Make it in the Emirates’ drives discussions to attract FDI to UAE
Participants during the Global Manufacturing and Industrialisation Summit in Pittsburgh.
With the aim of exploring new areas of growth and global cooperation, the UAE’s delegation presented the country’s business environment and many competitive advantages and incentives that will attract foreign investors, manufacturers, innovators, and SMEs. Emirati experts called for enhanced cross-border collaboration to advance sustainable industrial development, enable the clean energy transition, and drive global economic growth.
As co-chair of the Global Manufacturing and Industrialisation Summit (GMIS), the UAE’s Ministry of Industry and Advanced Technology (MoIAT), appealed to the international community to come together and collaborate on ways to make the industry more resilient against global market volatility and enhance productivity while boosting efforts to accelerate the global energy transition. Emirati industry experts and leaders from the UAE delegation highlighted the country’s competitive manufacturing business landscape while sharing their knowledge on ways to enhance sustainable manufacturing practices through advanced technology adoption.
On day one, Omar Al Suwaidi, Undersecretary of the UAE Ministry of Industry and Advanced Technology, delivered a keynote address on the UAE’s industrial opportunities and competitive advantages.
Suwaidi addressed the international audience, saying: “There has never been a better time to invest in the UAE’s robust industrial base. The rapid pace with which our ambitious industrial strategy is being executed, is generating significant demand for local goods and services, as well as opening new international market access. As part of this strategy, we launched the ‘Make it in the Emirates’ campaign to help supercharge industrial priority sectors and attract investments. We continue to build successful partnerships with international players who are eager to capitalise on the significant benefits and potential of establishing an industrial presence in the UAE.”
On the first day of the conference, MoIAT hosted an interactive panel discussion which presented the country’s national strategy for industry and advanced technology. The panel explored how the UAE’s Make it in the Emirates initiative is inviting global industrialists, investors, innovators and developers to be part of the country’s industrial growth, while benefitting from incentives and support mechanisms aimed at increasing the national industrial sector’s contribution to the UAE’s GDP from AED133 billion to Dhs300 billion by 2031. During the MoIAT-hosted panel, the session featured key UAE industrial champions and enablers, who shared their plans for sustainable manufacturing, as well as key growth opportunities for investors.
Humaid Mohamed Ben Salem, Secretary General of the Federation of UAE Chambers of Commerce & Industry (FCCI) pointed out that the UAE provides several incentives for international organisations to set based in the country. The UAE’s Federation of UAE Chambers of Commerce & Industry acts as a bridge between the government and the private sector. The FCCI also supports bringing companies to the UAE and ensuring they are made aware of the incentives they can benefit from by doing business. H.E. Salem also highlighted how the UAE’s response and recovery from COVID-19 is a testament to the nation’s credibility in enabling a sustainable business environment that will allow international businesses to thrive. Highlighting the UAE’s unique value proposition, Salem spotlighted the country’s distinct geographical location that allows for enhanced connectivity across the world, and the many free trade agreements that the UAE shares with other nations, providing another opportunity to strengthen bilateral relations.
Mansoor Janahi, CEO, Sanad, a wholly owned subsidiary of Mubadala Investment Company and a champion of industrial services, emphasised the importance of the US market for Sanad, given that the country represents its largest client base. Janahi went on to highlight how the UAE is generally known as an importer of industrial services, however, Sanad has been leading the export of industrial services for the last 35 years. Janahi took the opportunity to highlight how the UAE’s strategic geographic location and world-class logistics have allowed for easy access to people and talent, highlighting how it was central to enabling Sanad to double its business in the last five years.
He said: “Partnership is a key part of our DNA. If you look at Sanad today, we work with every major engine OEM and there is really four in the world which are GE, Rolls Royce, Pratt & Whitney, and CFM International. From an aerospace perspective, there is still a lot of growth and demand for maintenance requirements in the region.
