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Thursday, April 18, 2024

Adnoc signs $4.63 billion deal to boost manufacturing


Abu Dhabi National Oil Company (Adnoc) has announced that it has signed agreements with 23 Emirati and international companies to increase local manufacturing opportunities for various key industrial products worth AED17 billion (US$4.63 billion).

In its statement, Adnoc said the agreements outline the company’s intention to manufacture industrial products in the UAE, supporting the ‘Made in UAE’ initiative and the ‘Abu Dhabi Industrial Strategy’.

It said the products were part of a Dh70 billion ($19 billion) worth of products in Adnoc’s procurement pipeline, which the company identified for domestic manufacturing by July 2022.

It added that Adnoc continues to encourage the private sector to capitalize on business opportunities in domestic manufacturing across its value chain through its Domestic Value (ICV) program, while expanding and decarbonizing its operations.

Adnoc Director (Business and Domestic Value Council) Dr Saleh Al Hashimi said the group is creating long-term domestic manufacturing opportunities through its sourcing pipeline to strengthen the UAE’s industrial base.

“We’re also strengthening the resilience of the Group’s supply chain as we make energy cleaner today and invest in the clean energy of tomorrow.”

These agreements strengthen our role as a key engine of industrial growth in the UAE, and they offer great potential to further increase our GDP contribution, stimulate economic diversification and create more skilled jobs for UAE nationals. We look forward to working with these companies to deliver on these important agreements and bring more sustainable value to the UAE. “

Last year, Adnoc signed local manufacturing commitments worth more than AED25 billion (US$6.8 billion) with UAE and international companies.

As part of the ICV program, the company continues to demonstrate its product prospects in a transparent manner.-TradeArabia News Service


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