UAE pledges additional $2.7bn in industry offtake agreements, invites global investors to leverage incentives – Business – Economy and Finance

 His Excellency Dr. Sultan Al Jaber, Minister of Trade and Superior Expertise, as we speak introduced $2.7 billion in offtake agreements for the UAE’s industrial sector in a transfer to spice up native manufacturing, strengthen provide chains and entice worldwide traders. 

Addressing the second Make it within the Emirates Discussion board, HE Dr. Al Jaber stated the brand new set of procurement alternatives would construct on the earlier discussion board’s offtake agreements.

“One of many key achievements of final 12 months’s discussion board was a number of main nationwide firms saying their intention to speculate $29.9 billion over the subsequent decade to buy 300 merchandise from native producers,” HE Dr. Al Jaber stated.

“I’m happy to share with you that within the first 12 months alone, 28 % of those offtake agreements have been applied, representing a complete worth of $8.4 billion.”

HE Dr. Al Jaber additionally introduced plans for greater than 30 new industrial tasks, representing greater than $1.6 billion of investments. 

“These tasks embrace pioneering initiatives similar to organising the primary hydrogen electrolyzer plant within the UAE,” he stated.

$1.63 billion of financing options for the commercial sector had been additionally introduced together with 5,000 jobs for UAE nationals in business via the Industrialist Program.

HE Dr. Al Jaber added: “I invite all attendees and contributors to discover via this discussion board the incentives and enablers offered by varied financial growth departments, industrial and particular zones, financing establishments, and nationwide firms.”

The UAE’s industrial exports reached $47.6 billion in 2022, rising 49 % in comparison with 2021. The commercial sector’s contribution to GDP rose to $49.5 billion in 2022, a 38 % enhance on 2020.

The Make it within the Emirates Discussion board is organized by the Ministry of Trade and Superior Expertise in partnership the Abu Dhabi Division of Financial Growth (ADDED) and ADNOC. 

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