ADNOC boosts local manufacturing target to $24.5 billion ...

Jun. 17, 2024

ADNOC boosts local manufacturing target to $24.5 billion ...

ADNOC announced today an increase in its local manufacturing target for critical industrial products in its procurement pipeline to AED90 billion (US $24.5 billion) by to propel UAE&#;s economic diversification, strengthen the industrial sector and expand local manufacturing capabilities.

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The new target is part of ADNOC&#;s expanded In-Country Value (ICV) program which aims to drive an additional AED178 billion back into the UAE economy by .

ADNOC&#;s previous target for local manufacturing of AED70 billion worth of products was delivered ahead of schedule following the award of two contracts for metal pipes and valves worth AED16.8 billion to local manufacturers.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, said, "Since the launch of ADNOC's In-Country Value program in , we have successfully collaborated with strategic partners to transform this initiative into an integrated national economic program to boost the UAE&#;s economic development.&#;

&#;This expanded initiative will support the UAE&#;s economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE Nationals,&#; he added.

The contracts include AED8.8 billion for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company; and AED8 billion for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

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Embedding sustainability in local supply chains

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.

The program will also introduce incentives to embed sustainability in local supply chains by encouraging investors to adopt clean technologies and best-in-class environmental, social, and governance (ESG) practices. It will accelerate the adoption of artificial intelligence (AI) in ADNOC&#;s supply chain and enable micro, small and medium enterprises (MSMEs) to participate in strengthening the resilience of the UAE&#;s industrial base.

Since the launch of &#;Make it in the Emirates&#; in , ADNOC has more than tripled its direct spend with local manufacturers for industrial products within its procurement pipeline.

The company has driven AED187 billion back into the UAE economy since , through its ICV program. ADNOC&#;s ICV program has also created 11,500 job opportunities for Emirati talents in the private sector in collaboration with strategic partners such as the NAFIS program. Through the program, contracts worth AED22.4 billion were awarded to Emirati-owned small and medium enterprises (SMEs), across 600 companies.