ADNOC Partners Invest $817MM in UAE Factories

Abu Dhabi's main oil company, ADNOC, announced that its business partners will spend $817 million to build new factories across the UAE.

These new factories will be built in six different areas around the country, including Abu Dhabi, Dubai, Sharjah, and Umm Al Quwain. The factories will make important industrial products like pressure tanks, pipe coverings, and metal fasteners.

This big investment will create more than 3,500 good-paying jobs for skilled workers. The factories are part of ADNOC's special program that encourages companies to make products locally in the UAE instead of buying them from other countries.

ADNOC wants to produce $24.5 billion worth of goods locally by 2030. This supports the UAE's "Make it in the Emirates" plan, which helps the country build its own manufacturing industries.

Since 2018, ADNOC's local manufacturing program has already added $65.8 billion to the UAE's economy and created 17,000 jobs for UAE citizens.

ADNOC says these new factories include some that are already working, others that are expanding, and some that companies have promised to build soon.