AED10bn in new offtake agreements announced at second Make it in the Emirates Forum
Mita Srinivasan
10x Industry

AED10bn in new offtake agreements announced at second Make it in the Emirates Forum

Second Make it in the Emirates Forum kicks off with the announcement of 30 innovative industrial projects worth more than AED 6 billion and AED 6 billion of financing solutions with a special focus on sustainable industrial development and decarbonization as UAE gears up for COP28

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology (MoIAT), announced an additional AED10 billion of offtake agreements in the UAE’s industrial sector, building on the previous forum’s AED110 billion worth of procurement opportunities, taking the total value of products targeted for localization to AED120 billion.

The second Make it in the Emirates Forum, organized by the MoIAT in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC is being held under the theme of ‘Investment, Sustainability, Growth’. The Forum convenes local and international industrial companies, government entities, financial institutions, and investors.

“One of the key achievements of last year’s forum was several leading national companies announcing their intention to invest AED110 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 AED31 billion.”

He also announced more than 30 innovative industrial projects worth more than AED6 billion: “These projects include pioneering initiatives such as setting up the first hydrogen electrolyzer plant in the UAE,” His Excellency said.

ADNOC will also allocate over AED20 billion for the purchase of structures and metal products from national companies, the forum heard. It was also announced that MoIAT will adopt a new standard within the National In-Country Value Program called Green ICV, to encourage sustainability practices and motivate companies to reduce emissions.

His Excellency noted that during the forum, competitive financing solutions will be announced for the industrial sector, including AED 5 billion from First Abu Dhabi Bank and AED 1 billion from Mashreq Bank.

HE Dr. Al Jaber also announced the provision of 5,000 sustainable job opportunities for UAE nationals in the industrial sector through the Industrialist Program that has been supported by Nafis and the Ministry of Human Resources & Emiratization.

Accelerating decarbonization

Taking place in the in the run-up to COP28, the Make it in the Emirates Forum focuses on sustainable industrial development, decarbonization and increasing the industrial sector’s contribution to climate action.

HE Dr. Al Jaber said: “[The UAE] will host COP28 with a great sense of responsibility and a full appreciation of its gravity. During the climate conference, we will work to achieve transformation progress in climate action, focusing on finding practical and realistic solutions to mitigate the impacts of climate change, especially in the Global South. COP28 will focus on inclusion, joining forces, and forging partnerships rather than driving division.”

Noting the industrial sector is set to play a crucial role in emissions reduction as it is responsible for approximately 20 percent of global carbon emissions, according to World Economic Forum's report, HE Dr. Al Jaber said: “It is our sector's paramount responsibility to demonstrate the feasibility of working concurrently towards two objectives: reducing emissions and achieving sustainable growth.”

He added: “With this in mind, this year's forum is centered around bolstering sustainable practices, and promoting the adoption of clean energy solutions within the industrial sector.”

The Make it in the Emirates Forum, which launched last year, has proven instrumental in transforming uncertainties – arising from geopolitical tensions, as well as economic, health, and logistical challenges – into opportunities for sustainable development. Moreover, it has reinforced the self-sufficiency and localization of vital industrial sectors.