ADNOC inks deals with 23 companies worth Dhs17bn
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ADNOC, 23 companies ink deals for local manufacturing opportunities worth Dhs17bn

ADNOC, 23 companies ink deals for local manufacturing opportunities worth Dhs17bn

Domestic manufacturing of these products will support the ‘Make it in the Emirates’ initiative, stimulate industrial growth and create more jobs for UAE Nationals

Gulf Business
ADNOC signs deals with 23 companies

ADNOC has signed agreements with 23 UAE and international companies for local manufacturing opportunities across a wide range of critical industrial products worth Dhs17bn ($4.63bn).

The companies will manufacture these products in the UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy’.

The products are part of the Dhs70bn ($19bn) worth of products in the energy company’s procurement pipeline that it identified for domestic manufacturing in July 2022.

Supporting the ICV program

The company has been encouraging the private sector to capitalise on the commercial opportunities for domestic manufacturing across its value chain through its In-Country Value (ICV) program, as it expands and decarbonises its operations.

Read:  ADNOC earmarks $15bn for low-carbon solutions and decarbonisation tech

Dr Saleh Al Hashimi, ADNOC director, Commercial & In-Country Value Directorate, said the company was “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 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,”Al Hashimi added.

Manufacturing commitments

Last year, the energy company signed agreements for local manufacturing commitments worth over Dhs25bn ($6.8bn) with UAE and international companies.

The company aims to drive Dhs175bn ($48bn) back into the UAE economy through its ICV program as part of its five-year business plan for 2023-2027.

In recent news, the company announced the formation of ADNOC Gas, effective January 1, 2023, its new gas processing, operations and marketing company. The company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into one consolidated business.

Read: Abu Dhabi’s ADNOC sets up new gas processing, operations and marketing entity

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