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The Ministry of Industry and Advanced Technology (MoIAT) and Dubai Industrial City (DI), one of the largest industrial hubs in the region, have signed a deal designed to further enhance the UAE’s industrial sector while facilitating decarbonisation efforts
The Memorandum of Understanding was signed on the first day of the Global Manufacturing and Industrialisation Summit which is held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the United Arab Emirates, and ruler of Dubai at Expo 2020 Dubai.
It focused on three core elements, including enabling the UAE’s Industry 4.0 programme, attracting foreign investors as part of “Make It In The Emirates” campaign, and facilitating decarbonisation across the industrial sector. The partnership’s objectives are in line with the UAE’s industrial strategy, which aims to develop the nation’s industrial sector and raise its contribution to the GDP.
Abdulla Belhoul, chief commercial officer at Dubai Holding Asset Management (DHAM), said, “The UAE continues reinforcing its status as a global leader and innovator with several ambitious initiatives such as Operation 300bn. By boosting the local manufacturing and distribution ecosystem, we will not only cement our sustainable and diverse economy, but we will be better prepared for the future, and enhance the UAE’s competitiveness and attractiveness as a global manufacturing and trade hub.”
Saud Abu Alshawareb, managing director of Dubai Industrial City, stated, “We are proud to partner with the Ministry to facilitate the UAE’s agenda boosting the industrial sector. By pooling together our expertise, resources and extensive networks, we hope to realise our visionary leadership’s proactive strategy to put the UAE at the forefront of global manufacturing and distribution, while securing a diversified, sustainable economy.”
Driving the UAE’s industrial strategy
Launched in March 2021, the UAE’s industrial strategy outlines six core objectives, including enhancing the global competitiveness of local industries and stimulating innovation by accelerating the adoption of advanced technology across the industrial value chain. The MoU between the MoIAT and DI will focus on stimulating the growth of 11 critical industrial sectors, including food, beverage and agricultural technology, pharmaceuticals and electrical equipment and electronics.
Groundwork for the digital future
A key objective of the partnership is to enable the adoption of Industry 4.0 in the UAE. Fourth Industrial Revolution technologies and applications will create significant opportunities across the manufacturing and logistics supply chain. Automation, predictive analysis, artificial intelligence and other advanced technologies promise a variety of benefits.
A magnet for investors
The UAE’s industrial strategy serves to modernise industrial laws, support the adoption of renewable energy and provide flexible financing to make the UAE an increasingly attractive destination for industry.
MoIAT and DI will work to improve infrastructural appeal on par with leading markets and improve the ease of setting up and doing business. International organizations and investors can take advantage of competitive financing opportunities to establish and expand business activity in the greater region.
MoIAT and DI will fuel the UAE’s sustainability agenda by facilitating the decarbonisation of the UAE’s industrial sector. The partnership will help businesses ensure clean and green operations. Dubai Industrial City has supported several renewable energy projects in its ecosystem, contributing to national efforts to decarbonise the economy and reach net zero carbon emissions by 2050.