PHOTO
The Abu Dhabi National Oil Company (ADNOC) plans to boost its local manufacturing target for critical industrial products to 90 billion UAE dirhams ($24.5 billion) by 2030 in a bid to strengthen the UAE’s industrial sector and expand local manufacturing capabilities.
ADNOC made the announcement at the ‘Make it in the Emirates’ forum, adding that the new target is part of its expanded In-Country Value (ICV) programme, which aims to drive an additional AED 178 billion back into the UAE economy by 2028.
The company said its previous 2027 target of AED 70 billion worth of products was “delivered ahead of schedule” following the award of two contracts for metal pipes and valves worth AED 16.8 billion to local manufacturers.
“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. Additionally, it will stimulate entrepreneurial growth and drive sustainability in ADNOC’s supply chain,” said Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO.
The contracts include AED 8.8 billion for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company; and AED 8 billion for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.
ADNOC’s expanded ICV programme also aims to provide a micro, small and medium enterprises (MSMEs) accelerator programme to enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain.
(Writing by Bindu Rai, editing by Daniel Luiz)
