Abu Dhabi National Oil Company (Adnoc) has urged the UAE’s private sector to take advantage of manufacturing opportunities in its procurement pipeline that could be worth billions of dollars.
The oil giant on confirmed last week that there are 70 billion dirhams ($19 billion) worth of products in its procurement needs that could be manufactured locally.
Out of this value, Adnoc said it has just signed agreements for local manufacturing opportunities worth 21 billion dirhams with UAE and international companies at the “Make it in the Emirates” forum that is currently taking place in Abu Dhabi.
“The agreements will see companies set up and expand manufacturing facilities in the UAE as well as jointly explore with Adnoc the potential for new investments in local manufacturing,” Adnoc said in a statement.
The company, which is looking to expand its operations to meet rising energy needs, is expected to acquire the products between 2022 and 2030.
The products, estimated to be more than 100, will be used across the company’s full value chain. They range from drilling, mechanical and heating ventilation and air conditioning (HVAC) to technology, piping, fittings, valves and electric submersibles.
“[Adnoc is] inviting the private sector to take advantage of this pipeline and invest in the UAE’s manufacturing sector to produce the products locally,” the statement said.