ADNOC signs manufacturing deals worth $9.5 bln
ABU DHABI, November 4, 2022 – ADNOC has signed agreements with 25 companies potentially worth USD $9.5 billion to stimulate local manufacturing and diversification of the UAE’s industry, the Emirati NOC announced on Thursday.
Involved companies include Siemens, Halliburton, Celeros FT, Emerson, Proton R&D and Schneider Electric.
The deals will see 21 products manufactured in the UAE, including pressure vessels, compressors, pipeline inspections gauges, specialist valves, industrial pumps, switchgears, variable speed drives and flame and gas detectors. Investments are also expected in machining, reverse engineering and non-destructive testing equipment.
The move is part of the UAE’s Make It In the Emirates programme, which aims to double the contribution of the industrial sector to the UAE’s GDP to USD 81.7 billion.