RIYADH: The UAE’s industrial exports surged by 60 percent over the past three years, amounting to a projected 187 billion dirhams ($50.9 billion), according to a minister.
Sultan bin Ahmed Al-Jaber, the minister of industry and advanced technology, underscored in a statement to the Emirates News Agency the pursuit of initiatives aimed at bolstering industrial prowess and elevating competitiveness on both national and international fronts.
Al-Jaber emphasized his ministry’s commitment to enhancing in-country value and boosting manufacturing processes, promoting supply chain security and economic competitiveness, thereby increasing domestic product support.
He said: “Industrial exports have grown by 60 percent with significant progress being made last year, amounting to a projected 187 billion dirhams compared to 117 billion dirhams in 2020. Industrial productivity has increased by 18 percent compared to 2020.”
Al-Jaber added: “In 2023, the UAE ranked first regionally and 29th globally in UNIDO’s (UN Industrial Development Organization) Competitive Industrial Performance Index, climbing seven spots since 2020.”
The industry’s contribution to the UAE’s economy has increased by 49 percent since the Ministry of Industry and Advanced Technology was establishedi n 2020, according to the minister. Prior to its creation, the sector’s contribution to gross domestic product was 132 billion dirhams, which has now reached a projected 197 billion dirhams.
Highlighting the tangible outcomes of the ministry’s endeavors, Al-Jaber continued: “This has contributed to greater national industrial security and self-sufficiency, resulting in 9.3 billion dirhams worth of import substitution projects.”
He underscored that one of the department’s leading initiatives is the National In-Country Value Programme, which has redirected over 237 billion dirhams spent outside the UAE back into the national economy.
“This recapturing of national procurement has contributed to the growth and competitiveness of the industrial sector and has directly enhanced self-sufficiency. So far, 16,000 Emiratis have been employed across ICV-certified companies,” he added.
Source: Arab News
