In the first half of 2022, Abu Dhabi issued 136 new industrial licenses, showing the expansion of the manufacturing industry in the emirate, which is a top goal for its drive toward economic diversification.
A report from the Industrial Development Bureau, a division of the Abu Dhabi Department of Economic Development, showed that 44 factories transitioned from the under-construction to the in-production stage, while 62 industrial facilities proceeded from the planning stage to the building phase. By the end of June, 866 licenses were still in use, according to the government agency, which did not provide comparison data.
According to the report, total capital spending on industrial facilities entering the production phase increased to AED3.1 billion ($353 million) in the six months to June from AED1.03 billion a year earlier.
According to Deputy Minister of the Ministry Rashid Albrohi, “We build on these successes and will continue to work to ensure ease of doing business, support for industrial financing, and foreign direct investment Attraction to achieve recently launched goals Abu Dhabi Industrial Strategy Strengthen the emirate’s position as the most competitive industrial hub in the region.” “In addition to its role in fostering knowledge- and innovation-driven activities, the industrial sector is the greatest contributor to Abu Dhabi’s non-oil GDP [gross domestic product]. “
The government of Abu Dhabi is spending Dh10 billion ($2.72 billion) on six industrial programs as part of the Abu Dhabi Industrial Strategy, which aims to more than quadruple the size of the manufacturing industry in the emirate to Dh172 billion by 2031. As a result, 13,600 skilled positions will be created, with an emphasis on hiring Emiratis. The plan intends to enhance the emirate’s status as the most competitive industrial hub in the area. According to the study, there were 466 government contracts issued to businesses with In-Country Value (ICV) certificates as part of the Abu Dhabi Local Content program (ADLC), up from 95 contracts in the first half of 2021.
From Dh556m in the first half of 2021, the value of the contracts obtained by ICV holding firms increased to Dh970.5m in the first half of 2022. Approximately Dh407 million was reinvested in the local economy to support local products as a result of tenders with local content value, as opposed to Dh215.2 million in the first half of 2021.
