Dubai Industrial City, a member of TECOM Group, and one of the region’s largest industrial and logistics hubs, on Thursday announced that it has attracted almost $272 million in investments from local and global manufacturing companies.
Agreements on the new investments were confirmed on the side lines of “Make it in the Emirates” Forum organised by the Ministry of Industry and Advanced Technology’s (MoIAT) in cooperation with the Abu Dhabi Department of Economic Development and ADNOC in the UAE.
The investments include from local rubber products producer Universal Rubber Belt Manufacturing and local polymer solutions provider Stars Plastics Industries.
The agreement signing ceremony with Universal Rubber Belt Manufacturing was witnessed by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology; Malek Sultan Al Malek, Chairman of TECOM Group; and Abdulla Belhoul, Chief Executive Officer of TECOM Group PJSC.
The investments reflect growing confidence in Dubai Industrial City’s holistic ecosystem as an enabler of sustainable, long-term growth, in line with the “Operation 300bn” and Dubai Economic Agenda “D33” strategies to increase the industrial sector’s overall economic contribution and localise supply chains.
Commenting on the investments, Saud Abu Alshawareb, Executive Vice President – Industrial Leasing at TECOM Group, said that government initiatives such as “Operation 300bn” and Dubai Economic Agenda “D33” were shedding light on the growth potential of the UAE and Dubai’s industrial sector, attracting more investors and innovators to leverage our business-friendly legislation, high-quality infrastructure, and global connectivity to “Make it in the Emirates’.”
“Dubai Industrial City’s strategic partnership with MoIAT and our #MakeBrilliance initiative are aligned with the long-term goal of helping our customers – existing and new – unlock opportunities to establish and expand their business in Dubai, the gateway to the MENA region and a global hub for doing business. Our new agreements will boost the local market for the ever-expanding pool of ‘Made in UAE’ products that are steadily gaining buyer confidence in the global market,” Alshawareb added.
Saud Alshawareb signed an agreement worth $20.42 million with Mahyar Razaghi Vadeghani, CEO of Universal Rubber Belt Manufacturing, a member of the local Khaled Al Hashemi General Trading, to build a factory at Dubai Industrial City. Construction work for the factory will begin in August and production trials are expected from April 2024.
Universal Rubber Belt Manufacturing is cooperating with global engineers to deliver a world-class Made in UAE product. Its new factory is expected to boost the supply chain in both the local and the regional market, and expand the range of products offered by Khaled Al Hashemi, the sole distributors of products by international brands including Continental, Roulunds, Hutchinson, Hanchang, and Yangsan.
Saud Alshawareb and Faisal Zarooni, CEO of Stars Plastics Industries, which was established in 2014 to meet the growing demand for food packaging products in the UAE, signed an agreement to invest $24.5 million for the construction of a new packaging factory at Dubai Industrial City. Its products are Hazard Analysis Critical Control Point (HACCP) and ISO 9001:2015 certified, and construction work on its new packaging factory is scheduled to begin this year.
The “Make it in the Emirates” Forum was held under the theme ‘Investment, Sustainability, Growth’ this year, and acts as a platform for corporations and the government to discuss opportunities, address challenges, and explore the competitive advantages available in the UAE, such as incentives, enablers, infrastructure, financing, and partnerships.