Abu Dhabi National Oil Company (ADNOC) said its supply chain partners have committed to investing AED 3 billion ($817 million) in manufacturing facilities across the United Arab Emirates.
ADNOC said the facilities are situated throughout the Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone), and Umm Al Quwain. They will generate over 3,500 high-skilled jobs in the private sector and produce a diverse array of industrial goods such as pressure vessels, pipe coatings, and fasteners.
ADNOC’s commercial agreements under the In-Country Value (ICV) program have enabled facilities that allow businesses to benefit from diverse commercial opportunities, the company said. The ICV program aims to manufacture AED90 billion ($24.5 billion) worth of products locally in its procurement pipeline by 2030.
“We welcome our partners’ commitment to advancing local manufacturing through their investments in these state-of-the-art facilities which will strengthen the UAE’s industrial base and create highly skilled private sector jobs”, Yaser Saeed Almazrouei, ADNOC Executive Director for People, Commercial, and Corporate Support, said. “These investments reflect ADNOC’s ongoing drive to support the ‘Make it in the Emirates’ initiative and localize strategic industrial capabilities through our In-Country Value program”.
ADNOC said the facilities include newly operational sites, major expansions, and investment commitments.
ADNOC’s ICV program has contributed AED242 billion ($65.8 million) to the UAE economy and created 17,000 jobs for UAE nationals since 2018, according to the company.
Source: By Paul Anderson from Rigzone.com