Deal to boost incentives and support for industrial sector

The Ministry of Industry and Advanced Technology (MoIAT) on Monday signed a memorandum of understanding (MoU) with the Abu Dhabi Investment Office (ADIO) to enhance the incentives and support available to companies in the emirate’s industrial and advanced technology sector.

Signed during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022), the MoU is based on MoIAT’s strategic role in driving national industrial growth and contributing to national economic diversification.

The signing ceremony was attended by Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Sarah Bint Youssef Al Amiri, Minister of State for Public Education and Advanced Technology. The MoU was signed by Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and Engineer Abdulla Abdul Aziz AlShamsi, Acting Director General of the Abu Dhabi Investment Office, in the presence of several officials and stakeholders.

The MoU aims to identify investment opportunities in industry and advanced technology and exchange industrial data, in addition to providing qualitative incentives that contribute to Abu Dhabi’s position as a regional and global destination for industrial investment.

A global industrial hub: Al Suwaidi said: “The MoU with the Abu Dhabi Investment Office, which will undoubtedly have a positive impact on our industrial sector as well as our ability to provide the necessary capabilities for future industries. The MoU will also enhance our ability to attract local and foreign investments and create a business environment that supports investors and entrepreneurs in line with the Make it in the Emirates campaign.”

“The MoU is in line with the plans and initiatives of the Ministry of Industry and Advanced Technology and supports its objectives to enhance the contribution of the industrial sector to GDP and support economic diversification.”

His Excellency added: “Through this MoU we will cooperate with our partners at the Abu Dhabi Investment Office to support investors and emerging, small and medium industrial companies, and provide incentives and competitive industrial enablers to help drive our industrial transformation.”

His Excellency concluded: “The ministry will work closely with the Abu Dhabi Investment Office to enable the industrial sector and enhance the competitiveness of Abu Dhabi and all companies operating in the UAE, based on the national industrial strategy, Operation 300 Billion, which aims to develop the UAE industrial sector, enhance the in-country added value of the industrial sector, and increase its contribution to the sustainable economic development of the country.”

Eng. AlShamsi said: “The industrial sector is playing an increasingly important role in contributing to the UAE’s diversification strategy, as it continues to offer exciting investment opportunities for businesses to participate in. This collaboration will enrich Abu Dhabi’s innovation ecosystem, as the Abu Dhabi Investment Office and MoIAT work together to advance new ideas and solutions in the industrial sector. Our joint efforts with MoIAT will provide robust support for advanced technology companies to help them reach the next stage of their growth in Abu Dhabi.”

The UAE’s Ministry of Industry and Advanced Technology (MoIAT), established in July 2020, is mandated with strengthening the UAE’s industrial sector, specifically by accelerating the adoption of advanced technologies and Fourth Industrial Revolution (4IR) solutions across the value chain.

MoIAT has three overarching goals: Strengthening the UAE’s industrial base, ensuring in country value, and raising the competitiveness of local industries. By enhancing the contribution of advanced technology, the Ministry will support the country’s sustainable economic growth, and ensure GDP contribution from the industry sector.

The Ministry will draft policies, laws and programs to create a world-class industrial development framework for the nation that will help attract foreign direct investment, boost In-Country Value creation, support national entrepreneurship, drive job creation, and boost exports of ‘Made in UAE’ products.

From encouraging the establishment of industrial complexes to raising local capacity in advanced technology, the Ministry will accelerate industrial development in a bid to drive economic growth, diversification, value retention and national self-reliance.