Kanoo Energy UAE and ADNOC sign local manufacturing agreements
Kanoo Energy UAE and ADNOC have signed three agreements for local manufacturing opportunities as part of the ‘Make in Emirates Forum’ recently held in Abu Dhabi, the company said on Friday.
The agreements between Kanoo Energy and ADNOC outline the intention of the companies to explore manufacturing valves, flanges and the establishment of a reverse engineering facility in the UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy,’ Kanoo Energy said. The products are part of the $19 billion worth of products in ADNOC’s procurement pipeline that ADNOC identified for domestic manufacturing in July 2022, the company said.
The agreements were signed by Fahad Kanoo, CEO UAE and Oman, Kanoo Energy UAE, and Dr. Saleh Al Hashimi, ADNOC Director, Commercial & In-Country Value Directorate.
Last year, ADNOC signed agreements for local manufacturing commitments worth more than $6.8 billion with UAE and international companies. ADNOC continues to take a transparent approach to showcasing its product outlook as part of its ICV program. This approach underscores ADNOC’s efforts to ensure business continuity and incentivize investors and suppliers to set up or expand manufacturing capacity in the UAE. ADNOC aims to drive $48 billion back into the UAE economy through its ICV program as part of its 5-year business plan for 2023–27.
The ‘Make it in the Emirates Forum’, focusing on the theme of 'Investment, Sustainability & Growth', was organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development and ADNOC.
In addition to showcasing the UAE as a global hub for manufacturing and innovation, the forum sought to promote sustainability and reduce and eliminate carbon emissions within the industrial sector in line with objectives of the ‘Year of Sustainability’, the UAE's Net Zero by 2050 strategic initiative, and its preparations to host COP28.
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