On November 7, 2024, ADNOC announced the awarding of AED 720 million ($196.2 million) in contracts to support local manufacturing across its extensive value chain. The announcement took place at ADNOC’s Business Partnership Forum, held during ADIPEC, with contracts granted to 11 companies as part of ADNOC’s In-Country Value (ICV) program, which aligns with the “Make it in the Emirates” (MIITE) initiative. The program has bolstered UAE manufacturing with the launch of eight new facilities during ADIPEC, bringing the total number of ICV-enabled facilities to 16 this year and 33 since the MIITE initiative began.

ADNOC used the forum to outline commercial opportunities across its value chain, encouraging private sector companies to invest in manufacturing within the UAE. As part of its ongoing commitment to sustainable business practices, ADNOC also introduced the “Responsible Sourcing Program,” aimed at enhancing transparency and promoting sustainable procurement across its supply chain.

Yaser Saeed Almazrouei, ADNOC’s Executive Director of People, Commercial & Corporate Support, highlighted ADNOC’s commitment to sustainable growth and local empowerment. He emphasized ADNOC's role in strengthening the UAE’s manufacturing capabilities, enhancing self-reliance, and fostering national growth and diversification. Almazrouei invited both UAE-based and international companies to collaborate with ADNOC in expanding long-term manufacturing opportunities in the region.

The forum brought together a diverse array of suppliers, UAE-based businesses, and government representatives to discuss opportunities for public-private collaboration that advance socioeconomic progress and strengthen the UAE’s industrial landscape. A panel session titled “Advancing Partnerships to Sustain Mutual Growth” featured notable speakers, including H.E. Ahmed Helal Al Blooshi of the Abu Dhabi Department of Economic Development, H.E. Hareb Al Muhairi from the Abu Dhabi Investment Office, and Mohamed Eissa Al Refaei of the Abu Dhabi Chamber of Commerce and Industry.

ADNOC’s ICV program, launched in 2018, has so far reinvested AED 187 billion ($51 billion) into the UAE economy by establishing robust local manufacturing capabilities, significantly reducing import dependency. Looking ahead, ADNOC aims to reinvest an additional AED 178 billion into the UAE economy by 2028, further supporting economic resilience. In partnership with the NAFIS program, ADNOC’s ICV program has already created 14,000 jobs for Emiratis in the private sector and has set a goal to create an additional 13,500 new positions by 2028. Through these initiatives, ADNOC is driving forward its mission to catalyze the UAE’s economic development and position the country as a leading industrial hub.

The Abu Dhabi National Oil Company (ADNOC) is the state-owned oil company of the United Arab Emirates, established in 1971. As a leading diversified energy group, ADNOC operates a network of fully integrated businesses across the entire energy value chain, enabling it to responsibly address the demands of an evolving energy market.