The United Arab Emirates (UAE) pledged $49 billion in industrial procurement opportunities on Monday and announced plans to localize more than 5,000 products as the Gulf state doubled down on its industrial sovereignty agenda. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, made the announcement at the opening of the fifth edition of Make it in the Emirates, which follows a period that has tested the region. “History remembers the challenges nations face. But it also remembers how nations respond to them and what they build next,” he said. TA’ZIZ announced $40.5 billion worth of agreements aimed at expanding UAE chemical production capacity. The opportunities include offtakes and $2 billion of financing for the UAE’s first world-scale methanol plant. A $270 million National Industrial Resilience Fund (NIRF) was also launched, which will create 4,000 jobs and eventually substitute up to $24.5 billion industrial imports ($820 million a year). On Sunday, ADNOC unveiled $54.4 billion in procurement opportunities and planned projects. Billions more in deals and investments are expected throughout the week. Dr. ...
