Adnoc aims to add $54bn and thousands of jobs to UAE economy

Global Food Week

• Oil giant sets five-year target
• In-country value programme
• Opportunities for local suppliers

Abu Dhabi National Oil Company is looking to make investments worth AED200 billion ($54 billion) in the UAE economy over the next five years via what it calls its “in-country value programme”.

The initiative is meant to ensure that Adnoc’s spending is kept inside the UAE, stimulating the economy and providing local suppliers and workers with opportunities that may otherwise have gone overseas.

In 2024, AED55 billion was invested in the UAE economy through the programme, which facilitated the creation of 5,500 private-sector jobs for UAE nationals in collaboration with the Emirati Talent Competitiveness Council.

• How Adnoc’s XRG will achieve its bold investment ambitions

• Adnoc looks at increased stake sale in gas subsidiary

• Adnoc launches $80bn unit for low-carbon transition

Since the state oil giant launched the programme in 2018, it has delivered AED242 billion in economic value and enabled the employment of 17,000 Emiratis in the private sector.

At November’s Global Food Week in Abu Dhabi, Adnoc’s catering contractors signed agreements worth more than AED540 million with 55 UAE-based suppliers.

Adnoc also recently awarded contracts worth AED720 million to 11 companies for the production of a range of products across its value chain. 

The company has opened 16 new manufacturing facilities in the UAE this year under the programme. 

Yaser Saeed Almazrouei, Adnoc’s executive director of people, commercial and corporate support, said: “We are expanding private sector job opportunities for UAE nationals and offering compelling prospects for the private sector to contribute to the UAE’s industrial expansion.”