UAE Invests $1.63 Billion in Industrial Projects, Including the Country’s First Hydrogen Electrolyzer Plant
The “Make it in the Emirates” initiative received a significant boost as Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology, announced on Wednesday a massive investment in industrial projects. Over 6 billion dirhams ($1.63 billion) will be dedicated to a variety of projects, including the UAE’s first hydrogen electrolyzer plant, which will produce green fuels.
During the “Make it in the Emirates” Forum in Abu Dhabi, Al Jaber revealed the plans to bolster the UAE’s industrial sector, which saw an impressive increase in exports hitting AED175 billion in 2022, marking a 48% rise from 2020. This surge has resulted from strategic measures aimed at developing the UAE into a globally recognized industrial hub by 2031.
According to Al Jaber, the initiatives have already seen a substantial increase in the industry’s contribution to the national GDP, climbing to AED 182 billion in 2022 from AED 132 billion in 2020.
Furthermore, to support local manufacturers, the value of purchase agreements for industrial investments will be increased by over AED10 billion. Additionally, more than AED20 billion will be allocated by the Abu Dhabi National Oil Co. (ADNOC) to purchase products exclusively from domestic factories.
As part of UAE’s Industrial Strategy “Operation 300bn” launched in 2021 by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE, and Ruler of Dubai, the aim is to elevate the industrial sector’s contribution to the GDP to AED 300 billion by 2031.
Al Jaber also pointed out that in 2022, the Ministry of Industry and Advanced Technology (MoIAT) provided financing solutions worth AED 3 billion to support and empower the “Make it in the Emirates” initiative. The key investment event underlines the UAE’s commitment to sustainability and growth, offering numerous investment and procurement opportunities that run into billions of dollars.