Page 60 - ECI PR REPORT - DECEMBER 2024

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 AED 73 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 AED 19 billion in competitive funding provided

by the Emirates Development Bank and other financial institutions.

In 2024, AED 9.5 billion in financing was allocated to the industrial

sector, including AED 1.1 billion for

advanced technology and AED 1.8 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 AED143 billion, covering 2,000 locally produced items.

Additionally, manufacturing contracts worth AED62 billion were
awarded, and over 300 products were produced and purchased in

quantities valued at approximately AED7 billion.

https://www.urdupoint.com/en/middle-east/uae-industrial-sector-cornerstone-of-sustain-
1900512.html