Dubai Industrial City, a member of TECOM Group PJSC and one of the region’s largest industrial and logistics hubs, has announced that it has attracted nearly AED 1 billion in investments from local and global manufacturing companies during its participation at the Ministry of Industry and Advanced Technology’s (MoIAT) ‘Make it in the Emirates’ forum in the UAE.
Investments by local rubber products producer Universal Rubber Belt Manufacturing and local polymer solutions provider Stars Plastics Industries, were among the investments confirmed on the side-lines of the forum, which was organised by MoIAT in cooperation with the Abu Dhabi Department of Economic Development and ADNOC, Dubai Industrial City wrote in as statement.
The agreement signing ceremony with Universal Rubber Belt Manufacturing was witnessed by H E Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology; H E Sarah bint Yousif Al Amiri, UAE Minister of State for Public Education and Advanced Technology; H E Malek Sultan Al Malek, Chairman of TECOM Group PJSC; and Abdulla Belhoul, CEO of TECOM Group PJSC, statement noted.
“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,” Dubai Industrial City said in a release.
Commenting on the investments, Saud Abu Alshawareb, Executive Vice President – Industrial Leasing at TECOM Group, said, “Government initiatives such as Operation 300bn and Dubai Economic Agenda ‘D33’ are 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’.”
He said, “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.”
Investment plans
Saud Alshawareb signed an agreement worth AED 75 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.