UAE Pledges Additional $2.7bn in Industry Offtake Agreements, Invites Global Investors to Leverage Incentives
31.5.2023 21:13:00 EEST | Business Wire | Press release
His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, today announced $2.7 billion in offtake agreements for the UAE’s industrial sector in a move to boost local manufacturing, strengthen supply chains and attract international investors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230531005894/en/
His Excellency Dr Sultan Al Jaber UAE Minister of Industry and Advanced Technology (Photo: AETOSWire)
Addressing the second Make it in the Emirates Forum, HE Dr. Al Jaber said the new set of procurement opportunities would build on the previous forum’s offtake agreements.
“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest $29.9 billion over the next decade to purchase 300 products from local manufacturers,” HE Dr. Al Jaber said.
“I am pleased to share with you that in the first year alone, 28 percent of these offtake agreements have been implemented, representing a total value of $8.4 billion.”
HE Dr. Al Jaber also announced plans for more than 30 new industrial projects, representing more than $1.6 billion of investments.
“These projects include pioneering initiatives such as setting up the first hydrogen electrolyzer plant in the UAE,” he said.
$1.63 billion of financing solutions for the industrial sector were also announced along with 5,000 jobs for UAE nationals in industry through the Industrialist Program.
HE Dr. Al Jaber added: “I invite all attendees and participants to explore through this forum the incentives and enablers provided by various economic development departments, industrial and special zones, financing institutions, and national companies.”
The UAE’s industrial exports reached $47.6 billion in 2022, growing 49 percent compared to 2021. The industrial sector's contribution to GDP rose to $49.5 billion in 2022, a 38 percent increase on 2020.
The Make it in the Emirates Forum is organized by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
Twitter: @moiatuae
Instagram: @moiatuae
Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230531005894/en/
Contact information
Tasnim Hijazi
APCO Worldwide
00971521607687
thijazi@apcoworldwide.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
The Only AI Crypto Lead Prioritization Solution Built With Law Enforcement, for Law Enforcement: Elliptic Launches Pulse24.9.2026 16:15:00 EEST | Press release
Elliptic, the global leader in on-chain risk, today launched Pulse. Pulse puts crypto lead prioritization directly in the hands of every frontline law enforcement and government officer. Crypto now touches every part of law enforcement, from the patrol officer on the street to the detective assigned to investigate the case. Pulse gives each of them a quick, accurate financial summary and a starting point: whether that's a crypto address on a suspect's phone, in a scam ATM victim's receipt, uncovered during a vehicle or pocket search, or found at the scene of an overdose, an arrest, or a seizure. An officer can input anything that looks like a wallet address or transaction hash. Pulse identifies it, reasons over the result, and returns a summary in plain language, enough for the officer to decide on the spot whether the case needs escalation. If a case needs further investigation, one click sends the full analysis forward, not just the evidence. The criminal investigations division gets
SymphonyAI Introduces Symphony Risk Intelligence, an Agent-native Platform That Unlocks Always-on Compliance™ — the Catalyst for Transforming the Financial Crime Operating Model24.9.2026 16:04:00 EEST | Press release
SymphonyAI today introduced Symphony Risk Intelligence (SRI), an enterprise-grade, agent-native platform built to unlock Always-on Compliance™. This is a critical shift from periodic to continuous risk and compliance management, in which institutions continuously reassess risk and adapt controls as regulations, threats and business activity change, rather than waiting for the next scheduled review. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260924914614/en/ Current approaches have reached their structural limits. The FinCrime Frontier 2026–27 Report, released recently by SymphonyAI and AML Intelligence, finds just 4.7% of financial institutions continuously update their compliance monitoring and controls as risk changes, and 76.3% still review alerts manually or with only partial automation — barely changed year over year. Yet standing still isn't an option: the regulatory climate is at a major inflection point across ev
Just 4.7% of Financial Institutions Continuously Update Their Compliance Monitoring and Controls as Risk Changes, New Research Finds24.9.2026 16:04:00 EEST | Press release
SymphonyAI, a global leader in vertical AI product platforms, and AML Intelligence, the leading source of news and insight for the financial crime compliance community, today released the FinCrime Frontier 2026–27 Report, finding that most financial institutions still rely on periodic review cycles to manage financial crime risk, even as the threats and regulations they are meant to track continue to evolve dynamically. Based on the perspectives of more than 200 financial crime and compliance leaders, including senior leaders from major global financial institutions, the research finds that just 4.7% of financial institutions continuously update their compliance monitoring and controls as risk changes, while 56.8% have not adopted always-on compliance monitoring at all, are only exploring it, or remain at an early, pilot-stage level. The finding points to a structural gap: financial crime typologies, payment ecosystems and regulatory expectations are evolving continuously, while most c
Boomi Appoints Mike Hickman as Chief Financial Officer24.9.2026 16:00:00 EEST | Press release
Boomi, the data activation company for AI, today announced the appointment of Mike Hickman as Chief Financial Officer. Hickman will lead Boomi's global finance and accounting organization, spanning financial planning and analysis, accounting, treasury, tax, and financial reporting. He reports to Boomi Chairman and Chief Executive Officer Steve Lucas. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260924761566/en/ Boomi Appoints Mike Hickman as Chief Financial Officer Hickman brings three decades of senior finance leadership in high-growth SaaS and technology companies, with experience across the full corporate lifecycle: scaling through IPO, executing a take-private, and integrating large acquisitions. He joins from Proofpoint, where he spent seven and a half years, most recently as Senior Vice President of Finance, helping guide the company through its $12.3 billion take-private and the $1.8 billion acquisition of Hornetsec
Altasciences Supports 4B Healthcare in Advancing Steroid Nasal Irrigation Rinse to Clinical Trials24.9.2026 15:40:00 EEST | Press release
Altasciences is proud to announce that recent formulation work supporting 4B Healthcare Inc. (“4B”) has helped advance its RhineX nasal irrigation rinse therapy into clinical investigation. Following several months of formulation development, R&D manufacturing, stability testing, and quality assurance support at Altasciences’ CDMO facility in Harleysville, PA, the Tennessee-based pharmaceutical company has received FDA clearance to proceed with clinical testing of RhineX under its IND. First subject dosing is planned for October 2026, approximately seven months after formulation development began. "The concept for RhineX grew out of a problem I have seen in my own ENT practice for years—the need for a better treatment option for allergic rhinitis when conventional medical therapy is not enough,” said Brannon Mangus, MD, Co-Founder and CEO of 4B. “We founded 4B Healthcare to take that physician insight and turn it into a pharmaceutical product that could meaningfully change how these pa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom