ADNOC (Abu Dhabi National Oil Company), the State-owned oil company of the United Arab Emirates (UAE), has announced deals worthAED17bn ($4.63bn) to boost manufacturing in the country.
ADNOC, the world’s 12th-largest oil company by production, has signed agreements with 23 UAE and international companies in order to boost the manufacturing sector of the country.
The UAE aims to support the “Make it in the Emirates” initiative and the “Abu Dhabi Industrial Strategy in order to encourage companies to develop and manufacture products in the country. The UAE launched the “Make it in the Emirates” initiative and the “Abu Dhabi Industrial Strategy to motivate industrialists, investors, innovators and entrepreneurs to produce various products in the country. The deal between ADNOC and other 23 companies supports these initiatives. The deal reinforces UAE’s industrial sector and supports the country’s economic diversification and GDP growth. The deal would provide opportunities across a wide range of critical industrial products.
Dr Saleh Al Hashimi, ADNOC Director, Commercial and In-Country Value Directorate, said that the company aims to create long-term domestic manufacturing opportunities and strengthen the supply chains.
Under the new agreement, the companies would manufacture products in the UAE. The products are part of the AED70bn ($19bn) of products in ADNOC’s procurement pipeline. Weidmuller, Tubacex, Trace Group, Precision Metal Industries FZC, Nash Engineering, NAFFCO, Proclad, Tri Star Middle East, and Petro Globe Oil & Gas Equipment are some of the companies that signed the agreement with ADNOC.
In 2022, ADNOC signed agreements with UAE and international companies worth more than AED25bn ($6.8bn) to boost manufacturing in the country.
The company aims to drive Dh175 billion ($48 billion) back into the UAE economy under the ICV program. In ADNOC’s ICV program, the company aims to boost economic performance and support local industries and the manufacturing sector. As part of a new five-year plan for 2023-2027, the company aims to generate profit and employment.
The company allocated $15 billion to catalyse investment in a range of projects by 2030 in order to create long-term domestic manufacturing opportunities.