Adnoc has awarded Dh54 billion ($14.7 billion) worth of contracts across the energy sector value chain to UAE suppliers during the second half of 2025, as part of the state-owned energy major’s push to support the country’s economy.
The contract awards are in line with Adnoc’s bid to accelerate growth of the UAE’s industrial sector as part of the country’s economic diversification agenda, the company said on Wednesday.
These are part of the Adnoc’s In Country Value Programme and span areas including strategic services, drilling, maintenance, logistics and digital solutions, as well as some of the Adnoc Group’s major projects in the country.
These contracts not only support domestic manufacturers, suppliers and service providers, they also reflect Adnoc’s efforts determination to “strengthen its supply chain efficiency, enhance local market competitiveness, and drive sustainable growth across its operations,” the company said.
It also presented new business opportunities for the private sector through its 2026-27 procurement pipeline, which it showcased at the Business Partnership Forum, held on the sidelines of Adipec in Abu Dhabi.
“Adnoc is accelerating the UAE’s industrial growth and economic diversification and providing our partners greater visibility into our procurement pipeline as we deliver on our strategic priorities,” Omar Alnuaimi, Adnoc acting director, group commercial and In-Country Value Directorate, said.
“We are channelling demand from our procurement opportunities to boost the local economy, strengthen the resilience of our supply chain and ensure that products once imported are now made in the UAE.”
ICV Programme
The ICV programme, part of the UAE's Projects of the 50 that was launched in September 2021, aims to boost the growth of domestic industries by redirecting half of government spending on procurements and tender contracts into the national economy by 2031.
The programme also supports the goals of the Make it in the Emirates campaign, which was launched by the ministry to attract investment and promote sustainable industrial development in the UAE.
Adnoc plans to locally manufacture Dh90 billion worth of products in its procurement pipeline by 2030. The company’s ICV programme has driven Dh242 billion back into the UAE economy and enabled 18,500 Emiratis to be employed in the private sector since 2018. It aims to drive a further Dh200 billion into the UAE economy over the next five years.
The company said its Business Partnership Forum this year brought together government stakeholders, UAE-based and international companies, and suppliers to explore opportunities that boost the UAE’s industrial ecosystem and economic diversification.
As part of the forum, Adnoc signed framework agreements with Emerson Process Management Distribution, Yokogawa Middle East and Africa, ABB Transmission & Distribution, Schneider Electric and Honeywell worth Dh2.6 billion.
These long-term agreements will strengthen Adnoc’s digitalisation efforts and enhance operational reliability, the company said.
Twelve new local manufacturing facilities and final investment decisions were also announced during Adipec by UAE and international companies, which helped boosting Adnoc’s ICV programme, it added.
“These milestones showcase tangible outcomes of the ICV programme across key industrial zones in Abu Dhabi, Al Ruwais, Al Ain, Ras Al Khaimah and Sharjah to build a strong, competitive industrial base in the UAE,” Adnoc said.
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Our Time Has Come
Alyssa Ayres, Oxford University Press
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
