ADNOC to ramp up its production target to attract more investments to the UAE

The Abu Dhabi National Oil Co. (ADNOC) is set to significantly reinforce the local manufacturing sector, targeting an investment of 90 billion dirhams ($24.5 billion) by 2030. This announcement was made during the "Make it in the Emirates" forum, where ADNOC revealed plans to expand its In-Country Value (ICV) program. The enhanced ICV initiative is designed to inject an additional 178 billion dirhams into the UAE’s economy by 2028.

ADNOC's ambitious strategy aims to underpin the UAE's industrial sector and enhance the local manufacturing capabilities. This initiative not only seeks to diversify the economy but also to attract both local and international investors. It is expected to create a range of high-skilled private sector job opportunities for UAE nationals, further stimulating entrepreneurial activity and driving sustainability throughout ADNOC’s supply chain.

The oil company had previously set a target of 70 billion dirhams worth of locally manufactured products by 2027. This goal was achieved ahead of schedule, facilitated by the early completion of two significant contracts valued at 16.8 billion dirhams for metal pipes and valves. These contracts were awarded to several local manufacturers including PM Piping Petroleum Equipment, Ajmal Steel, Al Gharbia Pipe Co., Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, and MT Valves and Industries.

In addition to these achievements, ADNOC's expanded ICV program will feature a micro, small and medium enterprises (MSME) accelerator program. This initiative is designed to enable Emirati businesses and local MSMEs to more effectively engage across ADNOC’s extensive supply chain, fostering broader economic growth and industrial development within the UAE.