UAE Commits Additional $6.26b in Industrial Offtakes

<!DOCTYPE html> <html lang="en" xmlns:wb="//open.weibo.com/wb"> <head> <meta charset="utf-8"> <title>UAE Commits Additional $6.26b in Industrial Offtakes - Business Wire China</title> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <meta name="description" content="ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Government enterprises and private companies in the UAE committed an additional $6.26 billion to"> <meta name="keywrods" content=""> <meta name="author" content="Business Wire China"> <link href="/css/bootstrap.css" rel="stylesheet"> <link href="/css/main.css?ver=20220804" rel="stylesheet"> <link href="/css/bootstrap-responsive.css" rel="stylesheet"> <script type="text/javascript" src="/js/jquery.min.js"></script> <script type="text/javascript" src="/js/bootstrap.js"></script> <script type="text/javascript" src="/js/main.js"></script>  <script src="//tjs.sjs.sinajs.cn/open/api/js/wb.js" type="text/javascript" charset="utf-8"></script> </head> <body>  <div class="header"> <div class="wrap"> <div class="container"> <div class="full_980 relative">  <div class="top_panel visible-desktop"> <a href="/zh">简体中文</a> | <a href="/hk">繁體中文</a> | <a href="/en">English</a> <div class="globalsite"><select id="globalsite" class="languages"><option value="0">Business Wire Global sites</option> <option value="1">Business Wire Global</option><option value="3">UK/Ireland</option><option value="4">Deutschland</option><option value="5">France</option><option value="6">Italy</option><option value="7">Japan</option> </select> </div> </div> <div class="logo"><a href="/en"><img src="/images/bwlogo_webmain_china.png" alt="Business Wire China" width="360" height="80"/></a></div> <div class="clear"></div> <div class="navigation"> <ul class="sf-menu"> <li class="current"><a href="/en">Home</a> </li> <li><a href="/en/news/index.html">News</a> </li> <li><a href="/en/events/index.html">Events</a> </li> <li><a href="/en/medias/index.html">Media Services</a> </li> <li><a href="/en/about/index.html">About Us</a> <ul> <li><a href="/en/about/contact.html">Contact Us</a></li> </ul> </li> </ul> <div class="clear"></div>  <div class="search_form visible-desktop"> <form action="/en/news/search" method="get"> <input class="inp_search" name="s" type="text" value="Search..." title="Search..." /> <input type="submit" class="search_btn" value=" " /> </form> </div>  </div>  </div> </div> </div> </div>   <div class="page_wrapper"> <div class="wrap"> <div class="container"> <div id="content"> <script src="http://tjs.sjs.sinajs.cn/open/api/js/wb.js?appkey=3616646312" type="text/javascript" charset="utf-8"></script> <script type="text/javascript" src="/js/swfobject.js"></script> <div class="full_980 main_wrap"> <div class="row"> <div class="span9 main_block story"> <p><img src="/files/logos/M/MIITE-_logo.jpg" alt="MAKE IT IN THE EMIRATES FORUM black"></p> <h2 class="storytitle">UAE Commits Additional $6.26b in Industrial Offtakes</h2> <div class="storytimelang"> <span class="time">2024-05-31 11:04</span> <span class="lang"> <ul> <li><a href="/zh/news/56936.html"><img src="/images/zh_cn.png" alt="zh_cn"></a></li> <li><a href="/hk/news/56936.html"><img src="/images/zh_hant.png" alt="zh_hant"></a></li> <li><a href="/en/news/56936.html"><img src="/images/en.png" alt="en"></a></li> </ul> </span> <div class="clear"></div> </div> <ul class="industry-list"> <li><a href="/en/industry/retail.html" class="btn">Retail</a></li> </ul> <div class="storycontent"> <p> ABU DHABI, United Arab Emirates--(<span itemid="https://www.businesswire.com" itemprop="provider publisher copyrightHolder" itemscope="itemscope" itemtype="https://schema.org/Organization"><span itemprop="name"><a href="https://www.businesswire.com/" itemprop="url" referrerpolicy="unsafe-url" rel="nofollow">BUSINESS WIRE</a></span></span>)--Government enterprises and private companies in the UAE committed an additional $6.26 billion to local manufacturing during the Make it in the Emirates (MIITE) Forum, which concluded on Tuesday. Organized by the Ministry of Industry and Advanced Technology (MoIAT), the forum witnessed a series of announcements, including a $820 million commitment to buy locally produced medical equipment. The local procurement announcements build on offtakes generated by the two previous editions of the forum, raising the total value to $38.93 billion representing 2,000 products for local manufacturing.</p> <div> <div itemprop="articleBody"> <p> These commitments are a part of a series of multi-billion-dollar agreements and initiatives announced at MIITE aimed at promoting economic self-sufficiency and attracting investment to the UAE. Eighty-two agreements were signed during MIITE, supporting Operation 300bn, a strategy aimed at increasing manufacturing value added to $81 billion by 2031.</p> <p> Industrial projects and investments worth more than $5.44 billion were announced during MIITE, including a $12 million investment to launch UAE’s first microalgae producer. UK-based Levidian announced a $100 million investment in a new Regional Delivery Centre in Abu Dhabi, targeting $2 billion in revenues by 2030 and promising to create hundreds of jobs.</p> <p> MoIAT launched the AI Innovation Program to help industrial companies integrate AI in their operations. The program is backed by $100 million of financing from Emirates Development Bank (EDB). EDB partnered with commercial banks to provide $272 million worth of co-lending to support industrial companies. Another initiative, Transform 4.0, was launched with the aim of creating 100 Industry 4.0 lighthouses over the next three-to-five years.</p> <p> <strong>His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology</strong>, said: “The third edition of the Make it in the Emirates Forum marks a significant gathering of pace and momentum for the UAE’s industrial sector. In just three years, since the establishment of the ministry, the industrial sector’s contribution to GDP has grown 49% to AED 197 billion ($53.64). The country has emerged as a truly global hub for industrial investment and innovation, attracting some of the world's biggest names and best talents.</p> <p> “The announcements made this week will enhance national resilience in key sectors such as energy, healthcare and food, but also create strong investment opportunities for companies seeking to unlock the new wave of value being created by Operation 300bn.”</p> <p> <strong>*Source: </strong><a href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.aetoswire.com%2Fen%2Fnews%2Fmie30052024en&esheet=54023717&newsitemid=20240530605835&lan=en-US&anchor=AETOSWire&index=1&md5=c84062629a653c682719fdb85cd53974" referrerpolicy="unsafe-url" rel="nofollow" shape="rect" target="_blank"><strong>AETOSWire</strong></a></p> </div> <div> <h2> Contacts</h2> <p> <strong>Sara Al Qarout, </strong>00971529456243<br /> <a href="mailto:salqarout@apcoworldwide.com" referrerpolicy="unsafe-url" rel="nofollow" shape="rect" target="_blank">salqarout@apcoworldwide.com</a></p> </div> </div> <div class="story-image"> <img src="/files/news/54023717-1717124893-1.jpg" alt="His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology (Photo: AETOSWire)"/> <p class="caption">His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology (Photo: AETOSWire)</p> </div> </div> <div class="subjects"> <ul class="subject-list"> <li><a href="/en/subject/feature.html">Feature News</a></li> <li><a href="/en/subject/products-services.html">Products & Services News</a></li> </ul> </div> <div class="clear"></div> <div class="commentbox"> <wb:comments url="auto" border="y" width="auto" skin="blue" appkey="3616646312" ></wb:comments> </div> </div> <div class="span3 sidebar"> <div class="widget"> <h3>Business Wire Weibo</h3> <wb:follow-button uid="2676312451" type="red_2" width="136" height="24" ></wb:follow-button> </div> <div class="widget"> <h3>Industries</h3> <ul 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UAE Commits Additional $6.26b in Industrial Offtakes - Business Wire China