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ADNOC Value Added Program redirects AED 26 billion to the local economy in 2019

2019-11-13T15:01:10.311Z

Abu Dhabi National Oil Company (ADNOC) today announced the success of its program to enhance the local value added in redirecting more than 26 billion dirhams to the local economy in 2019, bringing the total contribution of the program to 44 billion dirhams since its launch. Expenditure is expected to rise



Abu Dhabi National Oil Company (ADNOC) today announced the success of its program to enhance the local value added in redirecting more than 26 billion dirhams to the local economy in 2019, bringing the total contribution of the program to 44 billion dirhams since its launch. ADNOC and its suppliers are expected to spend more on local products, manufacturing, assembly, services and infrastructure in the coming years, as ADNOC continues to implement its five-year business plan to implement capital investments of AED 486 billion from 2019-2023.

ADNOC thanked the private sector for participating in the implementation of a wide range of commercial and investment opportunities in the market and their commitment to implement the requirements of the Local Value Added Enhancement Program in procurement procedures to ensure the continuation of ADNOC and its partners. Suppliers to play their role as key contributors to the economic and social development of the UAE.

Addressing the forum, Dr. Sultan Ahmed Al Jaber, Minister of State and CEO of ADNOC and its group of companies, said: “ADNOC has been and remains a key pillar of the local economy for the last 50 years. In line with the vision of good leadership and the specific economic objectives of the Abu Dhabi Accelerated Development Program (tomorrow) 21) ADNOC will continue to strengthen and strengthen its strong relationship with its supplier partners for the benefit of both sides and the national economy. ”

“ADNOC's Local Value Added Program embodies our strong commitment to supporting local businesses and emphasizes the central role ADNOC plays as a key driver of economic and social development, economic diversification and contribution to the UAE's GDP growth. ADNOC will continue to partner with the industry. Providing more attractive business opportunities for suppliers, providing more opportunities for exchanging expertise and knowledge in the oil and gas sector, and creating more job opportunities for citizens in the private sector, these initiatives together contribute to the efforts to build a bright and prosperous future in countries. United Arab Emirates. "

Al Jaber announced the launch of the ADNOC SME initiative to expand the ADNOC program to enhance local value added and enhance its positive impact by enabling SMEs in the UAE to participate in the growth and development of ADNOC and the local economy. The initiative aims to accelerate and enhance the participation of SMEs and integrate them more effectively into the oil and gas supply chain.

He said: “I would like to thank all our private sector partners for their cooperation and their response to ADNOC's local value-added program, and I invite them to intensify this cooperation, especially in the next phase, which is witnessing the implementation of many growth and expansion projects in various areas and business aspects. There are significant opportunities for local private sector companies to gain more expertise and knowledge to help them grow their business. ”

In a panel discussion on Emiratisation during the forum, HE Farida Al Ali, Assistant Undersecretary for National Human Resources Recruitment at the Ministry of Human Resources and Emiratisation, addressed the broad economic and social impacts of the implementation of ADNOC program to enhance local value added, especially the aspect related to Emiratisation. Supporting the employment of more than 1,500 private sector citizens since the launch of the program in January 2018.

The panel discussion with Farida Al Ali was followed by another open session with senior officials from ADNOC's strategic partner suppliers, including Abdulla Nasser Al Mansoori, Chairman of Al Mansoori Specialized Engineering Company, and Christian Kravidi, Senior Vice President and Head of India and Middle East Region. Africa at ABB, Ghassan Merdad, Chairman of Schlumberger Middle East, Masood Rahma Al Masaood, Vice Chairman of Al Masaood Petroleum Services and Services, and Yousef Al Nowais, Chairman of Alinma Arabia. Participants discussed their experiences in implementing ADNOC's local value-added program, including key achievements and areas of interest in the coming year, in particular to enhance their efforts in line with Emiratisation initiatives in the UAE.

Participants were also briefed on ADNOC's implementation of its AED 165 billion investment plan to expand and develop its refining and petrochemical operations, which will see Ruwais become one of the world's leading integrated petrochemical complexes. Participants were also briefed on the role that ADNOC's refining and petrochemical business will play in enabling more new opportunities for the local private sector and investment opportunities at the Ruwais complex. As part of its commitment to promote and accelerate the participation of SMEs, ADNOC has proactively examined these investment opportunities based on market, technical and economic considerations to enable investors to develop refining and petrochemical businesses in the Ruwais complex.

Source: emara

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