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The Energy Industries Council, which today launched its latest Inside Energy February 2024 report, is currently tracking over US$220 billion of energy sector projects in the UAE, dominated by ADNOC Group’s investment in the petroleum sector. 

Against this backdrop, HFI were pleased to catch up with Luke Benton, CEO, and Ken Burnett, Sales Director, at MNB Precision to track their Middle East expansion. MNB Precision took the bold step in 2022 to establish a joint venture, MNB Sigma, with Sigma Engineering, a subsidiary of the Mazrui Group, in Abu Dhabi.

Based in Coventry in the UK with over 40 years of leadership from the Benton family, MNB Precision provides manufacturing and precision engineering services to world leading businesses across the oil and gas, power generation, aerospace, rail and other manufacturing sectors. Specialist services involving both in-house capabilities and a robust and controlled supply chain, enabling efficient turnkey solutions to customers. Innovation is a keynote assisting customers to explore new concepts, develop ground-breaking manufacturing methods and take on the most demanding of CNC turning projects.

Zawya reports that the UAE economy continues to go from strength to strength and its new membership of BRICS will set new dynamics. In its inaugural ‘BRICS Wealth Report’, Henley & Partners stated that India will lead the BRICS pack, forecasting a 110% increase in wealth per capita by 2033, followed by Saudi Arabia (105%), the UAE (95%), China (85%), Ethiopia (75%), South Africa (60%) and Egypt (55%). The UAE’s millionaire population has surged since 2013 by 77% and is now home to 116,500 millionaires, including over 300 centi-millionaires and over 20 billionaires.

A key element of the UAE’s economic growth strategy is the Make it in the Emirates initiative by the UAE Government to make and encourage companies to develop and manufacture products in the UAE. The manufacturing strategy is considered as an extension of the 'Brand UAE' and was first unveiled in March 2021 and key player in its roll-out is the KEZAD Group offering free zone facilities for international export activities and special economic zones for businesses manufacturing for onshore UAE sales at 12 locations in the Emirate of Abu Dhabi. 

HFI’s Abu Dhabi Ventures Initiative (ADVI) supports advanced petroleum technology and energy transition technology ventures in the UAE, supporting clients to address key challenges including 100% foreign ownership laws, local partner agreements, technology licences, manufacturing facilities contracts, corporate taxation, ICV procurement policies and Emiratisation regulations.

Hugh Fraser has also been delighted to offer high-level support under the GlobalScot network to businesses looking to expand in the region. The network is led by James Keating of SDI in the UAE and supported by key players such as Murray Bainbridge, SDI’s Hydrogen and CCUS lead.