Abu Dhabi National Oil Company (ADNOC) announced on Tuesday it has identified AED 70 billion worth of products in its procurement pipeline that could be manufactured locally.
Out of this figure, ADNOC signed agreements for local manufacturing opportunities worth AED21 billion ($5.7 billion) with UAE and international companies, it said.
The agreements, which were signed at the Make it in the Emirates Forum taking place in Abu Dhabi, will see the companies set up and expand manufacturing facilities in the UAE as well as jointly explore with ADNOC the potential for new investments in local manufacturing.
The opportunities comprise over 100 products which will be utilised across ADNOC's full value chain as it expands its operations to cater for growing global energy demand.
ADNOC aims to purchase these products between 2022 and 2030 and is inviting the private sector to take advantage and invest in the UAE's manufacturing sector to produce the products locally.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, "ADNOC is reinforcing its role as a critical engine for the UAE's industrial growth as we expand our operations to responsibly cater for the world's growing energy demand.
"We invite local and international manufacturers to take advantage of these opportunities and join the UAE in our industrial growth journey as we strengthen the resilience of our supply chains, enhance economic self-sufficiency and deliver lasting value."
The products identified with local manufacturing potential are spread over drilling; mechanical and heating ventilation and airconditioning (HVAC); technology; piping, fittings and valves; electric submersible; instruments, control and telecom; maintenance, repair and operations; chemicals; electrical; and offshore architecture.
The Make it in the Emirates Forum is hosted by the Ministry of Industry and Advanced Technology in conjunction with the Abu Dhabi Department of Economic Development and ADNOC. It brings together the largest industrial companies from across the UAE to share their procurement plans and detail how these translate into local manufacturing and investment opportunities.
ADNOC is seeking AED 70 billion worth of high-quality, made-in-UAE products over the next eight years, as we proudly continue to act as a key driver for the UAE’s industrial growth.— ADNOC Group (@AdnocGroup) June 21, 2022
Can your company #MakeItInTheEmirates and supply ADNOC? Visit https://t.co/XH110lSHLl.@MoIATUAE