ADNOC Increases UAE-Based Sourcing Target to Dh90 Billion by 2030

UAE, 28 May, 2024 :  ADNOC has revised its target to source key industrial products domestically to Dh90 billion by 2030. This is part of ADNOC’s expanded 'in-country value' (ICV) program, which aims to drive Dh178 billion ($49 billion) into the UAE economy by 2028.

ADNOC’s previous target of Dh70 billion for 2027 was achieved early, following the award of two contracts worth Dh16.8 billion for metal pipes and valves to local manufacturers. Contracts included Dh8.8 billion for metal pipes awarded to PM Piping Petroleum Equipment, Ajmal Steel, and Al Gharbia Pipe Company, and Dh8 billion for mechanical valves awarded to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, and MT Valves and Industries.

Dr. Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC's CEO, highlighted the success of the ICV program since its 2018 launch, which has transformed it into an integrated economic program. "Having delivered Dh70 billion in local manufacturing ahead of schedule, ADNOC is now raising the target to Dh90 billion to bolster the UAE’s industrial sector. We invite manufacturers to join our ICV program and partake in the UAE’s industrial growth."

The expanded ICV program will include a dedicated accelerator for micro, small, and medium enterprises (MSMEs) to facilitate their participation in ADNOC’s supply chain.

Since the launch of 'Make it in the Emirates' in 2021, ADNOC has tripled its direct spending with local manufacturers for industrial products.

Source : www.gulfnews.com