targeted for localisation to Dhs120bn.

“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest Dhs110bn over the next decade to purchase 300 products from local manufacturers,” Dr Al Jaber said.

“I am pleased to share with you that in the first year alone, 28 per cent of these offtake agreements have been implemented, representing a total value of Dhs31bn.”

He also announced more than 30 innovative industrial projects worth over Dhs6bn.

“These projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE,” said Dr Al Jaber.

ADNOC will also allocate over Dhs20bn for the purchase of structures and metal products from national companies, the forum was told.

It was also announced that MoIAT will adopt a new standard within the National In-Country Value Program called Green ICV, to encourage sustainability practices and motivate companies to reduce emissions.

Dr Al Jaber added that during the forum, competitive financing solutions will be announced for the industrial sector, including Dhs5bn from First Abu Dhabi Bank and Dhs1bn from Mashreq Bank.

He also announced the provision of 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Program that has been supported by Nafis and the Ministry of Human Resources & Emiratization.

Boosting decarbonisation

Emphasising the industrial sector role in emissions reduction as it is responsible for approximately 20 percent of global carbon emissions, according to World Economic Forum’s report, Dr Al Jaber said: “It is our sector’s paramount responsibility to demonstrate the feasibility of working concurrently towards two objectives: reducing emissions and achieving sustainable growth.”

He added: “With this in mind, this year’s forum is centered around bolstering sustainable practices, and promoting the adoption of clean energy solutions within the industrial sector.”

Made in the Emirates brand launched

Dr Al Jaber also announced the launch of the Made in the Emirates brand, a national emblem that brings numerous advantages and opportunities to the companies that earn it.

“This brand will be promoted as a symbol of the quality of Emirati products, and their adherence to the highest international standards,” he said.