ADNOC has struck deals with 25 firms valued at up to 35 billion dirhams to encourage them to produce vital items for the UAE’s energy sector domestically. Pressure vessels, compressors, leak detection gauges, and other items could be produced inside the country.
Through ADNOC’s In-Country Value program, massive investments will flow back into the area’s economy as a result of these partnerships. The partnerships could also result in investments in manufacturing, reverse engineering, and nondestructive testing technology, according to a statement issued by the energy business on Thursday.
The UAE is quickly becoming one of the world’s main industrial and technological hubs. It boasts the most dynamic manufacturing base in the Arab region and is positioned 31st in the world according to the UNIDO Index. This global reputation is supported by the country’s industrial plan, Operation 300 Billion.
The ‘Make it in the Emirates’ initiative, which emphasizes 11 priority areas to assist the expansion of national businesses and encourage investment, is a foundation of this holistic strategy’s blueprint. However, it is not just about supporting the UAE in its economic transformation and development, but also about obtaining and profiting from the truly unique economic proposition.
Companies establishing themselves in the UAE, for example, have exposure to dependable, cost-effective, and renewable power sources, including green power options such as photovoltaic and hydrogen. They can also benefit from the advantageous geographic location, world-class transportation infrastructure, proximity to major international markets, and foreign ownership regulations.
ADNOC has an ambitious strategy that will help the UAE to flourish and expand in a minimized carbon future while also supporting the nation’s economy in the upcoming years and decades. Furthermore, as it continues to grow its support for domestic manufacturing, the corporation is taking an open approach to exhibiting its product outlook in order to stimulate local market competitiveness.
Overall, the company is eager to collaborate with investors and vendors to establish and grow their manufacturing base in the UAE. Furthermore, it invites community and business collaborators to seize the considerable opportunities that will be created. It believes in working with its stakeholders to further boost the UAE economy’s rapid expansion.
