Adnoc's Strategic Leap: $24.5 Billion Aim to Transform UAE Manufacturing

Adnoc's Strategic Leap: $24.5 Billion Aim to Transform UAE Manufacturing

By Staff Writer, 29 May 2024

Adnoc, the Abu Dhabi National Oil Company, has unveiled ambitious plans during the 'Make it in the Emirates' forum, aiming to significantly boost local manufacturing targets for essential industrial products.

The company announced a surge in its procurement pipeline, targeting a remarkable AED90 billion ($24.5 billion) by 2030.

This strategic move is aimed at driving economic diversification, fortifying the industrial sector, and amplifying local manufacturing capabilities within the UAE.

This augmented target is a pivotal component of Adnoc's expanded In-Country Value (ICV) program, which is set to inject an additional AED178 billion ($49 billion) into the UAE economy by 2028.

Adnoc has a track record of meeting and exceeding its goals, having already surpassed its previous 2027 target of AED70 billion ($19 billion) for local manufacturing.

This milestone was achieved ahead of schedule, following the awarding of two significant contracts totaling AED16.8 billion ($4.6 billion) to local manufacturers, focusing on metal pipes and valves.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, as well as Adnoc Managing Director and Group CEO, underscored the company's commitment to advancing the UAE's economic, social, and industrial landscapes.

He emphasized Adnoc's integral role in aligning with the visionary directives of the UAE leadership.

Dr. Al Jaber highlighted the evolution of Adnoc's ICV program since its inception in 2018, transforming it into a comprehensive national economic initiative geared towards accelerating the UAE's economic progress.

Adnoc extends an invitation to both local and international manufacturers to capitalize on its ICV program, encouraging participation in the UAE's industrial growth journey.

This initiative not only underscores Adnoc's commitment to fostering economic resilience but also signifies its proactive approach towards building a sustainable and diversified economy for the UAE.

Source: TradeArabia

Related Report

The Business of Impact Investing in 2023

Impact investing is a form of investing that believes that every dollar invested can make a difference, while producing a profit. Over the past 20 years, impact investing has undergone a remarkable evolution, driven by a confluence of societal, economic, and technological factors. These influences have propelled impact investing into a crucial mechanism for addressing societal needs, traditionally the domain of public funding. In 2022, the impact investing market sat at US$1,146 billion, growing at a healthy compounded annual growth rate (CAGR) of 29% over the last four years. This special report features interviews with thought leaders in the impact investing space, and offers an insightful perspective on the current and future state of impact investing, its challenges and opportunities, and highlights case studies of investors, social enterprises, and the impact they are having on the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems