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MoIAT collaborates with Dubal Holding to bolster UAE's industrial sector

June 23, 2022
finance & economy

The aim is to create a framework to develop the industrial and technology sectors and ensure economic diversification

The UAE Ministry of Industry and Advanced Technology (MoIAT) has joined forces with Dubal Holding to boost industrial co-operation and explore potential opportunities in the Arab world’s second-largest economy.

As part of the agreement, which was signed during the Make it the Emirates forum in Abu Dhabi on Tuesday, the two entities will work together to develop a framework to boost the industrial and technology sectors to ensure 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, according to a statement on Wednesday.

The agreement was signed in the presence of Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.

The move supports the development of the UAE as a global industrial hub, said Omar Al Suwaidi, undersecretary at the ministry.

“By offering incentives to companies as part of our unique value proposition, MoIAT and its partners are creating significant growth opportunities for manufacturers,' he said.

“The UAE’s competitive advantages make doing business easy and enable companies to adopt the technologies and attract the talents … 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.”

Last year, the UAE launched Operation 300bn, an overarching strategy to position the country as an industrial centre by 2031. The 10-year plan focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion ($36.21bn) in 2021 to Dh300bn in 2031.

The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment and ensuring availability of dedicated financing for local industrial companies.

MoIAT and Dubal Holding will form a joint technical team to implement the provisions of the new 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, the statement said.

Some of the projects being explored include converting non-recyclable plastics to liquid and secondary lead smelter and refinery through recycling of used lead acid batteries.

“This agreement is an important step towards a co-operation that will foster advancement of industries and sustainable technology, which is significant in diversifying the economy and overall development of the country,” said Ahmad bin Fahad, Dubal Holding’s chief executive.

The 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, he said.

Dubal Holding is the investment arm of Dubai government in the commodities, mining, power, energy and industrial sectors.

The Make it in the Emirates forum convenes major local industrial companies, financial institutions and government agencies. During the two-day forum, 12 national companies presented more than 300 products across the 11 sectors for local production and procurement. They announced the provision of $30bn of potential purchase agreements to existing and new partners.

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