Adnoc Signs Deals With More Than 60 Companies To Bolster Local Manufacturing


(MENAFN- Khaleej Times) Adnoc has inked agreements with more than 60 UAE and international companies to locally manufacture critical non-oil products in its supply chain.

“Adnoc is a critical engine for the UAE's industrial growth and we are strengthening this role by localising our supply chain and creating long-term domestic manufacturing opportunities for the private sector from our procurement pipeline, and ensuring its business continuity as we decarbonise our operations and work towards a lower carbon future,” Dr Saleh Al Hashmi, ADNOC Director, Commercial and ICV Directorate, said, following the signings announced during the Make it in the Emirates forum in Abu Dhabi.

The agreements bring Adnoc closer to its target to locally manufacture Dh70 billion worth of products in its procurement pipeline, which was announced at the last edition of the forum. In addition, the agreements have enabled Dh2.84 billion to flow back into the UAE economy through industrial investments by suppliers in expanding or establishing new facilities.

“The agreements we have signed with the private sector supports our ongoing decarbonisation efforts and will drive more sustainable value for Adnoc as well as enhance the resilience of our supply chain and the UAE's industrial base.”

Adnoc also accelerated its Dh70 billion target to 2027, ahead of the previous target of 2030. Since the launch of Make it in the Emirates, Adnoc has more than tripled its direct spend with local manufacturers. These agreements are estimated to contribute to 10 per cent of the Dh172 billion target in the Abu Dhabi Industrial Strategy, which will double the size of Abu Dhabi's manufacturing sector. The agreements could also enable 21,500 jobs within the UAE by 2031.

“We encourage local and international manufacturers to take advantage of the remaining domestic manufacturing opportunities Adnoc has created and join the UAE in our industrial growth journey.”

Of the agreements signed to date, Dh20 billion is dedicated to local fabrication yards. These fabrication yards will create thousands of new job opportunities, drive gross domestic product growth, and enhance the resilience of the local supply chain across multiple industrial sectors in the UAE.

ALSO READ:

  • uae: 30 projects worth dh6 billion announced at make it in the emirates forum
  • uae minister urges industries to work together for climate action ahead of cop28
  • abu dhabi: make it in the emirates forum returns with focus on bolstering local industries

MENAFN31052023000049011007ID1106367484


Khaleej Times

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.