Abu Dhabi National Oil Company (ADNOC) has signed agreements potentially worth 35 billion dirhams ($9.5 billion) with 25 companies, including Siemens and Halliburton, to stimulate them to locally manufacture products critical for the UAE's energy industry.
Among the products which could be manufactured in the country are pressure vessels, compressors, pipeline inspections gauges etc. The agreements could also see investments made in machining, reverse engineering and nondestructive testing equipment, the energy company said in a statement on Thursday.
These agreements will see significant investment flow back into the local economy through ADNOC’s In-Country Value program, it added.
‘Make It In The Emirates’ program a key part of UAE’s strategy to double GDP contribution of the industrial sector to AED 300 billion by 2031, Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, said at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) where the agreements were signed.
Other international companies with whom the agreements were signed include Celeros FT, Emerson, Proton R&D and Schneider Electric.
(Writing by Brinda Darasha; editing by Seban Scaria)