UAE national companies to allocate $29.9 bln for agreements with local manufacturers

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Abu Dhabi National Oil company (ADNOC) said on Tuesday it had identified $19 billion (70 billion dirhams) worth of products in its procurement pipeline that could be manufactured locally.

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Of the total, ADNOC signed agreements for local manufacturing opportunities worth $5.7 billion (21 billion dirhams) with UAE and international companies at the Make it in the Emirates Forum taking place in Abu Dhabi.

The local opportunities include over 100 products to be utilized across ADNOC’s full value chain as it expands its operations to cater for growing global energy demand, the company said.

ADNOC aims to purchase these products between 2022 and 2023.

Minister of Industry and Advanced Technology Sultan al-Jaber, who is also ADNOC chief, announced at the same forum that national firms would allocate $30 bln (110 billion dirhams) in potential purchase agreements for local manufacturers.

Jaber said the move would add at least 6 bln dirhams annually to the GDP.

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