More than 30 industrial agreements signed during Make it in the Emirates Forum

About 1,800 stakeholders from the industrial sector and 24 leading companies participated in the two-day event in Abu Dhabi this week

Local companies committed $30 billion in potential purchasing agreements during the Make it in the Emirates Forum. Victor Besa / The National

The Make it in the Emirates Forum ended on Wednesday with the signing of 32 agreements between government entities, industrial companies and finance institutions.

About 1,800 stakeholders from the industrial sector, investors and 24 leading companies participated in the two-day forum that was organised by the Ministry of Industry and Advanced Technology, in collaboration with the Abu Dhabi Department of Economic Development.

National companies committed Dh110 billion ($30bn) in potential purchasing agreements for existing and new partners.

The forum also included an exhibition highlighting opportunities and incentives across more than 11 priority sectors, and unveiled more than 300 products to be manufactured locally.

These products will contribute more than Dh6bn to the economy annually.

“The 32 agreements will diversify the industrial sector and enhance its sustainability, increasing the national industrial sector’s contribution to the UAE’s economic diversification,” the ministry said on Thursday.

Among the agreements, Adnoc signed pacts worth Dh21bn with local and international companies to purchase locally manufactured products.

Last year, the UAE launched Operation 300bn, an overarching strategy to position the country as an industrial centre by 2031.

The 10-year plan focuses on increasing the industrial sector's contribution to the country's gross domestic product to Dh300bn ($81.67bn) by 2031, from last year's Dh133bn.

The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment and ensuring availability of dedicated financing for local industrial companies.

The Make it in the Emirates forum also witnessed the unveiling of various incentives for manufacturers in the UAE.

They include financing up to 80 per cent of capital expenditure at low interest rates, with grace periods of two years and a repayment period of up to 15 years, as well as the reduction of industrial fees and service tariffs, efforts to introduce exports to new markets and the availing of funding via seven major finance institutions.

Added unveiled several programmes to support the industrial sector and enhance its competitiveness.

Some of the initiatives include the Abu Dhabi Local Content Programme and the Electric Tariff Incentive Programme.