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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)
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