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22 February 2024

Offset Bureau plans 15-20 new industrial projects

By Abdel Hai Mohamad and Nissar Hoath

A study to launch 15 to 20 new industrial, electronics and training projects is being undertaken by the UAE Offset Programme Bureau (OPB).

Saif Mohamed Al Hajeri, CEO of the OPB, said these would join the 40 projects with investments worth $8 billion (Dh29.5bn) set up since the programme's establishment in Abu Dhabi in 1992. He was speaking to Emirates Business on the sidelines of the Abu Dhabi International Offset Conference (Adioc 2009) in the capital yesterday.

"The global financial crisis will not affect offset programme projects since they are financed by defence firms participating in the programme rather than by banks. No project has come to a halt because of lack of finance. The programme is supported by the Abu Dhabi government and is specialised in setting up projects and companies for the transfer of expertise and knowledge," Al Hajeri said.

One of the new projects will be a Dh67.3 million gold and silver refinery to be built in joint venture between UAE-based Global Force Capital and Italy's Elettronica.

"The plant will refine and fabricate bars and grains of pure gold, silver and other precious metals," OPB Projects Manager Zaal Al Mansouri said.