The UAE Ministry has Announced New Incentives to Encourage the Growth of Industrial SMEs

The UAE's Ministry of Industry and Advanced Technology, in collaboration with partners, has introduced incentive packages to bolster small and medium-sized industrial enterprises within the country, as reported by Alkesh Sharma for The National.

These measures align with the national Operation 300bn strategy, striving to enhance the UAE's industrial sector, making it globally competitive, productive, and sustainable.

The incentives, unveiled at Adipec, include free Industrial Technology Transformation Index (ITTI) assessments for companies, provided through partnerships with companies like Maxbyte and Schneider Electric.

Maxbyte, specializing in Fourth Industrial Revolution solutions, will conduct 50 free ITTI assessments by mid-2024, while Schneider Electric will conduct 25 assessments.

The ministry is introducing incentive packages allowing manufacturers and SMEs to nominate employees for a golden visa.

Manufacturers reaching an ITTI score of 40-60% can nominate up to two individuals for this special visa, while those scoring 61% and above can nominate up to five.

Minister Sarah Al Amiri stated that SMEs will receive significant support to adopt advanced technologies, enhancing productivity, competitiveness, sustainability, and efficiency throughout their operations.