Page 52 - ECI PR REPORT - DECEMBER 2024

1/8/25, 8:50 AM UAE’s industrial sector drives sustainable economic growth
show the UAE’s ranking rising from 35th place in 2019 to 27th globally and first in the Arab world,
according to UNIDO’s Competitive Industrial Performance Index (CIP).

Al Suwaidi also noted that the National In-Country Value (ICV) Programme launched as part of
“Projects of the 50”, redirected over Dhs73 billion in corporate spending into the national economy as
of Q3 2024.

This initiative has fostered growth and integration among industrial and service companies while
creating social impact, with over 19,000 Emiratis employed in private sector companies certified by
the programme.

He stated that the Industrial Development Council comprising federal, local, and industrial zone
representatives, has played a crucial role in streamlining industrial licensing procedures and
implementing a new industrial law that eases licensing requirements, particularly for SMEs.

Over the past few years, industrial financing has significantly expanded, with over Dhs19 billion in
competitive funding provided by the Emirates Development Bank and other financial institutions.

In 2024, Dhs9.5 billion in financing was allocated to the industrial sector, including Dhs1.1 billion for
advanced technology and Dhs1.8 billion in credit solutions provided by Etihad Credit Insurance.

The “Make it in the Emirates” Forum has achieved remarkable milestones across its three editions.
By the end of 2023, purchase agreements for locally manufactured products over a 10-year period
had reached Dhs143 billion, covering 2,000 locally produced items.

Additionally, manufacturing contracts worth Dhs62 billion were awarded, and over 300 products were
produced and purchased in quantities valued at approximately Dhs7 billion.

Meanwhile the Financial, Economic and Industrial Affairs Committee of the Sharjah Consultative
Council (SCC) convened to discuss a draft law concerning taxation of both extractive and non-
extractive companies involved with natural resources in Sharjah.

The draft law was presented to the committee during the fifth session of the Advisory Council,
prompting a meeting at the council’s headquarters in Sharjah.

Throughout the meeting, the committee reviewed the various provisions and articles of the draft law,
highlighting critical components related to the companies involved in extractive activities and those
functioning with natural and non-extractive resources subject to the specified tax.

The committee engaged in discussions alongside representatives from the Central Finance
Department to tackle the legal and financial elements that the draft law intends to address, ensuring
compliance with the tax base requirements for each fiscal year relative to oil and gas companies as
specified in their agreements with the Oil Department in Sharjah.

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