UAE industrial sector continues to note exceptional progress

The UAE’s industrial sector continues to note exceptional leaps, supported by the country’s robust, sustainable infrastructure, flexible legislation and a high-quality system of standards and technical regulations.

Emirati products are gaining more and more prominence across the globe. The industrial sector in the country has been helping in the process. It has been strengthening its role in sustainable economic progress and significantly contributes to the UAE’s GDP.

‘Make it in the Emirates’ Forum noting milestones

The industrial sector’s contribution to the UAE’s Gross Domestic Product (GDP) rose to 11%, reaching Dh205 billion by the end of last year. This sector has been playing a notable role in the country’s economic diversification efforts.

This is confirmed by global competitiveness reports as they highlight the UAE’s ranking rising both regionally and regionally, according to UNIDO’s Competitiveness Industrial Performance Index (CIP).

The ‘Make it in the Emirates’ Forum has also been noting remarkable milestones. By the end of last year, purchase agreements for locally manufactured products had reached Dh143 billion, representing 2,000 locally produced items.

Significant expansion in industrial financing in UAE

In the recent past, industrial financing has significantly expanded. The Emirates Development Bank and other financial institutions are estimated to have provided more than Dh19 billion in competitive funding.

This year, the UAE’s industrial sector noted the allocation of Dh9.5 billion in financing, including Dh1.8 billion in credit solutions offered by Etihad Credit Insurance and Dh1.1 billion for advanced technology, as per official media reports.