Adnoc will be Supporting Domestic Production with its Dh6 billion Agreement

Key Highlights:

• Adnoc signs a new deal of Dh6 billion with 12 UAE companies.
• This new agreement will now support domestic manufacturing and production
• 1,300 private sector jobs will be created under this new agreement in UAE

Abu Dhabi National Oil Company (Adnoc) has signed a crucial long-term deal with 12 UAE-based companies. This new deal of Dh6 billion will be related to the domestic manufacturing of critical equipment. This move from Adnoc comes due to the ongoing global trade war. With this agreement being active, the UAE can have security from the global supply chain risk.

Adnoc’s long-term deal with 12 domestic companies will be majorly manufacturing cables and pressure vessels, which are utilized in the safe storage of fluids and gases.  Adnoc has taken active participation in boosting local manufacturing and the growth of the Emirates economy. The company has also invested USD 500 million worth of deals with Emirates Global Aluminum. This investment will now support the local supply of raw materials for aluminium production.

Adnoc is also planning to invest an additional Dh200 billion into the UAE economy through ICV over the next five years. Previously the company's ICV program has increased the UAE economy to Dh242 billion, with 17,000 jobs being created in Emiratis since 2018.

The majority of the companies involved in the agreement are based in the primary industrial zones of the UAE. This includes the cities of Abu Dhabi, Khalifa Economic Zones Abu Dhabi, Dubai Industrial Park, Jebel Ali Free Zone, and industrial areas in Sharjah and Umm Al Quwain.  This new agreement will create 1,300 private-sector jobs in the UAE.

In the signing event Dr sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technolgy, managing director and group chief executive of Adnoc. Executive director at Adnoc, Yaser Saeed Almazrouei said, “The agreement highlights the Adnoc’s Success in strengthening the resilience of our supply chain, expanding the UAE’s manufacturing base and creating jobs in the private sector through our In-Country value program.”