Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) announced on Tuesday that it has signed agreements with 23 UAE and international companies for local manufacturing opportunities worth Dh17 billion ($4.63 billion).
The agreements outline the intention of companies to manufacture critical products in ADNOC’s procurement pipeline locally. It supports the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy’. The products are part of the Dh70 billion ADNOC procurement pipeline that the company identified for domestic manufacturing in July 2022.
Moreover, ADNOC has also encouraged private sector companies to capitalise on the commercial opportunities for domestic manufacturing across its value chain through its In-Country Value (ICV) programme as it expands and decarbonises its operations. The energy company has said it aims to drive Dh175 billion back into the UAE economy through its ICV program as part of its five-year business plan for 2023-2027.
Dr Saleh Al Hashimi, ADNOC Director, Commercial and ICV Directorate, said, “ADNOC is creating long-term domestic manufacturing opportunities from our procurement pipeline to enhance the UAE’s industrial base and strengthen the resilience of our supply chains.”
“These agreements reinforce our role as a critical engine for the UAE’s industrial growth, and they offer significant potential to increase our GDP contributions further, stimulate economic diversification and create more skilled job opportunities for UAE Nationals,” said Dr Al Hashimi.
Last year, ADNOC signed agreements for local manufacturing commitments worth over Dh25 billion with UAE and international companies.
