Adnoc hikes local manufacturing target to Dh90b

Adnoc’s ICV programme has already delivered Dh187 billion into the UAE economy


Issac John

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Published: Tue 28 May 2024, 4:27 PM

Abu Dhabi National Oil Company announced a major hike in its local manufacturing target for critical industrial products in its procurement pipeline.

The new target is Dh90 billion by 2030, up from the previous target of Dh70 billion ($19 billion) by 2027, which was delivered ahead of schedule.

This expanded in-country value (ICV) programme aims to drive an additional Dh178 billion back into the UAE economy by 2028, the oil major announced at the “Make it in the Emirates” forum.

Adnoc’s ICV programme has already delivered Dh187 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, said 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 programme includes a dedicated MSME accelerator and incentives to embed sustainability and adopt advanced technologies like AI in Adnoc’s supply chain.

Since the inception of the ‘Make it in the Emirates’ initiative in 2021, Adnoc has more than tripled its direct spend with local manufacturers, awarding Dh22.4 billion in contracts to Emirati-owned SMEs across 600 companies.

Adnoc has invited local and international manufacturers to take advantage of its ICV programme and participate in the UAE’s industrial growth journey. The programme will also introduce sustainability incentives, encouraging investors to adopt clean technologies and best-in-class ESG practices. Additionally, it will accelerate the adoption of AI in Adnoc’s supply chain, further strengthening the UAE’s industrial resilience.

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