November 12, 2024 [Storage Terminals Magazine]- ADNOC has announced the award of contracts worth AED720 million ($196.2 million) to boost local manufacturing across its value chain. The announcement was made at the ADNOC Business Partnership Forum, held alongside ADIPEC.
These contracts, given to 11 companies, were enabled by ADNOC’s in-country value programme and align with the Make it in the Emirates initiative. At ADIPEC, ADNOC’s partners also inaugurated eight new UAE manufacturing facilities, bringing the total to 16 for this year and 33 overall since the MIITE initiative began.
At the Business Partnership Forum, ADNOC presented various commercial opportunities across its value chain, encouraging the private sector to capitalise on them and expand manufacturing capabilities in the UAE. ADNOC also launched the “Responsible Sourcing Programme” to promote transparency and sustainable procurement within its supply chain.
Yaser Saeed Almazrouei, ADNOC executive director, people, commercial & corporate support, said, “In collaboration with our partners in the private sector, ADNOC continues to drive sustainable value for the UAE and create opportunities for people and local businesses to thrive. Through our In-Country Value programme, we are boosting the UAE’s manufacturing capacity, enhancing self-sufficiency, and reinforcing our role as a catalyst for the nation’s growth and diversification. We extend an open invitation to UAE and international companies to partner with us and explore the long-term manufacturing opportunities we are creating.”
The forum gathered suppliers, UAE-based companies, and government stakeholders to discuss partnerships that drive socioeconomic progress and strengthen the UAE’s industrial sector.
A panel session titled “Advancing Partnerships to Sustain Mutual Growth” featured H.E. Ahmed Helal Al Blooshi from the Abu Dhabi Department of Economic Development, H.E. Hareb Al Muhairi from the Abu Dhabi Investment Office, and Mohamed Eissa Al Refaei from the Abu Dhabi Chamber of Commerce and Industry.
Since the ICV programme’s launch in 2018, ADNOC has reinvested AED187 billion ($51 billion) into the UAE economy, reducing import dependence through enhanced local manufacturing. The company aims to reinvest an additional AED178 billion by 2028 and has facilitated 14,000 job opportunities for Emiratis in the private sector with NAFIS, with plans for 13,500 more roles by 2028.
Free Trial: Access 13,300 Tank Terminal and Production Facilities
13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data
