Adnoc has signed deals worth US$4.63 billion with 23 local and international companies to boost manufacturing in the UAE. The state oil company said the agreements were part of its plan to produce multiple products in its locally sourced pipeline.

In 2022, Adnoc said it had identified $19 billion worth of products that could be manufactured in the UAE. Saleh Al Hashimi said: "These agreements strengthen our role as a key engine of industrial growth in the UAE, and they provide the means to further increase our contribution to GDP [gross domestic product], stimulate economic diversification and create more skilled jobs for UAE nationals." great potential. Head of Adnoc's Commercial and Domestic Value Board. We look forward to working with these companies to deliver on these important agreements and bring more sustainable value to the UAE.

Adnoc enters partnership agreement with local businesses

In 2021, the UAE launched a 300 billion action industrial strategy, with the goal of becoming a global industrial center by 2031. The 10-year comprehensive roadmap focuses on increasing the contribution of the industrial sector to GDP from AED133 billion in 2021 to AED300 billion in 2031.

The strategy focuses on boosting production in 11 priority sectors, supporting the development of national industries, attracting foreign investment, modernizing legislation, and ensuring earmarked financing for local industrial companies. In November, Adnoc signed deals worth up to Dh35 billion with 25 companies including Siemens, Halliburton and Schneider Electric.

As part of a new five-year plan, Adnoc aims to reinvest AED175 billion into the UAE economy through its ICV programme. By 2022, the group's ICV program has brought in more than AED35 billion to the national economy and enabled 2,000 UAE citizens to be employed in Adnoc's supply chain. As part of its accelerated growth strategy, Adnoc's board has approved a plan to boost the company's oil production capacity to 5 million barrels per day by 2027 from its previous 2030 target.

The company has allocated $15 billion to invest in a range of projects through 2030 that will help it accelerate its low-carbon growth strategy. Adnoc will invest in clean energy, carbon capture and storage, further electrification of operations, energy efficiency and new measures to build on its zero conventional gas flaring policy.

Adnoc is creating long-term domestic manufacturing opportunities through our sourcing pipeline to strengthen the UAE's industrial base and strengthen the resilience of our supply chains as we make energy cleaner today and invest in the clean energy of the future, said Mr Al Hashimi.Editor/XingWentao