ADNOC announced the award of contracts valued at AED720 million ($196.2 million) for local manufacturing of a wide range of products across its value chain.
The announcement was made at ADNOC’s Business Partnership Forum which was held on the sidelines of ADIPEC.
The contract awards to 11 companies were enabled by ADNOC’s In-Country Value (ICV) program and support the Make it in the Emirates (MIITE) initiative.
Separately, ADNOC’s partners inaugurated eight UAE manufacturing facilities at ADIPEC, taking the total number of facilities enabled by the ICV program to 16 this year and 33 in total since the start of the MIITE initiative.
At the Business Partnership Forum, ADNOC detailed a wide range of commercial opportunities across its value chain and encouraged the private sector to capitalize on these opportunities and establish and expand manufacturing capacity in the UAE. ADNOC also launched its “Responsible Sourcing Program,” a new initiative that will ensure greater transparency and encourage sustainable procurement practices within its supply chain.
ADNOC’s Business Partnership Forum brought together suppliers, UAE-based companies, and government stakeholders to explore opportunities and establish private-public partnerships that drive socioeconomic progress and boost UAE’s industrial ecosystem.
Since its inception in 2018, ADNOC’s ICV program has successfully reinjected AED187 billion ($51 billion) into the UAE’s economy and reduced the UAE’s reliance on imports by establishing local manufacturing capabilities. Building on this success, ADNOC’s is aiming to drive an additional AED178 billion back into the UAE’s economy by 2028. ADNOC’s ICV program has also created 14,000 job opportunities for Emirati talents in the private sector in collaboration with NAFIS and is aiming to create an additional 13,500 new jobs by 2028.
