Adnoc awarded contracts worth Dh65.7 billion ($17.9 billion) in the first half of the year, benefitting nearly 400 local suppliers, contractors and service providers, as the oil major continues to empower businesses.
The contracts are in critical sectors such as drilling, logistics, operational support services, and engineering, procurement and construction (EPC), demonstrate how Adnoc is stimulating private-sector growth and strengthening national supply chains through its In-Country Value programme, state news agency Wam reported on Sunday.
Key beneficiaries of the awards include NMDC Energy, Target Engineering, Al Dhafra Co-operative Society, Arab Development Establishment, Excel Astra Engineering, Robt. Stone, Gisco and Euro Mechanical & Electrical Contracting, the report said.
Commercial contracts awarded to a wide range of local suppliers “emphasise the extent to which Adnoc's ICV programme continues to propel economic and industrial growth for the UAE”, said Saleh Al Hashmi, Adnoc's director for Commercial and In-Country Value Directorate.
“Our contract awards create a ripple effect across the economy, helping us to drive productivity, competitiveness and highly-skilled private sector jobs for local talent,” he added.
The contract's value strengthen Adnoc's position further after Britain’s Barclays Bank last week initiated coverage of five of listed subsidiaries of Adnoc, with an “overweight” rating on each and expects price appreciation of their stocks in the next 12 months.
The five companies – Adnoc Distribution, Adnoc Drilling, Adnoc Gas, Adnoc Logistics & Services as well as Fertiglobe – are assets that are ready to scale, with rapid artificial intelligence and technology adoption, Barclays analysts Lydia Rainforth, Ramachandra Kamath and Mick Pickup wrote in a note to investors.
Also, this year, Adnoc retained its position as the UAE's most valuable brand for the seventh consecutive year with a value of $18.9 billion, according to a report by consultancy Brand Finance in January. The company increased its brand value by 25 per cent year-on-year, becoming the Middle East region's second most valuable brand after Saudi Aramco.
Over the next five years, Adnoc plans to channel an additional Dh200 billion into the UAE economy through its ICV programme, according to the Wam report. The programme aims to channel procurement towards local products and services.
The UAE's ICV programme has been aimed at boosting the growth of domestic industries by redirecting half of government spending on procurements and tender contracts into the national economy by 2031.
Abu Dhabi has increasingly advanced its manufacturing capabilities with high-tech tools, automation and robotics, and data analytics.
The manufacturing sector remained the largest non-oil contributor to Abu Dhabi's gross domestic product at 9.5 per cent in 2024, with its added value hitting Dh111.6 billion – the highest on record, the emirate's Department of Economic Development reported in March. The sector posted an annual growth rate of 2.7 per cent in 2024.
Adnoc is also aiming to locally manufacture Dh90 billion worth of products in its procurement pipeline by 2030, the report said. And to broaden access to its commercial opportunities, Adnoc recently launched the “Make it with Adnoc” app to help suppliers, small and medium enterprises, and entrepreneurs gain a clear pathway to capitalise on its long-term commercial opportunities.
The app, launched in support of the Make it in the Emirates initiative, offers real-time visibility into products Adnoc intends to purchase, seeking to boost local manufacturing and accelerate the UAE’s industrial growth.
At this year's Make it in the Emirates conference, which starts in Abu Dhabi on Monday, the spotlight will once again be on domestic manufacturing and the steps being taken to support the sector.
The event, now in its fourth year, is hosted by the Ministry of Industry and Advanced Technology and will run from May 19-22 under the theme of “Advanced Industries. Accelerated”, with AI and Industry 5.0 in focus.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
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Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The years Ramadan fell in May
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THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
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Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
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7.30pm: President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Medahim, Richard Mullen, Satish Seemar
UAE currency: the story behind the money in your pockets
