Prime Highlights
- UAE launches AED1 billion fund to strengthen industrial resilience and local production.
- Government makes local sourcing programme mandatory to boost domestic manufacturing.
Key Facts
- The National Industrial Resilience Fund will support sectors like manufacturing, pharmaceuticals, and advanced technology.
- The UAE aims to localise over 5,000 critical products to reduce dependence on imports. s
Background
The UAE government has sanctioned the formation of the National Industrial Resilience Fund with a fund size of AED 1 billion to support its industries and ensure stability within the supply chains. This has been announced at the cabinet meeting under the chairmanship of Sheikh Mohammed bin Rashid Al Maktoum.
The fund will support the localisation of critical industries and expand domestic manufacturing. It will also assist in the formation of strategic reserves and help increase the capability of managing supply risks within the country. Advanced techniques that incorporate artificial intelligence shall be used for enhancing the forecasting abilities within manufacturing.
In addition, the Cabinet has made the National In-Country Value Programme mandatory for government entities and companies with significant state ownership. The biggest need for the manufacturing sector is the competent availability of raw materials to manufacture products. Officials said the target is to localise more than 5,000 essential products across key sectors.
Moreover, the government also endorsed a strategy to enhance the visibility of UAE-branded products at retail outlets and through digital channels. In the first stage, emphasis will be placed on necessities like dairy products, chicken meat, bread, and cooking oil to ensure steady availability and stabilize the market.
The cabinet has also considered plans to organize the upcoming “Make It In the Emirates” conference, which is planned to be held in the first week of May in Abu Dhabi.
Officials stated that these measures aim to build
