{"id":92440,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/make-it-in-the-emirates-kicks-off-with-a-bang\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"make-it-in-the-emirates-kicks-off-with-a-bang","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/28\/make-it-in-the-emirates-kicks-off-with-a-bang\/","title":{"rendered":"Make It in the Emirates kicks off with a bang"},"content":{"rendered":"

The latest Make It in the Emirates Forum kicked off yesterday in Abu Dhabi <\/strong>with some AED 23 bn pledged for new industrial projects, AED 5 bn pledged to support SMEs in the sector, and more initiatives announced to boost AI in the sector and stimulate industrial growth in the northern emirates.<\/p>\n

ADNOC INKS AED 16.8 BN AGREEMENTS + PLEDGES AED 20 BN-<\/p>\n

Adnoc boosts local procurement target to AED 90 bn: <\/strong>Adnoc has boosted its target for procurement of local supplies to AED 90 bn by 2030, after meeting its 2027 target of AED 70 bn ahead of schedule, Wam<\/a> reports. Allocated under its In-Country Value (ICV) program<\/a>, Adnoc\u2019s new target aims to drive back AED 178 bn into the UAE\u2019s economy over the next four years. <\/p>\n

The oil firm met its <\/strong>2027 target<\/a><\/strong> after awarding two AED 16.8 bn contracts to local manufacturers<\/strong> to acquire metal pipes and valves.<\/p>\n

The breakdown:<\/strong> Adnoc has signed agreements worth AED 8.8 bn to purchase metal pipes from M Piping Petroleum Equipment<\/a>, Ajmal Steel<\/a>, and the Emirati-owned Al Gharbia<\/a>. The state-owned oil giant also inked AED 8 bn agreements to acquire mechanical valves from valve manufacturers Samamat<\/a>, Camtech Manufacturing<\/a>, Tisco Valves Manufacturing<\/a>, PTPA<\/a>, and MT Valves and Industries<\/a>. <\/p>\n

Background:<\/strong> Introduced in 2018, Adnoc\u2019s ICV program aims to localize essential functions in the oil and gas sector by supporting local supply chains and procuring from local suppliers. Since its inception, Adnoc has injected AED 187 bn back into the economy and awarded contracts worth AED 22.4 bn to 600 small and medium companies.<\/p>\n

Adnoc will also launch a \u201cdedicated micro, small and medium enterprises accelerator programme<\/strong> to enable Emirati businesses and local mSMEs to conduct business across Adnoc\u2019s supply chain,\u201d the statement reads. The expanded program will also offer sustainability incentives for investors to encourage the integration of clean tech in supply chains. <\/p>\n

ALSO-<\/strong> PureHealth also inked offtake agreements worth some AED 3 bn for the procurement of local supplies<\/strong>, Wam<\/a> reported separately. Funding for local manufacturing procurement now stands at AED 143 bn, spanning over 2k products. <\/p>\n

REMEMBER- The bigger picture. <\/strong>The UAE is aiming to edge the industrial sector\u2019s contribution to GDP to AED 300 bn by 2031. The sector comprised AED 197 bn of GDP in 2023.<\/p>\n

EDB PLEDGES AED 5 BN FOR LOCAL INDUSTRY + MORE FOR AI-<\/p>\n

Emirates Development Bank (EDB) is allocating up to AED 5 bn to finance <\/strong>businesses and projects in the manufacturing sector<\/strong>, marking its highest funding pledged to date, in a bid to boost \u201ctechnology adoption, economic resilience and diversification\u201d in the sector, according to a press release<\/a>. The AED 5 bn is part of a wider AED 30 bn pledge to support some 13.5k companies in its priority sectors \u2014 renewables, manufacturing, advanced technology, healthcare and food security \u2014 by 2026.<\/p>\n

Some AED 1 bn of the funding will be co-lended with<\/strong> commercial banks<\/strong> via credit guarantee schemes and multilateral agreements.<\/p>\n

EDB \u2764 \ufe0f the industrial sector: <\/strong>EDB contributed AED 4.3 bn<\/a> to the country\u2019s total industrial GDP in 2023, up 80% y-o-y from its AED 2.4 bn share in 2022. The lender aims to raise its contribution to AED 10 bn in two years by \u201cfocusing on empowering the private sector to drive the nation's economic growth,\u201d EDB CEO Ahmed Mohamed Al Naqbi said.<\/p>\n

AND- EDB is providing AED 370 mn in funding to promote AI adoption across the industrial sector, <\/strong>via a newly launched Innovation through Artificial Intelligence program, Wam<\/a> reported. The investment ticket will be mobilized in partnership with the Industry and Advanced Technology Ministry. <\/p>\n

The program will provide access to technology developers and \u201cremove financial barriers\u201d to accelerate the use of AI in the sector<\/strong>, Wam said.<\/p>\n

NEW INCENTIVES FROM ETIHADWE FOR NORTHERN EMIRATES-<\/p>\n

EtihadWe has revised its energy consumption tariff structure for industrial and tech <\/strong>customers in the northern emirates<\/strong> in a bid to stimulate industrial growth, CEO Youssef Al Ali told Wam<\/a> on the sidelines of the event. The new tiered pricing system targets manufacturers with a monthly consumption exceeding 10 MW per hour. <\/p>\n

The new system:<\/strong> Starting rates for the tariff will now begin at 26 fils per KW hour, down from 32 fils per KWh<\/p>\n

MORE FROM THE FORUM-<\/p>\n

Ducab expands in Kezad:<\/strong> Dubai Cables Group subsidiary Ducab Metal Business<\/a> (DMB) has inked a 50-year lease agreement with Abu Dhabi\u2019s Khalifa Economic Zone (Kezad) to expand its facilities in the industrial hub by adding over 51 sqm to its existing 50k facility for an undisclosed sum, according to a press release<\/a>. The agreement, signed on the sidelines of the forum, will allow Ducab to increase its copper and aluminum production. The company did not reveal the expected increased capacity. <\/p>\n

About DMB:<\/strong> Currently spanning over 100 sqm, Ducab\u2019s facilities previously operated with an annual production capacity surpassing 235k tonnes of copper and aluminum, exported to some 75 countries. <\/p>\n","protected":false},"excerpt":{"rendered":"

The forum saw the Emirates Development Bank, Adnoc, and PureHeath make pledges to back the sector<\/p>\n","protected":false},"author":1,"featured_media":92441,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1545],"tags":[57,1118,64,228,320,1341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-adnoc","tag-emirates-development-bank","tag-manufacturing","tag-purehealth","tag-smes","tag-tech","wpautop","entry"],"acf":{"mongo_id":"d786a7f0-2b82-4b0d-a6e8-3c31405c1f09","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2243.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"New funding pledged for local industry at Make It in the Emirates","related_issue":[92435],"teaser":"The forum saw the Emirates Development Bank, Adnoc, and PureHeath make pledges to back the sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.9453c153-1f95-4e2f-addb-181415a9dcdc.mp3"},"yoast_head":"\nMake It in the Emirates kicks off with a bang - 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