Kanoo Energy UAE & ADNOC, signed three separate agreements for local manufacturing opportunities as part of the ‘Make in Emirates Forum’, held in Abu Dhabi from 31st May till 1st Jun’23.
The ‘Make it in the Emirates Forum’, focusing on the theme of 'Investment, Sustainability & Growth', was organized 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 seeked 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.
The agreements entered between Kanoo Energy & ADNOC, outline the intention of the companies to explore manufacturing Valves, Flanges and Establishment of Reverse Engineering facility in the UAE, supporting the ‘Make it in the Emirates’ initiative and the ‘Abu Dhabi Industrial Strategy.’ The products are part of the $19 B worth of products in ADNOC’s procurement pipeline that ADNOC identified for domestic manufacturing in July 2022.
The agreements were signed by Mr. Fahad Kanoo, CEO UAE & Oman and Dr. Saleh Al Hashimi, ADNOC Director, Commercial & In-Country Value Directorate. Also attending the signing ceremony from Kanoo Energy side were, Mr. Manoj Kumar Tripathy (CEO- Kanoo Industrial & Energy), Mr. Hesham Nass (Country Manager- UAE, The Kanoo Group), Mr. Raman Marwaha (General Manager -Kanoo Energy UAE & Oman) and Mr. Abdullatif Kanoo (Business Development Manager-The Kanoo Group).
Last year, ADNOC signed agreements for local manufacturing commitments worth more than $6.8 B 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 B back into the UAE economy through its ICV program as part of its 5-yr business plan for 2023–2027.