$6.3 Billion Boost in UAE Manufacturing at the 2024 Make it in the Emirates Forum
Make it in the Emirates forum sees major deals for manufacturing in the UAE
3 min
The United Arab Emirates’ manufacturing sector achieved a significant achievement by securing $6.3 billion in local procurement deals during the third “Make it in the Emirates” (MIITE) Forum and Exhibition.
The event was organized by the Ministry of Industry and Advanced Technology (MoIAT), in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi National Oil Company (ADNOC) and took place over two days in Abu Dhabi.
The forum brought together a mix of 6,000 participants, including investors, industrialists, innovators, and experts, alongside more than 200 premier companies and financial institutions showcasing the industrial prowess of the UAE.
Economic Impact and Technological Advancements
This third MIITE Forum included five strategic announcements, significantly enhancing the total value realized by the forum to AED143 billion ($39 billion) across more than 2,000 products. Notably, ADNOC allocated AED20 billion ($4.5 billion) and PureHealth contributed AED3 billion ($817 million).
The forum included the announcement of AED20 billion ($4.5 billion) in fresh investments for various industrial projects, along with the introduction of competitive electricity rates for industrial firms in Ajman, Ras Al Khaimah, Umm Al Qaiwain, and Fujairah. This initiative is a collaborative effort between the Ministry of Energy and Infrastructure and Etihad Water and Electricity.
One of the major initiatives launched was a AED1 billion ($272 million) as a financing program in collaboration between the Emirates Development Bank (EDB) and commercial banks, aimed at bolstering industrial firms.
Additionally, the AI Innovation Program was introduced, supported by a AED370 million ($101 million) fund from EDB to enhance AI integration in startups.
The third MIITE Forum showcased the achievements of local industrial companies, along with the incentives that bolster and attract industrial investments to the country.
It highlighted the UAE’s support for the local manufacturing of essential products and materials.
The accompanying exhibition displayed 300 products from the Make it in the Emirates initiative, the National ICV-Programme, and import substitution initiatives, underscoring the UAE’s commitment to fostering the local manufacturing of critical products and materials.
The forum emphasized the strategic role of AI in enhancing the UAE’s operational efficiency, productivity, and competitiveness, further consolidating its status as a global hub for industrial collaboration.
The event saw the signing of 82 Memorandums of Understanding (MoUs) and agreements between government entities and top industrial firms.
Additionally, the launch of Transform 4.0 was announced at the forum to accelerate the integration of advanced technologies among 100 industrial companies, aiming to elevate their competitiveness and operational efficiency. This aligns with the UAE’s strategic vision to cultivate a knowledge-based digital economy through innovation and technology.
The forum concluded by announcing the winners of the Make it in the Emirates Start-Up Pitch Competition, focusing on additive manufacturing and decarbonization.
The forum supports sustainable economic development and promotes self-sufficiency, localization and resilience in value chains, particularly by driving the adoption of advanced technology, Fourth Industrial Revolution solutions and AI applications.
Furthermore, the forum serves as a platform for empowering Emirati talent in the industrial sector.
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Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
