ADNOC revises target to Dh90b for UAE-based sourcing of key industrial parts
UAE energy giant has already met its earlier 2027 target of Dh70b
Dubai: UAE's energy major ADNOC has set a target of Dh90 billion by 2030 when it comes to sourcing key industrial products from within the domestic market.
The target is part of ADNOC’s expanded 'in-country value' program, which aims to drive an additional Dh178 billion ($49 billion) back into the UAE economy by 2028. The Abu Dhabi company's previous 2027 target for local manufacturing of Dh70 billion was delivered ahead of schedule following the award of two contracts for metal pipes and valves worth Dh16.8 billion to local manufacturers. (The contracts include Dh8.8 billion ($2.4 billion) for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company; and Dh8 billion ($2.2 billion) for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.)
According to Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC's Managing Director and Group CEO, "Since the launch of ADNOC's in-country value program in 2018, we have successfully collaborated with strategic partners to transform this initiative into an integrated national economic program to boost the UAE’s economic development.
“Having successfully delivered on our target to create Dh70 billion in local manufacturing opportunities ahead of schedule, ADNOC is now boosting its local manufacturing target to Dh90 billion to strengthen the UAE’s industrial sector. We invite local and international manufacturers to take advantage of our ICV program and participate in the UAE’s industrial growth journey.”
ADNOC’s expanded ICV program will provide a dedicated micro, small and medium enterprises (MSMEs) accelerator program to 'enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain'.
Since the launch of ‘Make it in the Emirates’ in 2021, ADNOC has 'more than tripled its direct spend' with local manufacturers for industrial products within its procurement pipeline.