The UAE seeks to enhance local manufacturing and achieve economic sustainability by supporting small and medium enterprises and innovation in advanced technology.
Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, confirmed that an additional 23 billion dirhams have been allocated to enhance guaranteed procurement opportunities for local manufacturing, bringing the total value of this initiative to 143 billion dirhams for more than two thousand different products.
Al Jaber’s speech during the opening of the “Make in the Emirates” forum, which is being held in Abu Dhabi.
Al Jaber revealed that the added amount includes 20 billion dirhams from the Abu Dhabi National Oil Company (ADNOC) and 3 billion dirhams from Pure Health Holding Company. This support reflects the commitment of both companies to contribute to the development of the local industrial sector and enhance economic sustainability in the country.
Also Read: UAE President Sheikh Mohammed will visit China next week
The Minister pointed out that there are investments in new industrial projects valued at 20 billion dirhams, in addition to financing solutions for the industrial sector that were developed in partnership between the Emirates Development Bank and several commercial banks with a value of up to one billion dirhams. These financing solutions aim to empower small and medium industrial companies, and enhance their ability to compete and grow in the local and international market.
In a related context, Al Jaber announced the launch of the “Innovation through Artificial Intelligence” program, with funding worth 370 million dirhams from the Emirates Development Bank, to support emerging companies that use artificial intelligence technologies in their innovations. This program aims to stimulate creativity and entrepreneurship in the advanced technology sector, and provide the necessary support to emerging companies to develop innovative products and solutions.
