ADNOC Sets Local Manufacturing Target of US$24.5 Billion by 2030

ADNOC Sets Local Manufacturing Target of US$24.5 Billion by 2030

2027 local manufacturing target of US$19 billion worth of products in ADNOC’s procurement pipeline delivered ahead of schedule

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.

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.

His Excellency 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.

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"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.

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.

ADNOC’s expanded ICV program will provide a dedicated micro, small and medium enterprises (MSMEs) accelerator program to enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain.

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

Read More: ADNOC Logistics & Services Publishes First Annual Report

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