UAE’s Local Value Projects Boosting Billions for Domestic Companies

The UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC have redirected over $27.23 billion to the local economy through in-country value programs. Speaking at the Make in the Emirates Forum, Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, announced that $14.43 billion was invested in the local economy last year alone, an increase of 25% year-on-year. The National In-Country Value Program is a nationwide initiative that benefits the private sector and helps them prepare, invest, and spend. The forum also highlighted the role of industrial zones in sustainable industrial development and the use of alternative energy resources such as solar and hydrogen to reduce carbon footprint. The UAE’s industrial exports reached $47.6 billion in 2022, growing by 49% on 2021, while the industrial sector’s contribution to GDP rose to $49.5 billion in 2022, a 38% 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.