Make it in the Emirates Forum opens with Dhs10b new offtake agreements

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

Make it in the Emirates is a one-of-its-kind forum, organised by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and Adnoc, a trusted and responsible provider of low-carbon energy. The forum takes place from 31st May to 1st June.

The Make it in the Emirates Forum convenes local and international industrial companies, government entities, financial institutions, and investors.

The opening ceremony on Wednesday was attended by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Abdullah Bin Touq Al Marri, Minister of Economy; Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment; Sarah Al Amiri, Minister of State for Public Education and Advanced Technology; Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; as well as Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development; Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology; along with a number of officials from federal and local authorities, as well as various heads of local, regional and international companies.

During his address to one of the region’s most prominent industry events, Dr Al Jaber announced an additional Dhs10 billion of offtake agreements in the UAE’s industrial sector, building on the previous forum’s Dhs110 billion worth of procurement opportunities, taking the total value of products targeted for localisation to Dhs120 billion.

“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest Dhs110 billion 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 percent of these offtake agreements have been implemented, representing a total value of Dhs31 billion.”

He also announced more than 30 innovative industrial projects worth more than Dhs6 billion. “These projects include pioneering initiatives such as setting up the first hydrogen electrolyser plant in the UAE,” he said.

Adnoc will also allocate over Dhs20 billion for the purchase of structures and metal products from national companies, the forum heard. It was also announced that MoIAT will adopt a new standard within the National In-Country Value Programme called Green ICV, to encourage sustainability practices and motivate companies to reduce emissions.

Dr. Al Jaber noted that during the forum, competitive financing solutions will be announced for the industrial sector, including Dhs 5 billion from First Abu Dhabi Bank and Dhs 1 billion from Mashreq Bank.

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

Accelerating decarbonisationTaking place in the in the run-up to COP28, the Make it in the Emirates Forum focuses on sustainable industrial development, decarbonisation and increasing the industrial sector’s contribution to climate action.

Dr. Al Jaber said, “The UAE will host COP28 with a great sense of responsibility and a full appreciation of its gravity. During the climate conference, we will work to achieve transformation progress in climate action, focusing on finding practical and realistic solutions to mitigate the impacts of climate change, especially in the Global South. COP28 will focus on inclusion, joining forces, and forging partnerships rather than driving division.”

Noting the industrial sector is set to play a crucial 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.”

The Make it in the Emirates Forum also provides a vital platform for corporations and government to explore the competitive advantages available in the UAE, such as incentives, enablers, financing, and partnerships, contributing to the country’s transformation to become a global industrial hub.

Leadership directivesIn his speech, Dr. Al Jaber said, “In line with the directives of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Ministry of Industry and Advanced Technology focuses on establishing an integrated legislative and regulatory system that leverages the UAE’s competitive advantages.

WAM