February 25, 2024
GDP

GDP: UAE Industry Projected to Contribute Dh197 Billion in 2023.

Dubai, January 18, 2024 – GDP The Ministry of Industry and Advanced Technology disclosed a significant contribution of Dh197 billion from the industrial sector in 2023. This announcement follows the success of Operation 300Bn initiated in 2021, resulting in a 17% growth in industrial exports and a notable 7% increase in productivity. The UAE achieved 30% of the Operation 300Bn target last year.

Pillars of Success: Ministry’s Strategic Approach

The ministry’s achievements are attributed to four main pillars, aligning with the National Strategy for Industry and Advanced Technology, Operation 300 Bn. These pillars focus on creating a business-friendly environment, enhancing in-country value, accelerating technological transformation, and promoting sustainability.

Global Recognition and Regional Leadership: GDP

In 2023, the UAE secured the first position regionally and the 29th globally in the competitive industrial performance index by the United Nations Industrial Development Organisation (UNIDO).

Financial Support and Collaborative Initiatives

Collaborating with strategic partners, the ministry provided competitive financing solutions totaling Dh5.3 billion, marking a substantial 70% growth from 2022. Notably, 90% of the financing supported SMEs. The ministry also facilitated Dh3.3 billion in industrial investments for future industries such as biotechnology, hydrogen, and electric vehicles.

Emiratisation and Job Creation Initiatives: GDP

The ministry employed over 7,000 UAE nationals in 2023, emphasizing Emiratisation in the industrial sector. The introduction of the Industrialists Programme connected jobseekers with industrial companies, resulting in 500 jobs.

Decarbonisation Roadmap and Global Initiatives

The ministry announced an ambitious industrial decarbonisation roadmap during COP28, targeting a 93% reduction in carbon emissions by 2050.

Technological Advancements and Innovation Drive

Initiatives to accelerate the adoption of innovative technologies included the launch of the Industrial Technology Transformation Index (ITTI) in 2023. The index assessed and developed technology roadmaps for 153 companies, resulting in increased sustainability practices and 32% adoption of Fourth Industrial Revolution (4IR) solutions.

Incentives, Financial Solutions, and Legislative Frameworks

Continued efforts to foster growth and competitiveness involved the issuance of new laws on the regulation and development of the industry. Dh5.3 billion in financial solutions were provided, marking a 70% increase from 2022. Additionally, industrial service fees were reduced by 52%.

National ICV Programme Achievements: GDP

The National ICV Programme achieved a 17% growth in local expenditure YoY, reaching Dh61 billion. The Make it in the Emirates Forum secured 28% of the total value of local procurement deals, amounting to Dh31 billion. The programme contributed to a 22% increase in National ICV-certified companies and an 80% rise in the number of employed Emiratis.

International Industrial Partnerships

Progress in industrial partnerships with Egypt, Jordan, and Bahrain resulted in joint industrial investments projects reaching $3.3 billion by the end of 2023. The initiative aims to drive sustainable growth, achieve self-sufficiency, enhance food and health security, and create new employment opportunities.

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