Saudi Arabia: The Abu Dhabi National Oil Co. plans to boost its local manufacturing target for critical industrial products to 90 billion dirhams ($24.5 billion) by 2030 in a bid to strengthen the UAE’s industrial sector and expand local manufacturing capabilities.

ADNOC made the announcement at the “Make it in the Emirates” forum, adding that the new target is part of its expanded In-Country Value program, which aims to drive an additional 178 billion dirhams back into the UAE economy by 2028. 

“This expanded initiative will support the UAE’s economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE nationals. Additionally, it will stimulate entrepreneurial growth and drive sustainability in ADNOC’s supply chain,” said Sultan Ahmed Al-Jaber, minister of industry and advanced technology, and ADNOC managing director and group CEO.

The company said its previous 2027 target of 70 billion dirhams worth of products was “delivered ahead of schedule” following the award of two contracts for metal pipes and valves worth 16.8 billion dirhams to local manufacturers.

The contracts include 8.8 billion dirhams for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Co.; and 8 billion dirhams for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

ADNOC’s expanded ICV program also aims to provide a micro, small and medium enterprises accelerator program to enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain.