Sheikh Khaled bin Mohamed chairs Adnoc board meeting

The official commended the company's efforts to create new manufacturing opportunities in the country

Sheikh Khaled bin Mohamed, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, chaired a meeting of Adnoc's executive committee of the board of directors. Wam

Sheikh Khaled bin Mohamed, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, chaired the meeting of the executive committee of Abu Dhabi National Oil Company's board of directors on Wednesday in Abu Dhabi.

He commended Adnoc's efforts to support In-Country Value (ICV) by creating new, local manufacturing opportunities, Abu Dhabi Media Office said in a statement.

Adnoc announced last month that it had identified Dh70 billion ($19bn) worth of products in its procurement pipeline with local manufacturing potential and has signed agreements for these manufacturing opportunities worth Dh21bn.

The deals with UAE and international companies will allow them to set up and expand manufacturing facilities in the country, as well as jointly explore with Adnoc the potential for new investments in local manufacturing.

Sheikh Khaled also endorsed plans to continue expanding Adnoc's investor base to attract foreign direct investment to the UAE.

Since 2016, Adnoc has welcomed some of the world’s most notable investors in a series of landmark transactions that delivered more than $64.5bn in FDI, the statement said.

Sheikh Khaled also gave directives to Adnoc to create and expand on strategic partnerships to capitalise on opportunities in the evolving energy landscape, according to the statement.

In May, Adnoc signed an agreement with BP and clean energy company Masdar to develop clean hydrogen and technology centres in the UK, tapping opportunities offered by the energy transition.

The meeting was also attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Ahmed Al Sayegh, Minister of State; and Khaldoon Al Mubarak, managing director and group chief executive of Mubadala Investment Company.