Latest news with #Dh25.15
The National
26-02-2025
- Business
- The National
How Emirati talent could drive 'homemade' manufacturing
When a product is described as 'homemade', the suggestion is that it is made with care and skill. In the UAE, several recent announcements that more citizens are to take up high-tech manufacturing jobs in the near future shows that the country is making a serious commitment to expanding its 'homemade' industrial and technical base. This week, jet engine maintenance specialist Sanad, an Abu Dhabi business owned by Mubadala Investment Company said its new aircraft engines overhaul deal with Pratt & Whitney would more than double its workforce and create more than 1,000 new jobs in Abu Dhabi, providing high-tech roles for Emiratis. Similarly, Thales Emarat Technologies, a defence and technology firm, this week said it aimed to double its workforce this year to 340 people, with 30 per cent of the new hires to be Emiratis. Pascale Sourisse, senior executive vice-president of international development at Thales, told The National that the company is also working with local universities to source Emirati talent, mainly engineers, for high-tech jobs. These developments come amid a string of high-profile contracts signed with local companies at Idex 2025, the Middle East's biggest defence and security expo that was held recently in the UAE capital. Over five days, the UAE awarded 55 defence contracts worth Dh25.15 billion ($6.8 billion). Close to 70 per cent of these were awarded to local companies. A look behind these impressive numbers reveals not a collection of unrelated developments and deals but a well-established national plan to transform the economy and enable the country's talent base. For example, last May it was announced that the UAE's industrial sector would receive an additional Dh23 billion ($6.3 billion) in funding, backed by major companies. Another example of prioritising 'homemade' industry is the UAE's Operation 300 Billion strategy that seeks to increase the contribution of the domestic industrial sector to the country's gross domestic product to Dh300 billion by 2031. The positive ripple effects as a result of this embrace of domestic manufacturing, development and engineering are many. As well as creating the next generation of highly skilled citizens through Emiratisation, it reduces the country's reliance on foreign suppliers for critical equipment, it drives research and development in cutting-edge technology and reduces vulnerability to geopolitical pressures on international supply chains. Somewhat counter-intuitively, it also helps to build better foreign partnerships. The more that significant companies like France's Thales and America's Pratt & Whitney invest in UAE talent, the more their expertise will inform the development of the domestic industrial sector. This is a practical partnership in which all sides benefit. As UAE companies and specialists develop more and better products, the export market fuelled by such innovations will also bring the country into a closer working relationship with foreign governments and other overseas customers. This week's developments show that the UAE is in the process of building a robust, Emirati-focused manufacturing sector to ensure future prosperity and resilience. That this can be achieved with the right foreign partnerships is testament to the country's agile approach to business. But Emirati technology and products that come with the 'homemade' tag could be a gamechanger for the UAE economy and the wider region.
The National
21-02-2025
- Business
- The National
Idex 2025: UAE awards $6.8bn in contracts at region's biggest defence expo
The UAE awarded 55 defence contracts worth Dh25.15 billion ($6.8 billion) during the five days of the International Defence Exhibition and Conference in Abu Dhabi, the largest defence and security expo in the Middle East. Up to 68 per cent of the deals were awarded to local companies at Idex, which runs from February 17 to 21 this year. On Friday, the UAE Armed Forces awarded 11 contracts worth Dh766.3 million to local companies. International firms landed four deals valued at Dh661.6 million, said officials at Tawazun Council, the defence and security regulator and acquisitions authority. The total value of deals on day five of the event reached Dh1.43 billion. On the first day, the UAE awarded contracts worth Dh3.97 billion , while on the second, third and fourth days, deals totalled Dh5.8 billion, Dh10.18 billion and Dh3.77 billion, respectively. More to follow...
