A team from the Ministry of Industry and Advanced Technology (MoIAT) visited several local government entities in three emirates, headed by Omar Ahmed Suwaina Al Suwaidi, Undersecretary of MoIAT, and accompanied by Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector.

The tour is part of the MoIAT's ongoing efforts to strengthen collaboration with all partners and stakeholders to achieve the objectives of the national plan for industry and advanced technology, Operation 300bn.

The tour includes stops at the Abu Dhabi Chamber of Commerce and Industry, the Department of Economic Development in Ras Al Khaimah, and the Department of Industry and Economy in Fujairah, in addition to previous appearances at the Sharjah Investment and Development Authority (Shurooq) and the Ajman Chamber of Commerce and Industry. The delegates interacted with Mohamed Helal Al Mheiri, Director General of the Abu Dhabi Chamber, Sheikh Mohammed Bin Kayed Al Qasimi, Chairman of the Department of Economic Development in Ras Al Khaimah, Dr. Abdulrahman Al-Shayeb Al-Naqbi, Director-General of the Department of Economic Development in Ras Al Khaimah, and Mohamed Obaid Bin Majed Al Aleeli, Director General of the Department of Industry and Economy in Ras Al Khaima and other senior officials.

The UAE Ministry of Industry and Advanced Technology, which was formed in July 2020, is tasked with reinforcing the UAE's industrial sector, especially by leveraging advanced technology and tools from the Fourth Industrial Revolution. The Ministry's overriding priorities are to strengthen the UAE's manufacturing sector, to ensure in-country value, and to increase the productivity of local industries. The Ministry will promote the country's sustainable economic development and guarantee GDP participation from the industry sector by increasing the contribution of advanced technology.

The Ministry will develop policies, regulations, and programs that help to build a world-class industrial growth framework that will help draw foreign direct investment, improve in-country value creation, promote national entrepreneurship, accelerate employment generation, and increase exports of ‘Made in UAE' goods. The Ministry would accelerate industrial production to drive economic growth, diversification, value preservation, and national self-reliance, from promoting the establishment of industrial complexes to increasing local capability in advanced technology.

The Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) earlier this month to include Dhs30 billion in financial assistance for up to 13,500 companies and SMEs for the next ten years. The plan will target businesses in the manufacturing sectors described as critical to national development in the MoIAT's latest policy, Operation 300bn. The agreement seeks to accelerate the development of the information economy, which the UAE's leadership sees as crucial to long-term economic growth during this phase of rapid global digitalization and technological innovation.

Omar Suwaina Al Suwaidi, Undersecretary of MoIAT, and Faisal Aqeel Al Bastaki, CEO of EDB, signed the MoU. EDB will offer funding options and promote banking services to meet the concerns of firms in priority sectors under the terms of the agreement. Funding to promote the introduction of new technology in the manufacturing sector, organized financing and capital acquisitions, funding for market growth, and renewable financing options will be included.

EDB and MoIAT will work together to promote the growth and sustainability of the UAE's entrepreneurship process. They will collaborate to provide SMEs with financial advice and assistance and to promote the Mohammed Bin Rashid Innovation Fund and loan projects to build new technologies, and evaluate potential applicants to ensure they follow the requirements. These parties will work together to promote and ensure the cooperation and interest of other funding entities, such as hedge funds.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB's Board, said of the deal, "This MoU represents a significant step for the UAE's rapidly expanding manufacturing sector and a tribute to this nation's leadership's forward-thinking approach." He said. “Because of the country's aggressive diversification strategies over the last two decades, manufacturing and entrepreneurialism have developed as vital drivers of sustainable national economic development. Building on these solid platforms, Operation 300 billion seeks to promote the expansion of our thriving manufacturing base and encourage a science- and innovation-based economic system.”

According to Al Jaber, the MoIAT and the EDB will work together to foster an environment of intuitive entrepreneurship and creativity in the industrial sector's value chain, with an emphasis on manufacturing, logistics, telecommunications, healthcare, and food security sectors.

“Operation 300 billion is critical to improving the UAE's economic competitiveness and its position as a global center for pioneering and groundbreaking industries for the next five decades,” said Omar Suwaina Al Suwaidi, Undersecretary of MoIAT.

“Through establishing a dynamic and supportive climate for firms throughout the world, the plan seeks to double the manufacturing sector's contribution to GDP by 2031, also increasing wages, efficiency, in-country value, and exports.” Omar Suwaina Al Suwaidi said.

“The signing of this MoU complements EDB's ongoing strategy and its objectives of accelerating advanced technology adoption by supplying the requisite banking and financing stimulus, and enhancing the role of industrial SMEs in strengthening the national economy,” said Faisal Aqeel Al Bastaki, CEO of EDB.

“To meet these objectives, EDB will provide funding to small and medium-sized factories, and professional assistance to developers, startups, and small businesses,” he added. EDB will concentrate on forming alliances with UAE banks to increase financial assistance to manufacturing SMEs, target markets, and underserved economic segments, guaranteeing that everybody has exposure to financing solutions.