Adnoc signed agreements with 23 companies for local manufacturing opportunities of industrial products worth Dh17 billion

Adnoc, a reliable and responsible provider of lower-carbon intensity energy has announced that it has signed agreements with 23 UAE and international companies for local manufacturing opportunities across a wide range of critical industrial products worth Dh17 billion ($4.63 billion).

The agreements outline the intention of the companies to manufacture these products in the UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy’. The products are part of the Dh70 billion ($19 billion) worth of products in Adnoc’s procurement pipeline that the company identified for domestic manufacturing in July 2022.

Adnoc continues to encourage the private sector to capitalise on the commercial opportunities for domestic manufacturing across its value chain through its In-Country Value (ICV) programme, as it expands and decarbonises its operations.

Last year, Adnoc signed agreements for local manufacturing commitments worth over Dh25 billion ($6.8 billion) with UAE and international companies. The company continues to take a transparent approach to showcasing its product outlook as part of its ICV program. This approach underscores Adnoc’s efforts to ensure business continuity and incentivise investors and suppliers to set up or expand manufacturing capacity in the UAE. Adnoc aims to drive Dh175 billion ($48 billion) back into the UAE economy through its ICV programme as part of its five-year business plan for 2023-2027.