UAE's Industry Contributed $49.5 Bn to the GDP

UAE's Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber speaking at the Make it in the Emirates Forum (Asharq Al-Awsat)
UAE's Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber speaking at the Make it in the Emirates Forum (Asharq Al-Awsat)
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UAE's Industry Contributed $49.5 Bn to the GDP

UAE's Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber speaking at the Make it in the Emirates Forum (Asharq Al-Awsat)
UAE's Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber speaking at the Make it in the Emirates Forum (Asharq Al-Awsat)

The industrial sector's contribution to the UAE's GDP increased from $35.9 billion in 2020 to $49.5 billion in 2022, representing 38 percent growth.

Minister of Industry and Advanced Technology Sultan Al Jaber said that the national strategy for industry and advanced technology was launched in 2021, contributing to essential achievements in the industrial and technological sectors, especially in 2022.

UAE's industrial exports reached $47.6 billion in 2022, compared to $31.8 billion in 2020, representing 49 percent growth.

The Minister inaugurated the second edition of the Make It in the Emirates Forum.

Make It in the Emirates is held under the theme of "Investment. Sustainability. Growth." and organized by the Ministry of Industry and Advanced Technology (MoIAT) in partnership with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

Jaber said that the ministry offered financing solutions worth $816 million to support and enable the Make it in the Emirates initiative in cooperation with the Emirates Development Bank.

It also launched the Technological Transformation Program to accelerate the adoption of Fourth Industrial Revolution technologies and contribute to lower emission goals.

Increase the value of purchase agreements

"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," Jaber said.

He stated that in the first year alone, 28 percent of these offtake agreements had been implemented, representing a total value of $8.4 billion.

Jaber announced an additional $2.7 billion of offtake agreements in the UAE's industrial sector, taking the total value of products targeted for localization to $32.6 billion.

He also announced over 30 innovative industrial projects worth over $1.6 billion.

"These projects include pioneering initiatives such as setting up the first hydrogen electrolyzer plant in the UAE," he said.

ADNOC will also allocate over $5.4 billion to purchase structures and metal products from national companies.

It was also announced that the MoIAT would adopt a new standard within the National In-Country Value Program called Green ICV to encourage sustainability practices and motivate companies to reduce emissions.

He added that during the forum, competitive financing solutions would be announced for the industrial sector, worth $1.6 billion from local banks.



Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.