Thursday 13 June 2024

A grab of the MIITE exhibition

$5.45bn new investments announced at MIITE Forum

ABU DHABI, 13 days ago

The third edition of the Make it in the Emirates (MIITE) Forum and exhibition saw AED20 billion ($5.45 billion) worth of new investments announced in industrial projects and AED23 billion worth of procurement opportunities for local manufacturing.  
The event, which concluded on May 28, was organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and Adnoc and was attended by more than 6,000 attendees including investors, industrialists and innovators.
It witnessed five strategic announcements and 82 agreements that were signed between government entities and manufacturers, alongside the introduction of competitive electricity prices for industrial companies in Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah under a partnership between the Ministry of Energy and Infrastructure and the Etihad Water and Electricity.
Investment pledges
It also saw investment pledges raising the total value generated by the three editions of the forum to AED143 billion, comprising more than 2,000 products. This includes AED20 billion allocated by Adnoc, and AED3 billion by PureHealth.
The two-day event in Abu Dhabi was attended by six thousand investors, industrialists, innovators and experts and featured 200 leading companies and financial institutions in the UAE.
The event marked the introduction of AED1 billion in solutions via a co-lending financing between Emirates Development Bank (EDB) and commercial banks to empower industrial companies.
It also launched the AI Innovation Programme, an initiative designed to support startups on AI integration which is backed by EDB with a AED370 million fund.
Support for local manufacturing
The forum showcased the achievements of local industrial companies, along with the incentives that bolster and attract industrial investments to the country. It highlighted the country’s support for the local manufacturing of essential products and materials.
The exhibition that accompanied the forum showcased 300 products that came as a result from Make it in the Emirates initiative, National ICV-Programme, and import substitution efforts by national and international companies. These included innovative solutions designed to support the development of the industrial sector and boost food security.
The forum underscored the pivotal role of AI as a cornerstone of the country’s strategic direction and in raising efficiency, productivity, and competitiveness.
The forum further cemented the UAE’s position as a key global platform for collaboration among institutions, companies, and financial institutions. The third edition witnessed the signing of 82 MoUs and agreements between government entities and leading industrial companies.
Launch of Transform 4.0
The forum featured the launch of Transform 4.0, a programme aiming to accelerate the adoption of advanced technology in industry through developing a roadmap for 100 industrial companies. This initiative aims to enhance the competitiveness of national industries, elevate productivity, improve operational efficiency, and foster sustainable growth opportunities. Ultimately, it aims to support the digital economy by leveraging knowledge, technology, and innovation.
The Ministry announced the three winners of Make it in the Emirates Start-Up Pitch Competition covering the two categories of additive manufacturing and decarbonisation.
The forum supports sustainable economic development and promotes self-sufficiency, localisation and resilience in value chains, particularly by driving the adoption of advanced technology, Fourth Industrial Revolution solutions and AI applications. Furthermore, the forum serves as a platform for empowering Emirati talent in the industrial sector.--TradeArabia News Service


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