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The Ministry of Industry & Advanced Technology (MoIAT) has introduced the Product Offtake Initiative as part of the Make it in the Emirates Forum. The initiative aims to forecast and aggregate demand by leveraging MoIAT's strategic partners, facilitating opportunities for product localization and industrial investments in the UAE.
The initiative has already yielded significant outcomes. In 2022, it generated a value of AED 110 billion, localized over 300 products, and added AED 31 billion in localization value. Furthermore, an additional AED 10 billion in offtake value was identified for the 2022 list. For 2023, the initiative is projected to reach a value of AED 120 billion and encompass over 1,400 products.
The Product Offtake Initiative aligns with strategic objectives such as enhancing supply chain competitiveness and resilience, promoting economic diversification, fostering technology and innovation development, and attracting strategic industrial investments. By leveraging partnerships across various sectors, the initiative identifies both short-term opportunities that build upon existing industrial capabilities and long-term opportunities that introduce new technologies and capabilities.
The initiative covers a range of sectors, including energy, general mechanical equipment and materials, electrical equipment and electronics, heavy industries, defense equipment, pharmaceuticals, petrochemicals and chemical products, civil and structural materials, medical consumables, aviation, data and telecommunication equipment and systems, and food, beverage, and agricultural technology.
To explore the full initiative report, click on the sign up button below.
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