Wedoany.com Report-Nov 8, ADNOC today announced the award of contracts valued at AED720 million ($196.2 million) for local manufacturing of a wide range of products across its value chain. The announcement was made at ADNOC’s Business Partnership Forum which was held on the sidelines of ADIPEC.

 At the Business Partnership Forum, ADNOC detailed a wide range of commercial opportunities across its value chain and encouraged the private sector to capitalize on these opportunities and establish and expand manufacturing capacity in the UAE. ADNOC also launched its “Responsible Sourcing Program,” a new initiative that will ensure greater transparency and encourage sustainable procurement practices within its supply chain.

“In collaboration with our partners in the private sector, ADNOC continues to drive sustainable value for the UAE and create opportunities for people and local businesses to thrive,” said Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial & Corporate Support. “Through our In-Country Value program, we are boosting the UAE’s manufacturing capacity, enhancing self-sufficiency and reinforcing our role as a catalyst for the nation’s growth and diversification. We extend an open invitation to UAE and international companies to partner with us and explore the long-term manufacturing opportunities we are creating.”

ADNOC’s Business Partnership Forum brought together suppliers, UAE-based companies, and government stakeholders to explore opportunities and establish private-public partnerships that drive socioeconomic progress and boost UAE’s industrial ecosystem.

A panel session on “Advancing Partnerships to Sustain Mutual Growth” was held at the forum and featured H.E. Ahmed Helal Al Blooshi, Executive Director of the Economic Strategy Sector at the Abu Dhabi Department of Economic Development; H.E. Hareb Al Muhairi, Executive Director at the Abu Dhabi Investment Office; and Mohamed Eissa Al Refaei, Executive Director of the Business Networking Sector at the Abu Dhabi Chamber of Commerce and Industry.

Since its inception in 2018, ADNOC’s ICV program has successfully reinjected AED187 billion ($51 billion) into the UAE’s economy and reduced the UAE's reliance on imports by establishing local manufacturing capabilities. Building on this success, ADNOC’s is aiming to drive an additional AED178 billion back into the UAE’s economy by 2028. ADNOC’s ICV program has also created 14,000 job opportunities for Emirati talents in the private sector in collaboration with NAFIS and is aiming to create an additional 13,500 new jobs by 2028.