UAE Manufacturing Sector Receives $6.26 Billion Boost from the Government

UAE Manufacturing Sector Receives $6.26 Billion Boost from the Government

By Staff Writer, 03 June 2024

The UAE's Make it in the Emirates (MIITE) Forum, which concluded on May 28, resulted in significant commitments from both government enterprises and private companies, totaling $6.26 billion in investments for local manufacturing.

Organized by the Ministry of Industry and Advanced Technology (MoIAT), the forum saw numerous announcements, including an $820 million pledge to purchase locally produced medical equipment. These new commitments build on previous agreements, raising the total value of local procurement to $38.93 billion, encompassing 2,000 locally manufactured products.

The forum also highlighted a series of multi-billion-dollar agreements aimed at enhancing economic self-sufficiency and attracting investment to the UAE. In total, 82 agreements were signed, aligning with Operation 300bn, a strategy to boost the manufacturing sector's value to $81 billion by 2031.

Source: Trade Arabia

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