22 C
Dubai
Saturday, December 21, 2024
spot_img

UAE’s ADNOC signs $9.5 billion deal to boost local manufacturing

[ad_1]

The Abu Dhabi National Oil Company (ADNOC) has signed agreements worth AED 35 billion ($9.5 billion) with 25 companies, including Siemens and Halliburton, to stimulate their local production, which is critical to the UAE’s energy sector. important products.

Products that can be produced in the country include pressure vessels, compressors, pipeline detectors and more, the energy company said in a statement on Thursday. These agreements may also involve investments in machining, reverse engineering and non-destructive testing equipment.

It added that the agreements will see significant investment flow back into the local economy through ADNOC’s Domestic Values ​​programme.

Omar Al Suwaidi, Deputy Minister of Industry and Advanced Technology, said at IOC Abu Dhabi that the “Made in the UAE” initiative is a key part of the UAE’s strategy to double the GDP contribution of the industrial sector to 3,000 by 2031. billion dirhams. Signing the Agreement for Exhibitions and Conferences (ADIPEC).

Other international companies that have signed the agreement include Celeros FT, Emerson, Proton R&D and Schneider Electric.

(Writing by Brinda Darasha; Editing by Seban Scaria)

brinda.darasha@lseg.com

[ad_2]

Source link

Related Articles

The UAE’s Cryptocurrency Laws and Investment Possibilities

The UAE's Cryptocurrency Laws and Investment Possibilities Authorities like the Securities and Commodities Authority (SCA) and the UAE Central Bank govern the capital and financial...

What Limits Gamers Face in the UAE

What Limits Gamers Face in the UAE The United Arab Emirates (UAE) has become a growing hub for technology and entertainment. However, when it comes...

UAE Team Emirates Accelerates to New Heights: Landmark Sponsorship with XRG Fuels Future Success

UAE Team Emirates cycling team, renowned for its achievements on the global stage, has announced a groundbreaking six-year sponsorship agreement with the Emirati energy...

Irishman Stuart Quiney Freed from Dubai Jail: Triumph of Advocacy and Safe Return to Dublin

Irishman Stuart Quiney, whose case garnered international attention after he was detained in Dubai over allegations of sending "threatening" emojis, has been released and...

Dubai Stocks Soar to Decade-High: Real Estate and Finance Drive Record Gains

Dubai's stock market has achieved remarkable growth, soaring to its highest levels in over a decade, thanks to strong performances from key sectors such...

Latest Articles