Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) plans to increase its local manufacturing target for critical industrial products in its procurement pipeline to AED 90 billion ($24.50 billion) by 2030.

ADNCO unveiled its growth plans at the Make it in the Emirates forum to boost UAE’s economic diversification, anchor the industrial sector, and expand local manufacturing capabilities.

The new target is part of ADNOC’s expanded In-Country Value (ICV) programme which aims to drive an additional AED 178 billion ($49 billion) back into the UAE economy by 2028, according to a press release.

ADNOC’s 2027 target for local manufacturing of AED 70 billion ($19 billion) worth of products was delivered ahead of schedule following the award of two contracts for metal pipes and valves amounting to AED 16.80 billion ($4.60 billion) to local manufacturers.

Sultan Ahmed Al Jaber, Managing Director and Group CEO of ADNOC, said: “Having successfully delivered on our target to create AED 70 billion in local manufacturing opportunities ahead of schedule, ADNOC is now boosting its local manufacturing target to AED 90 billion to strengthen the UAE’s industrial sector.”

“This expanded initiative will support the UAE’s economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE Nationals,” Al Jaber continued.

He underlined: “Additionally, it will stimulate entrepreneurial growth and drive sustainability in ADNOC’s supply chain. We invite local and international manufacturers to take advantage of our ICV programme  and participate in the UAE’s industrial growth journey.”

The contracts include AED 8.80 billion ($2.40 billion) for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company.

Furthermore, a total of AED 8 billion ($2.20 billion) for mechanical valves was directed to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

Since the launch of Make it in the Emirates in 2021, ADNOC has more than tripled its direct spending with local manufacturers for industrial products within its procurement pipeline.

Through its ICV programme, the UAE-based company has driven AED 187 billion ($51 billion) back into the Gulf country’s economy since 2018. 

The programme also secured 11,500 job opportunities for Emirati talents in the private sector in collaboration with strategic partners.  It also provided contract awards worth AED 22.40 billion ($6.10 billion) to Emirati-owned small and medium enterprises (SMEs) over 600 companies.

Earlier this month, ADNOC concluded the institutional placement of around 880 million ordinary shares of ADNOC Drilling Company.