ADNOC suppliers commit $816mln investments to boost UAE's manufacturing
UAE: ADNOC's its partners across its supply chain committed AED 3 billion ($817 million) as investments in manufacturing facilities across the UAE, according to a press release.
The facilities are located across the Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone), and Umm Al Quwain.
These investments will secure more than 3,500 private sector jobs and manufacture a wide range of industrial products, including pressure vessels, pipe coatings, and fasteners.
The facilities include newly operational sites, key expansions and investment commitments in line with ADNOC's current and future procurement requirements.
Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial and Corporate Support, said: 'These investments reflect ADNOC's ongoing drive to support the 'Make it in the Emirates' initiative and localize strategic industrial capabilities through our In-Country Value program.'
'We look forward to working with our partners to ensure business continuity and unlock further opportunities for sustainable growth and economic diversification,' he added.
The announcement builds on the success of ADNOC's ICV program, which has attracted AED 242 billion into the UAE economy and created 17,000 jobs for UAE Nationals in the private sector since 2018.
The ICV program provided a platform for businesses to capitalize on ADNOC's diverse commercial opportunities, within the framework of plan to locally manufacture AED 90 billion ($24.5 billion) worth of products in its procurement pipeline by 2030.
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