ABU DHABI, UNITED ARAB EMIRATES--(Business Wire / Korea Newswire)--Government enterprises and private companies in the UAE committed an additional $6.26 billion to local manufacturing during the Make it in the Emirates (MIITE) Forum, which concluded on Tuesday. Organized by the Ministry of Industry and Advanced Technology (MoIAT), the forum witnessed a series of announcements, including a $820 million commitment to buy locally produced medical equipment. The local procurement announcements build on offtakes generated by the two previous editions of the forum, raising the total value to $38.93 billion representing 2,000 products for local manufacturing.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology (Photo: AETOSWire) These commitments are a part of a series of multi-billion-dollar agreements and initiatives announced at MIITE aimed at promoting economic self-sufficiency and attracting investment to the UAE. Eighty-two agreements were signed during MIITE, supporting Operation 300bn, a strategy aimed at increasing manufacturing value added to $81 billion by 2031.

Industrial projects and investments worth more than $5.44 billion were announced during MIITE, including a $12 million investment to launch UAE’s first microalgae producer. UK-based Levidian announced a $100 million investment in a new Regional Delivery Centre in Abu Dhabi, targeting $2 billion in revenues by 2030 and promising to create hundreds of jobs.

MoIAT launched the AI Innovation Program to help industrial companies integrate AI in their operations. The program is backed by $100 million of financing from Emirates Development Bank (EDB). EDB partnered with commercial banks to provide $272 million worth of co-lending to support industrial companies. Another initiative, Transform 4.0, was launched with the aim of creating 100 Industry 4.0 lighthouses over the next three-to-five years.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The third edition of the Make it in the Emirates Forum marks a significant gathering of pace and momentum for the UAE’s industrial sector. In just three years, since the establishment of the ministry, the industrial sector’s contribution to GDP has grown 49% to AED 197 billion ($53.64). The country has emerged as a truly global hub for industrial investment and innovation, attracting some of the world's biggest names and best talents.

“The announcements made this week will enhance national resilience in key sectors such as energy, healthcare and food, but also create strong investment opportunities for companies seeking to unlock the new wave of value being created by Operation 300bn.”

*Source: AETOSWire

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This news is a press release provided by Make it in the Emirates Forum. Korea Newswire follows these editorial guidelines. Make it in the Emirates Forum News ReleasesSubscribeRSS UAE, 산업 오프테이크에 62억6000만달러 추가 투자 약정 확보 아랍에미리트 국영 기업 및 민간 회사들이 화요일에 마무리된 메이크 잇 인 에미레이트(Make it in the Emirates, MIITE) 포럼에서 현지 제조업에 62억6000만달러 규모의 추가 투자를 약정했다. 산업첨단기술부(Ministry of Industry and Advanced Technology, MoIAT)가 주최한 이 포럼에서 이루어진 일련의 ... 6월 2일 13:20 UAE’s In-Country Value Projects Driving Billions to Local Firms More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries. Speaking at the Make in the Emirates Forum today, His Excellency Abdull... 2023년 6월 4일 10:40 ... More  More News Health Medical Appliances Government Central Government Investment Overseas Make it in the Em... All News Releases 