Since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC started significant in-country value programmes to boost domestic industry, more than $27.23 billion has been redirected to the local economy.
Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, stated more than $14.43 billion in investment was diverted to the local economy last year alone, an increase of 25% year over year. He was speaking at the Make in the Emirates Forum.
“The National In-Country Value Program is a nationwide program that speaks one language across many different sectors,” Al-Shamsi said. “It’s one methodology and this is something we’re very proud of because it benefits the private sector and when the private sector sees this it helps them prepare, invest, and spend.”
The forum heard how the National ICV Program is “functionating well and accelerating.”
The summit also heard about the crucial role that industrial zones are playing in the long-term industrial growth and overall economic prospects of the nation. Local business leaders explained how they are reducing their carbon footprint by using alternative energy sources like solar and hydrogen.
The UAE presented its distinctive value proposition to foreign investors as the second Make It in the Emirates Forum came to a close on Thursday.
With panel discussions concentrating on the National In-Country Value (ICV) Programme, the function of industrial zones, competitive finance as a key enabler, and local talent in the private sector, investors were invited to explore potential and competitive advantages.
The UAE's industrial exports increased by 49 percent from 2021 to 2022, totaling $47.6 billion. The industrial sector's contribution to GDP increased by 38 percent from 2020 to 2022, reaching $49.5 billion.