ADNOC Aiming to Boost Local Manufacturing to $24.5 Billion by 2030
In a bold move to strengthen the UAE’s industrial sector, the Abu Dhabi National Oil Co. (ADNOC) has set a target to boost its local manufacturing output to 90 billion dirhams ($24.5 billion) by 2030. This ambitious goal is part of ADNOC’s expanded In-Country Value program, which seeks to inject an additional 178 billion dirhams into the UAE economy by 2028.
The announcement was made at the “Make it in the Emirates” forum, where ADNOC highlighted the importance of this initiative in driving economic diversification, attracting both local and international investors, and creating high-skilled jobs for UAE nationals. Sultan Ahmed Al-Jaber, the minister of industry and advanced technology, as well as the managing director and group CEO of ADNOC, emphasized the program’s potential to stimulate entrepreneurial growth and promote sustainability in ADNOC’s supply chain.
This expanded initiative will support the UAE’s economic diversification, attract local and international investors.
– Sultan Ahmed Al-Jaber, UAE minister of industry and advanced technology
ADNOC has already shown progress in meeting its targets, with the company announcing that it had surpassed its previous goal of 70 billion dirhams worth of products by 2027. This achievement was made possible through the award of contracts for metal pipes and valves worth 16.8 billion dirhams to local manufacturers.
The contracts include 8.8 billion dirhams for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Co.; and 8 billion dirhams for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.
As part of its expanded ICV program, ADNOC is also launching a micro, small, and medium enterprises accelerator program to empower Emirati businesses and local mSMEs to engage with ADNOC’s supply chain. This initiative aims to further boost local manufacturing capabilities and drive economic growth in the UAE.