Abu Dhabi National Oil Company (ADNOC) has announced today at the “Make it in the Emirates” forum an increase in its local manufacturing target for critical industrial products in its procurement pipeline. The new target is AED90 billion ($24.5 billion) by 2030, up from the previous target of AED70 billion ($19 billion) by 2027, which was delivered ahead of schedule.
This expanded in-country value (ICV) program aims to drive an additional AED178 billion ($49 billion) back into the UAE economy by 2028.
The program has already delivered AED187 billion ($51 billion) into the UAE economy since 2018 and created 11,500 job opportunities for Emirati talent in the private sector.
Dr. Sultan bin Ahmed Al Jaber, UAE’s minister of industry and advanced technology and ADNOC’s managing director and group CEO, stated that the increased target will strengthen the UAE’s industrial sector, support economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE nationals.
The program further includes a dedicated MSME accelerator and incentives to embed sustainability and adopt advanced technologies like AI in ADNOC’s supply chain.
Since 2021, ADNOC has more than tripled its direct spend with local manufacturers, awarding AED22.4 billion ($6.1 billion) in contracts to Emirati-owned SMEs across 600 companies.
Moreover, ADNOC invites local and international manufacturers to take advantage of its ICV program and participate in the UAE’s industrial growth journey.
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