The Ministry of Industry and Advanced Technology (MoIAT) and the Emirates Defense Companies Council (EDCC) today signed a memorandum of understanding (MoU) to bolster local defense industries and promote exports.
Omar Al Suwaidi, Undersecretary of MoIAT, signed the MoU with Mona Al Jaber, Chairwoman of EDCC. The signing ceremony took place on the sidelines of the International Defense Exhibition (IDEX 2023) and was attended by Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Major General Dr. Mubarak Saeed Ghafan Al Jabri, Assistant Undersecretary for Support and Defence Industries at the Ministry of Defence and Deputy Chairman of the Committee for IDEX and NAVDEX, and Tareq Abdulraheem Al Hosani, Secretary General of Tawazun Council.
The MoU aims to empower small and medium enterprises (SMEs) in the defense sector and enhance their performance through a package of incentives and enablers that support and facilitate growth.
It will also help SMEs secure procurement contracts from major national defense companies. In addition, it will provide flexible financing solutions through Emirates Development Bank and encourage companies to engage with the Industrial Technological Transformation Index (ITTI).
The MoU will incentivize and empower investors by offering long-term leasing contracts and business incubators while leveraging competitive advantages. It aims to develop the UAE’s defense industries and boost exports under the Make it in the Emirates initiative.
Al Suwaidi said:
“The MoU aligns with the objectives of the National Strategy for Industry and Advanced Technology (Operation 300bn), to enhance partnerships and cooperation with public and private sector entities and SMEs by providing incentives and enablers to attract industrial investments under the Make it in the Emirates initiative.
“As part of its strategic objectives, MoIAT focuses on supporting the growth of national industries and enhancing their competitiveness, while stimulating innovation and promoting the adoption of advanced technology across industry. It also positions the UAE as a global destination for pioneering future industries. We are keen on integrating and cooperating with all relevant entities in the UAE to support them in leveraging the advantages and enablers provided by MoIAT and its strategic partners.”
“The collaboration with MOIAT provides a significant boost to EDCC’s efforts to assist UAE defense companies to build their businesses and capabilities in accordance with worldwide best practices and to promote UAE industries in global forums,”
stated Mona Al Jaber.
“We work to ensure that all of our future plans and strategies are aligned with the objectives of the national strategy for industry and the ‘Make it in the Emirates’ campaign, launched by MOIAT. This will contribute to the development of industries in general and defense industries in particular and reflect the UAE’s image as a global destination for advanced industries,”
Under the MoU, the two parties will cooperate with their partners to offer financing solutions for national defense projects and factories, helping to create a conducive environment for business growth.
The incentives provided under the MoU include bespoke facilities, long-term leasing, free lease periods, supportive incubators, and smaller units that are ready to be occupied by tenants. These incentives support stakeholders to achieve their goals, promote the adoption of cutting-edge technology and support the local manufacturing of competitive, high-quality products.
News Source: Emirates News Agency