Abu Dhabi National Oil Company (ADNOC) has signed agreements with 25 companies potentially worth more than $9.5 billion that will stimulate investment in local manufacturing of products to support the diversification of UAE’s industrial and manufacturing infrastructure.
The agreements set out the suppliers’ intention to manufacture 21 products in the UAE, supporting the delivery of ADNOC’s 2030 strategy, which includes a more-profitable upstream and more-valuable downstream as well as a more-sustainable and economic natural gas supply. Companies who have signed agreements with ADNOC include Siemens, Halliburton, Celeros FT, Emerson, Proton R&D, and Schneider Electric.
Among the products which could be manufactured in the UAE are pressure vessels; compressors; pipeline inspections gauges; specialist valves; industrial pumps; switchgears; variable speed drives, and flame and gas detectors. The agreements could also see investments made in machining, reverse engineering, and nondestructive testing equipment.
The announcement was made at ADNOC’s 6th Annual Business Partnership Forum, held during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
“Companies setting up in the UAE have access to reliable, cost-effective, and sustainable energy supplies, including clean energy alternatives such as solar and hydrogen,” said Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology. “They can also take advantage of our strategic geographical location, world-class logistics infrastructure, access to key global markets, and foreign ownership laws. One of the key competitive advantages associated with the ‘Make It in the Emirate’s’ initiative is implementing advanced technology in the local industrial sector.”
More than 1,000 people attended the Business Partnership Forum, where ADNOC showcased its growth plans and its continued support for developing its local supply chain. ADNOC’s successful In-Country Value program is integral to these plans and has driven $36.1 billion back into the UAE’s economy since its launch in 2018.
The following table lists companies and products addressed in agreements announced at ADIPEC.