Abu Dhabi industry major Adnoc has signed framework agreements worth Dh6 billion ($1.64 billion) for the domestic manufacturing of critical industrial equipment, in a bid to shield the UAE from global supply chain risks.
The long-term deals, forged with 12 UAE-based companies, will be for the manufacturing of cables and pressure vessels – used for safely storing fluids and gases – Adnoc said at the Make it in the Emirates summit in Abu Dhabi on Wednesday.
The companies involved are based in the UAE's principal industrial zones, including Industrial City of Abu Dhabi, Khalifa Economic Zones Abu Dhabi, Dubai Industrial Park, Jebel Ali Free Zone, and industrial areas in Sharjah and Umm Al Quwain.
The agreements are expected to create 1,300 skilled private-sector jobs, the company said.
The signings were witnessed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc.
The agreements highlight Adnoc's “success in strengthening the resilience of our supply chain, expanding the UAE’s manufacturing base and creating jobs in the private sector through our In-Country Value programme”, Yaser Almazrouei, an executive director at Adnoc, said.
The UAE's In-Country Value (ICV) programme, a central plank of the country's Operation 300bn industrial strategy, redirects as much spending as possible towards UAE-made goods and services to boost the growth of domestic industries.
“We are providing greater visibility into the products we intend to purchase locally and we encourage businesses to capitalise on Adnoc's huge pipeline of local manufacturing opportunities,” Mr Almazrouei added.
Adnoc has been at the forefront of boosting local manufacturing, leading with several initiatives and investments as part of the Emirates' overall economic growth strategy.
On Tuesday, it signed a $500 million deal with Emirates Global Aluminium to supply a raw material for aluminium production as part of efforts to localise the supply chain in the UAE.
Adnoc has awarded contracts worth Dh65.7 billion in the first half of the year, benefiting nearly 400 local suppliers, contractors and service providers, state news agency Wam reported on Sunday.
The contracts are in critical sectors such as drilling, logistics, operational support services, and engineering, procurement and construction.
Over the next five years, Adnoc plans to channel an additional Dh200 billion into the UAE economy through ICV. It plans to purchase Dh90 billion worth of locally manufactured products in its procurement pipeline by 2030.
The company’s ICV programme has driven Dh242 billion back into the UAE economy and enabled 17,000 Emiratis to be employed in the private sector since 2018.
Meanwhile, local spending under the ICV programme has reached Dh347 billion, Dr Al Jaber said on Monday, adding that the initiative has created more than 22,000 jobs for Emiratis.
The companies that will be manufacturing pressure vessels under the new agreements are Ados Engineering Industries, Arabian Industries, Berg Industries, Euro Mechanical and Electrical Contracting Company, Metalfab Middle East, Micoda Process Systems International, Nash Engineering, Polar Specialised Industries and United Metal Works. The cable manufacturers are Dubai Cable, Mark Cables and National Cable Industry.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The%20specs
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Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
UAE%20v%20West%20Indies
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
MATCH INFO
Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)
Kolkata won by 31 runs
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
