To support local investment in the industrial sector
ADNOC intends to facilitate obtaining financing for citizen-owned factories
ADNOC is working to double its contributions to the local economy over the next 5 years.
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Omar Al-Suwaidi: “In 2020, ADNOC awarded contracts worth five billion dirhams to 400 small and medium-sized companies.”
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The head of the Commercial Affairs and In-Country Value Department in the Abu Dhabi National Oil Company (ADNOC), Omar Suwaina Al-Suwaidi, said, "The company intends to facilitate obtaining financing for factories owned by citizens."
He added, in statements to "Emirates Today", that "this is through a message of support for these factories, enabling them to expand financing opportunities, to implement their projects and expansion plans, in a way that supports the industrial sector and raises the local value, especially in the refining and petrochemical sector," indicating that these " The initiative comes to support local investment in the industrial sector.
Al-Suwaidi explained that ADNOC is working to double its contributions to the local economy over the next five years, and to continue to provide more new opportunities to support the local economy and companies, in order to ensure the company's continued contribution to promoting growth and prosperity in the country.
He said, “ADNOC’s senior management is keen on translating and implementing the directives of the wise leadership and government policies aimed at empowering and supporting the local economy, and through the (ADNOC) program to enhance local added value, it is working to enhance the contribution of ADNOC’s investments, projects and operations in creating And enhancing the value of the local economy, providing more opportunities for the private sector, supporting the GDP, increasing the proportion of local strategic services and products, and providing job opportunities for citizens in the private sector.
Al-Suwaidi pointed out that ADNOC has also implemented a set of initiatives aimed at empowering and supporting local industries, through its continuous endeavor to localize the supply chains of its operations. ADNOC has identified a set of investment opportunities and offered them to local investors, especially in the field of Refining and petrochemicals, through investment in the projects to be developed in the “Ruwais complex for petrochemical derivatives.
He added: “In 2020, ADNOC awarded various contracts with a total value of five billion dirhams to 400 small and medium-sized companies owned by 100% Emiratis.
It also approved eight small and medium companies, 100% owned by citizens, as auditing bodies to obtain ICV certification.
Al-Suwaidi added: “Since the launch of the (ADNOC) program to enhance in-country value in 2018, (ADNOC) has been able to redirect more than 76 billion dirhams into the local economy and provide more than 2,000 job opportunities for citizens in the private sector, while it intends to reuse Directing 160 billion dirhams to the local economy over the next five years, as ADNOC and its suppliers contracting to spend on products, manufacturing and assembly facilities, services and local infrastructure is expected to increase in the next five years, as the company continues to implement its plan to implement capital investments worth 448 billion dirhams during the period from 2021 to 2025 ».
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