Page 62 - ECI PR REPORT - DECEMBER 2024

1/8/25, 10:05 AM UAE industrial sector: Cornerstone of sustainable economic growth
The sector has strengthened its role in sustainable economic development, enhanced

its competitiveness, and contributed to the country's GDP under the National

Strategy for Industry and Advanced Technology "Operation 300bn."

In statements to the Emirates News Agency (WAM), Omar Al Suwaidi, Under-

Secretary of the Ministry of Industry and Advanced Technology, said that the

Industrial sector's contribution to GDP rose to 11 percent, reaching AED205 billion

by end of 2023.

He noted that this progress has enhanced the sector's role in the country's economic

diversification and support for sustainable development. This is confirmed by

global competitiveness reports, which 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 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.

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