The UAE is evolving as a manufacturing hub, with 220 new factories opening in the country in 2021. As part of the UAE’s push to increase the industrial sector’s contribution to the GDP to $80 billion by 2031, the Emirates Development Bank will finance 13,500 new small businesses. The country’s Minister of Industry and Advanced Technology has also announced plans to become a global manufacturing hub at the Make it in the Emirates forum.

The forum was well-received, ending with 32 agreements between government organizations, industrial firms, and financial institutions. Along with 24 leading companies, 1800 investors and industrial sector stakeholders participated in the event. New opportunities and incentives for 11 major sectors, 300 products that can be manufactured locally, were unveiled at an exhibition during the forum.

These products manufactured in the UAE will contribute $1.6 billion annually to the country’s economy. Agreements signed at the Make it in the Emirates forum will facilitate sustainability and the diversification of the UAE’s industrial sector. Those who manufacture in the UAE will get incentives such as low-interest financing for 80% of capital expenses and a grace period of two years for a repayment period of 15 years. Tariffs and industrial fees will be reduced, while seven major financing institutions will support manufacturers exporting to new markets.

Soft loans, trade finance, and credit solutions will also be available for those who will start manufacturing in the UAE. State-owned oil producer Abu Dhabi National Oil Company (ADNOC) presented opportunities in mechanical and technological products. Etihad, Emirates, Global Aluminium, EDGE Group, and PureHealth also presented their products and services during the forum.

ADNOC also signed agreements with local and foreign firms at the forum to buy locally manufactured products worth as much as $5 billion.