Wednesday 26 June 2024

Adnoc signs $4.63bn deals to boost manufacturing sector

ABU DHABI, February 2, 2023

Abu Dhabi National Oil Company (Adnoc) has announced that it has signed agreements with 23 UAE and international companies in bid to boost local manufacturing opportunities across a wide range of critical industrial products worth AED17 billion ($4.63 billion).
These agreements outline the intention of the companies to manufacture the industrial products in UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy’, said Adnoc in its statement.
The products are part of the AED70 billion ($19 billion) worth of products in Adnoc’s procurement pipeline that the company identified for domestic manufacturing in July 2022, it stated.
Adnoc continues to encourage the private sector 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, it added.
Adnoc Director (Commercial & In-Country Value Directorate) Dr Saleh Al Hashimi said the group is creating long-term domestic manufacturing opportunities from its procurement pipeline to enhance the UAE’s industrial base.
"We are also strengthening the resilience of the group's supply chains as we make today’s energy cleaner and invest in the clean energies of the future."
These agreements reinforce our role as a critical engine for the UAE’s industrial growth, and they offer significant potential to further increase our GDP contributions, stimulate economic diversification and create more skilled job opportunities for UAE Nationals. We look forward to working with these companies to deliver on these important agreements and drive more sustainable value to the UAE.”
Last year, Adnoc signed agreements for local manufacturing commitments worth over AED25 billion ($6.8 billion) with UAE and international companies.
The company continues to take a transparent approach to showcasing its product outlook as part of its ICV programe.-TradeArabia News Service


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