A member of Tecom Group PJSC, Dubai Industrial City (DIC), has struck three significant strategic collaborations to entice foreign firms and develop the industrial ecosystems in Dubai and the United Arab Emirates.
The agreements were made with Dubai's Department of Economy and Tourism (DET), the Ministry of Climate Change and Environment (MoCCAE), the Emirates Development Bank (EDB), and the Ministry of Industry and Advanced Technology (MoIAT) in order to promote expansion in the UAE's manufacturing sector and to strengthen the UAE's position as a desirable, sustainable industrial hub.
Through Dubai Industrial City's specifically designed ecosystem, the agreements will increase local and regional opportunities for industrial growth, fostering collaboration between the public and private sectors to address economic priorities like advanced manufacturing, sustainability, and food security. In addition, EDB would finance DIC's clients to the tune of AED1 billion ($270 million).
High-ranking officials and VIPs, including Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, Eng Mohammed Alameeri, Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment, Ahmed Al Naqbi, CEO of Emirates Development Bank, and Hadi Badri, CEO of Dubai Economic Development Corporation - Dubai's Department of E, attended the signing ceremony on May 3 2023 at Jumeirah Emirates Towers in Dubai.
The agreements are in line with the long-term objectives of the Operation 300 billion, "Make it in the Emirates," "National Food Security," and "Net Zero by 2050" strategies to develop the industrial sector of the UAE and increase its domestic value and international exports, as well as the Dubai Economic Agenda "D33" to promote sustainability, innovation, and foreign investments in the local manufacturing sector.