ADNOC boosts local manufacturing target to US$ 24.5 billion by 2030

ADNOC boosts local manufacturing target to US$ 24.5 billion by 2030

Expanded ICV program underpins ADNOC’s strategy to enhance economic self-sufficiency and catalyze further opportunities for manufacturers

  • By ICN Bureau | May 29, 2024

ADNOC announced at the ‘Make it in the Emirates’ forum an increase in its local manufacturing target for critical industrial products in its procurement pipeline to US$ 24.5 billion by 2030 to propel UAE’s economic diversification, strengthen the industrial sector and expand local manufacturing capabilities.

The new target is part of ADNOC’s expanded In-Country Value (ICV) program which aims to drive an additional US$ 49 billion back into the UAE economy by 2028. ADNOC’s previous 2027 target for local manufacturing of US$ 19 billion worth of products was delivered ahead of schedule following the award of two contracts for metal pipes and valves worth US$ 4.6 billion to local manufacturers.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, said: "In line with the wise directives of the UAE leadership, ADNOC continues to play a pivotal role in enabling economic, social, and industrial growth in the UAE. Since the launch of ADNOC's In-Country Value program in 2018, we have successfully collaborated with strategic partners to transform this initiative into an integrated national economic program to boost the UAE’s economic development.

“Having successfully delivered on our target to create AED70 billion in local manufacturing opportunities ahead of schedule, ADNOC is now boosting its local manufacturing target to AED90 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. 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 program and participate in the UAE’s industrial growth journey.”

The contracts include US$ 2.4 billion for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company; and US$ 2.2 billion for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

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