The Abu Dhabi National Oil Company (ADNOC) has inked agreements worth 21 billion dirhams ($ 5.7 billion) with several local and foreign companies to offer a portion of their needs that they intend to meet by purchasing locally manufactured products and materials.
The agreement was signed at the “Make in the Emirates: Investment… Partnership… Growth” Forum taking place in Abu Dhabi. The Forum ended yesterday and gathered 1,800 industry and investor representatives as well as 24 exhibitors from major companies, governmental organizations, and financial institutions in the UAE.
The largest participating national enterprises announced their intent to contribute 110 billion dirhams via potential purchase agreements. More than 300 products were put forward for local manufacturing at the forum, which examined prospects to further industrialize 11 basic industrial sectors that would add 6 billion dirhams yearly to the country’s GDP.
A total of 32 agreements and memoranda of understanding were signed at the event between government agencies as well as industrial and financial companies. The deals aim to diversify and sustain the industrial sector and increase its contribution to the national economy. ADNOC, a major driver of industrial growth in the UAE, signed prominent agreements worth 21 billion dirhams with a number of local and international companies to provide a percentage of their needs that they plan to purchase from locally manufactured products and materials.
