The Ministry of Industry and Advanced Technology (MoIAT) and DUBAL Holding, the investment arm of Dubai Government in the commodities, mining, power, energy, and industrial sectors, on Tuesday signed an agreement to foster industrial cooperation and explore opportunities.
The agreement was signed in the presence of His Excellency Sultan Al Jaber the Minister of Industry and Advanced Technology and Her Excellency Sara Al Amiri, Minister of State for Public Education and Advanced Technology. It was signed by His Excellency Omar Al Suwaidi, Undersecretary of MoIAT and Ahmad Hamad Bin Fahad, CEO of DUBAL Holding LLC, on the first day of the Make it in the Emirates Forum taking place in Abu Dhabi.
Both the parties have agreed to cooperate in developing a framework for advancing the industrial and technology sectors in line with the directives of the UAE’s leadership to enhance economic diversification. The scope of the agreement covers industrial collaboration, attracting knowledge and technology, exploring opportunities for growth and providing incentives to drive industrial growth and promote advanced technology adoption.
H.E. Omar Al Suwaidi commented: “This agreement supports the development of the UAE as a global industrial hub. By offering incentives to companies as part of our unique value proposition, MoIAT and its partners are creating significant growth opportunities for manufacturers. We see DUBAL Holding as one of the key national industrial vehicles in advancing this growth. The UAE’s competitive advantages make doing business easy and enable companies to adopt the technologies and attract the talents needed to thrive. The Make it in the Emirates Forum is a key platform for showcasing these advantages and we look forward to exploring the new opportunities that were discussed.”
Ahmad Hamad Bin Fahad said: “This agreement is an important step towards a cooperation that will foster advancement of industries and sustainable technology, which is significant in diversifying the economy and overall development of the country. This project is in line with DUBAL Holding’s commitment to invest in promising projects in the non-ferrous metals, industrial, power and energy value chain, while paying special attention to recycling, sustainability, and technological innovation.”
The parties will form a Joint Technical Team to implement the provisions of the agreement and ensure its effectiveness. They will also have the right to form working groups and expert teams to support various initiatives and joint projects.
Some of the projects currently being explored include Non-Recyclable Plastics to Liquid and Secondary Lead Smelter & Refinery through Recycling of Used Lead Acid Batteries.
The Make in the Emirates Forum, a first of its kind forum launched on Tuesday in cooperation with the Abu Dhabi Department of Economic Development. The event convenes major local industrial companies, financial institutions and government agencies. During the forum, 12 national companies presented more than 300 products across 11 sectors for local production and procurement. They announced the provision of AED 110 billion of potential purchase agreements to existing and new partners.
About the Ministry of Industry and Advanced Technology
The UAE’s Ministry of Industry and Advanced Technology (MoIAT), established in July 2020, is mandated with strengthening the UAE’s industrial sector, specifically by accelerating the adoption of advanced technologies and Fourth Industrial Revolution (4IR) solutions across the value chain.
MoIAT has three overarching goals: Strengthening the UAE’s industrial base, ensuring in country value, and raising the competitiveness of local industries. By enhancing the contribution of advanced technology, the Ministry will support the country’s sustainable economic growth, and ensure GDP contribution from the industry sector.
The Ministry will draft policies, laws and programs to create a world-class industrial development framework for the nation that will help attract foreign direct investment, boost In-Country Value creation, support national entrepreneurship, drive job creation, and boost exports of ‘Made in UAE’ products.
From encouraging the establishment of industrial complexes to raising local capacity in advanced technology, the Ministry will accelerate industrial development in a bid to drive economic growth, diversification, value retention and national self-reliance.