UAE’s Industrial Exports Soar by 60% in Three Years, Reaching 187 Billion Dirhams
In a remarkable achievement, the UAE’s industrial exports have surged by a whopping 60 percent over the past three years, totaling a projected 187 billion dirhams ($50.9 billion), as announced by Sultan Ahmed Al-Jaber, the minister of industry and advanced technology.
Initiatives to Boost Industrial Prowess and Competitiveness
Al-Jaber emphasized the ministry’s commitment to enhancing in-country value, promoting manufacturing processes, and increasing supply chain security to elevate competitiveness on both national and international fronts. The goal is to support domestic product growth and contribute to the overall economic prosperity of the UAE.
UAE Ranks First Regionally and 29th Globally in Competitive Industrial Performance Index
The UAE has made significant progress in industrial productivity, with a 60 percent increase in industrial exports compared to the previous year. In 2023, the country secured the top spot regionally and ranked 29th globally in UNIDO’s Competitive Industrial Performance Index, showcasing its ability to produce and export manufactured goods competitively.
Impact on Economy and Self-Sufficiency
The industry’s contribution to the UAE’s economy has increased by 49 percent since the establishment of the Ministry of Industry and Advanced Technology in 2020. The sector’s contribution to GDP has seen a significant rise, reaching a projected 197 billion dirhams. This growth has led to greater industrial security and self-sufficiency, with import substitution projects worth 9.3 billion dirhams.
National In-Country Value Programme Driving Economic Growth
One of the ministry’s key initiatives, the National In-Country Value Programme, has redirected over 237 billion dirhams back into the UAE economy. This program aims to enhance economic performance, localize the supply chain, attract foreign investments, and generate job opportunities within the private sector. The initiative has already seen the employment of 16,000 Emiratis across ICV-certified companies.
Certified Companies Driving Economic Diversification
Certified companies like Al Sharq Plas LLC, Marks Decoration, Seacorr Engineering Services LLC, and Total Connexons Electrical LLC are at the forefront of driving economic diversification and promoting local industries. Through the ICV Program, these companies have successfully acquired accreditation, contributing to the growth and competitiveness of the industrial sector in the UAE.