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Industry investments in the UAE have doubled BY 2000% since the establishment of the Union.
H.E the Undersecretary of the Ministry of Energy and Industry Dr. Matar Hamid Al-Neyadi said yesterday that the ministry is considering the possibility of implementing a similar program for the Abu Dhabi National Oil Company (ADNOC) for " the Local Added Value" to other industrial sectors such as medicines, food, contracting and marine industries, explaining that this will be studied with the relevant local and federal entities.
H.E Al Neyadi praised the ADNOC's Local Added Value Program in early 2018, noting that the program, which came into effect early last year, gave local companies, especially SMEs, greater opportunities to participate in tenders for major oil and gas projects.
He stressed that ADNOC program is a great support for the industry and local companies, especially companies that employ national cadres or that use local products as well as international companies that have headquarters in the country and contribute to support the national economy. He said, “This program will have a significant role in stimulating and supporting the industry sector”.
The Ministry is considering implementing a similar program in other sectors such as the pharmaceutical, food, contracting and marine industries.
- Strategy
H.E Al Neyadi pointed out that the preparation of the industrial development strategy 2030, which will include a set of objectives and initiatives that will be implemented in coordination with local and federal entities such as the «Made in the UAE» initiative, aims to highlight the UAE's distinctive industrial destination for selected industries and attract new industries such as robotics and industries Associated with artificial intelligence.
The Undersecretary of the Ministry affirmed that the industrial sector in the country has witnessed tremendous growth. He pointed out that the investments of the sector and factories have doubled by about 2000%. The number of factories in the country today exceeds 7400 factories with investments amounting to 480 billion Dirhams compared to 4 factories with an investment of 260 million dirhams before the Union of Emirates with a growth rate of 1845%.
He pointed out that the industrial sector has witnessed great qualitative developments and that before the union the four factories were working in the fields of manufacturing plastic pipes and juices and filling oxygen gas for hospitals. However, today we have factories that manufacture products with great added value and highly specialized, and supply high-efficiency products to the countries of the world.
He pointed out that the industrial sector witnessed great qualitative developments, and that before the union, the four factories were working in the fields of manufacturing plastic pipes and juices and filling oxygen gas for hospitals, while today we have factories that manufacture products with great value added and highly specialized and supply high-efficiency products to the countries of the world.
He pointed out that the period from 1971 to 1991 was characterized by the entry of the state and its expansion in the important strategic industries, especially the petrochemicals, cables, ceramics, cement, reinforcing steel and others to meet the needs of the urban boom witnessed by the UAE. These industries played a major role in pushing forward the development.
He added that this period also witnessed the UAE's joining a number of international and regional industry organizations and institutions such as the United Nations Industrial Development Organization (UNIDO), and the Gulf Industrial Consulting Corporation (GICIC) to exchange experiences and learn about the experiences of other countries.
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