Abu Dhabi: His Excellency Dr. Sultan Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, lead an Emirati delegation to the Sultanate of Oman today, accompanied by representatives of several government entities and private-sector companies. His Excellency Dr. Al Jaber met with His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion in the Sultanate, and a number of officials in related sectors.
The visit explored ways to broaden cooperation between the two countries at both governmental and private-sector levels, especially in the areas of industry, advanced technology and quality infrastructure.
His Excellency Dr. Sultan Ahmed Al Jaber conveyed the greetings of the UAE leadership to the leaders of the Sultanate, stressing the deep and abiding relations between the two countries, which are based on close historical ties and the development of common interests. Bilateral ties between the two were first laid down by the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan, and the late Sultan Qaboos bin Said.
His Excellency Dr. Sultan Al Jaber said the continued strength of the bilateral relations between the countries is a source of encouragement and pride, adding that he is looking forward to further enhancing cooperation in the areas of industry and advanced technology. He noted that the next steps will focus on creating investment opportunities and facilitating measures for investors.
His Excellency Dr. Al Jaber said: “Thanks to the vision and directives of our wise leadership, the UAE is moving rapidly to develop the industrial and advanced technology sectors in the country, investing in research and development and integrating 4IR concepts to achieve the key goals of boosting the national economy and achieving sustainable development.”
His Excellency Dr. Al Jaber and his delegation were welcomed by His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, His Excellency Dr. Saleh bin Saeed Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and a number of officials in the public and private sectors.
For his part, His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, underscored the importance of developing bilateral relations with the UAE, particularly in industrial sectors.
His Excellency Qais bin Mohammed Al Yousef, pointed out that the visit of the Emirati delegation to the Sultanate reflects a determination in both countries to exchange views on expanding private-sector partnerships, investment opportunities and trade volumes between the UAE and Oman.
The visit included meetings with representatives from the Oman Investment Authority, the Public Authority for Economic and Free Zones in the Sultanate, the Public Establishment for Industrial Estates (Madayn), and Oman’s Chamber of Commerce and Industry.
His Excellency Dr. Sultan Al Jaber was accompanied by His Excellency Omar Suwaina Al Suwaidi, Undersecretary of MoIAT, His Excellency Mohammed Al Shamsi, Group CEO of Abu Dhabi Ports, Khaled Salmeen, Executive Director of ADNOC’s Downstream, Industry, Marketing & Trading Directorate, Jassim Thabet, TAQA’s Group CEO, and a number of officials from MoIAT, Abu Dhabi Holding, and Mubadala Investment Company.
The Sultanate of Oman is among the top 10 trading partners of the UAE. The trade exchange volume between 2017 to 2020 totaled AED172bn, which represents about 2.7 percent of UAE’s total foreign trade during this period, with a compound annual growth rate of about 5.7 percent – an average of AED43 billion per annum.
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.