Ministry of Industry and Advanced Technology concludes participation at IDEX and NAVDEX 2023
• Ministry facilitates MoUs to help empower defense industry through incentives for startups and SMEs
Abu Dhabi, UAE: 24 February 2023 - The Ministry of Industry and Advanced Technology (MoIAT) has concluded its participation in the International Defense Exhibition and Conference (IDEX 2023) and the Maritime Defense Exhibition (NAVDEX 2023), the largest defense industry event in the Middle East and North Africa, which took place at the Abu Dhabi National Exhibition Center (ADNEC).
MoIAT’s participation is in line with National Strategy for Industry and Advanced Technology’s (Operation 300 billion) objectives to support the growth of national industries and enhance their competitiveness. The strategy also aims to enhance the UAE’s business environment to attract local and international investors to priority industries under the Make it in the Emirates initiative.
During the five-day event, the ministry highlighted enablers and incentives that support the growth of the defense industry, which is one of the priority sectors within Operation 300 billion. It introduced industrial companies to programs and initiatives such as the National ICV program, the Technology Transformation Program and the Industrial Technological Transformation Index, as well as to financing solutions available through the Emirates Development Bank, which is one of the ministry's strategic partners.
With a focus on boosting the competitiveness of defense industries, the ministry promoted the adoption of advanced technology and 4IR solutions in industry, aiming to reinforce the country’s position as a global destination for future industries. MoIAT also encouraged stakeholders to integrate and collaborate to fully harness the UAE’s competitive advantages as well as the enablers that support growth.
Growth opportunities and advanced technology
The ministry met with many delegations from around the world to introduce them to investment opportunities, enablers and incentives, and to promote partnerships. MoIAT hosted dozens of local and foreign companies interested in exploring growth opportunities in the UAE in light of expectations that the country is set to spend more than $5 billion annually on defense over the next five years.
The ministry also participated in a session on advanced defense technology in the UAE. In addition, it judged a competition involving emerging technology companies in line with the country’s position as a launch pad for industrial companies.
As well as empowering SMEs with incentives and enablers, such as the Industrial Technology Transformation Index, MoIAT encouraged major national partners to support smaller companies, especially in priority sectors such as the defense industries sector. As part of the ministry’s enablers, the Emirates Development Bank will provide flexible and competitive financing solutions to help companies grow, increase competitiveness, and reach new markets.
The Ministry of Industry and Advanced Technology signed MoUs that aims to provide a package of incentives to attract industrial investments and enhance supply chains. The ministry signed an MoU with Emirates Defense Companies Council, as well as a seperate MoU with Tawazun Industrial Park and the Emirates Development Bank, regarding bilateral cooperation to support and promote defense industries, empower SMEs, and enhance their performance. Some of the enablers included in the package are long-term lease contracts and business incubators.
February 24, 2023