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Kanoo Energy, a leading service provider to industry in Bahrain and Saudi Arabia, has signed three separate agreements with Abu Dhabi National Oil Company (Adnoc) to manufacture valves, flanges and establish reverse engineering facilities in the UAE.
The agreements outline the intention of the two companies to explore the manufacture of valves, flanges and reverse engineering facilities in the UAE in support of the ‘Made in UAE’ initiative and the ‘Abu Dhabi Industrial Strategy’.
The products are part of a $19 billion pipeline of products in Adnoc’s procurement pipeline that the company has identified for domestic manufacturing by July 2022.
The agreements were signed by Fahad Kanoo, Chief Executive Officer, UAE and Oman, and Dr Saleh Al Hashimi, Director, Adnoc Business and Domestic Value Council, at the recent Manufacturing in the UAE Forum organized by the Ministry of Industry and Advanced Technology (MoIAT) with Abu Dhabi Economic Development Department in partnership with Adnoc.
As well as showcasing the UAE’s status as a global hub for manufacturing and innovation, the forum also seeks to promote sustainability and reduce and eliminate carbon emissions from the industrial sector, in line with the goals of the UAE’s “Year of Sustainability” strategy to achieve net zero by 2050 initiative, and its preparations for hosting COP28.
The signing ceremony was attended by senior Kanoo Energy officials including Manoj Kumar Tripathy (CEO – Kanoo Industrial & Energy), Hesham Nass (Country Manager – UAE, Kanoo Group), Raman Marwaha (General Manager – Kanoo Energy UAE & Oman) and Abdullatif Kanoo (Business Development Manager – The Kanoo Group).
Last year, Adnoc signed local manufacturing commitments worth over US$6.8 billion with UAE and international companies. Adnoc continues to take a transparent approach to presenting its product prospects as part of its ICV program.
This approach underscores Adnoc’s efforts to ensure business continuity and incentivize investors and suppliers to establish or expand manufacturing capabilities in the UAE.
As part of its five-year business plan for 2023-2027, Abu Dhabi Group aims to bring $48 billion back to the UAE economy through its ICV programme.
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