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.
Mohammed bin Zayed Majlis
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
