Cooperation to enable industrial companies with financing solutions under the umbrella of Make in the UAE
Aya Hussain
In the presence of Dr. Sultan bin Ahmed Al Jaber, Sarah Al Amiri, Staff Major General Dr. Mubarak bin Ghafan Al Jabri and Tariq Abdul Rahim Al Hosani on the sidelines of “IDEX” and “NAVDEX” 2023
with the aim of attracting investors in the defense industries sector through a package of facilities and measures supporting growth and expansion
a memorandum of cooperation between the Ministry of Industry and Advanced Technology and Tawazun Complex Industrial and the Emirates Development Bank to enable industrial companies with financing solutions and enablers that support competitiveness under the umbrella of Make in the UAE
Incentives for long-term leasing of industrial lands and supporting incubators and the provision of small units ready to work for small and medium companies
Providing competitive financing solutions worth 300 million dirhams, with the aim of supporting the establishment of industrial companies in Tawazun Industrial Park
Incentives include Green financing solutions, financing advanced technology, promoting the activities of the Fourth Industrial Revolution Network and the Industrial Technology Transformation Index Marat”
Fayez Al Nahdi: Encouraging and empowering investors through tailored incentives and facilities as well as long-term lease contracts, free lease periods, and supportive business incubators
Ahmed Al-Naqbi: Uniting efforts within a strategic framework that benefits the clients registered with the Tawazun Industrial Complex, in order to support attracting more foreign direct investments
His Excellency Dr. Sultan bin Ahmed Al-Jaber testified, The Minister of Industry and Advanced Technology, on the sidelines of the “IDEX and NAVDEX 2023” exhibitions, signed a memorandum of understanding between the Ministry of Industry and Advanced Technology, the Tawazun Industrial Complex and the Emirates Development Bank, with the aim of providing innovative and diversified financing solutions for operating small and medium enterprises In vital industrial fields, thus contributing to enhancing its contribution to the national economy and consolidating the UAE’s position as a global center for industry and advanced technology, attracting investors to the strategic sectors of the defense industries, and providing a package of incentives and benefits to attract industrial investments under the umbrella of the “Make in the UAE” initiative, leading to Promoting the sustainable development of the industrial sector and targets The National Strategy for Industry and Advanced Technology.
The memorandum was signed by His Excellency Omar Al-Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, Eng. Fayez Saleh Al-Nahdi, Managing Director and CEO of the Tawazun Industrial Complex of the Tawazun Council, and Mr. Ahmed Muhammad Al-Naqbi, CEO to the Emirates Development Bank, in the presence of His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, His Excellency Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, and His Excellency Major General Dr. Mubarak Saeed bin Ghafan Al Jabri, Assistant Undersecretary for Support and Defense Industries at the Ministry of Defense and Vice Chairman of the Supreme Organizing Committee for the “IDEX and NAVDEX” exhibitions, and His Excellency Tariq Abdul Rahim Al Hosani, Secretary General of the Tawazun Council, along with a number of senior officials in the Ministry, the Ministry of Defense, the Tawazun Council and the Emirates Development Bank.
According to the memorandum of understanding, the Ministry of Industry will present Advanced technology and the “Tawazun Industrial Park” provide incentive packages to attract industrial investments in the Tawazun Economic Park, under the umbrella of the “Make in the UAE” initiative, which is supervised by the Ministry of Implementation and Development. Supportive of the growth and empowerment of the industrial sector by creating an attractive business environment for local and international investors in the sector, stimulating innovation and adopting advanced technology in industrial systems and solutions, and the Emirates Development Bank will provide flexible and competitive financing solutions such as green financing, financing capital expenditures, and financing emerging, small and medium companies.
Tamkeen “Make in the UAE”
His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, confirmed that the memorandum of understanding supports the goals of empowering the industrial sector in the country in line with the policies and efforts of the ministry and the objectives The National Strategy for Industry and Advanced Technology, to enhance the investment environment that attracts local and international investors in the industrial sector, and to support qualitative investments, especially in vital industrial sectors under the umbrella of the “Make in the UAE” initiative, the National Added Value Program, and the Technology Transformation Program, which enhances industrial competitiveness.
His Excellency added: The Emirates Development Bank is one of the most important strategic partners of the Ministry in implementing the strategy, as it provided during the past year many Incentives, enablers and financing solutions worth 3. billion dirhams for the industrial sector in the country, and the “Tawazun Industrial Complex” is the integrated national center for defense and security industries, advanced technology and aviation industries in the country It is one of the most vital sectors in which the UAE has an important competitive advantage. Through this cooperation, incentive packages will be provided to industrial companies that include preferential prices for industrial lands and facilities, and encourage and support the development of exports of industrial products for industrial facilities established in Tawazun Industrial Park.
His Excellency indicated that the Ministry of Industry and Advanced Technology continues to support qualitative partnerships based on reconciling the interests of the partners, which is reflected in the growth and competitiveness of the national industrial sector and support for local supply chains. The Ministry is implementing many enabling projects and initiatives in cooperation with all government agencies. Federal, local and private sectors, such as enabling manufacturers to make technological transformation, and enhancing companies’ benefit from membership in the added national value program, which contributes to creating economically feasible opportunities that support growth and development, In addition to enhancing the industrial investment environment through many vital decisions, including exempting industrial production inputs from customs duties, which reduced costs on the sector by approximately 4 billion dirhams during 2022.
Encouraging investors
Eng. Fayez Saleh Al Nahdi, Managing Director and CEO of Tawazun Industrial Park affiliated to the Tawazun Council, said: “The memorandum of understanding constitutes a framework for cooperation in order to enable and stimulate the industrial sectors in the country, and it also represents As a starting point for supporting the objectives of the national strategy for industry and advanced technology, the “300 billion project” aims to raise the contribution of the industrial sector to the gross domestic product to 300 billion by the year
, as well as enhancing the targets of the “Make in the UAE” initiative that support the empowerment of the UAE industrial sector, especially in vital and priority industries.
He added: “Tawazun Complex will operate According to the memorandum, the industrial sector encourages investors and empowers them through specially designed incentives and facilities, as well as long-term lease contracts, free lease periods, and supportive business incubators, while the IB Bank will provide Marat for Development offers qualitative and stimulating financing solutions to attract foreign direct investment to the UAE.”
Unifying Efforts
For his part, Mr. Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Bank, said, “The Bank is pleased Emirates Development Company concluded a dynamic partnership with the Ministry of Industry and Advanced Technology and the Tawazun Industrial Park, in order to explore opportunities for cooperation in the industrial sectors and to strengthen the investment system of the UAE. Through this partnership, we look forward to setting a strategic framework that will benefit the clients registered with the Tawazun Industrial Park, in a way that supports the objectives of the ‘Make in the UAE’ initiative and contributes to attracting more foreign direct investments to the country.
He added Based on the importance of the “defense industries” sector as one of the vital priority sectors in the “300 billion project” of the Ministry of Industry and Advanced Technology, we are pleased to announce that the Emirates Development Bank has provided up to 375 One million dirhams to support and promote this sector through this agreement. As the development bank of the UAE, our mission is to promote the growth of a healthy and sustainable economy while also contributing to advancing the country’s industrial progress. We look forward to exploring ways of cooperating with the Ministry of Industry and Advanced Technology and Tawazun Industrial Complex, and to unify it For efforts to provide a supportive and sustainable environment for these sectors while upgrading the local supply chain in the country.
It is noteworthy that the defense sector is a priority within the framework of the project of the Ministry of Industry and Advanced Technology, which aims to increase the contribution of the industrial sector to the GDP to 300 billion dirhams within ten years. , raising productivity, and creating more job opportunities for citizens, and domestic defense spending is set to rise from % to 14% by 2030, which constitutes a great opportunity to reduce dependence on imports and enhance the trends of localizing the supply chain.
The Emirates Development Bank is a pioneer in driving sustainable growth in The economy of the UAE and the enhancement of competitiveness across key sectors, while the Tawazun Industrial Complex is the leading regional center for strategic business and provides high-level businesses and facilities that focus on defense, security and technology industries. J.
