Post by : Badri Ariffin

ADNOC has officially become the inaugural strategic partner for the UAE Cabinet's recently inaugurated AED1 billion National Industrial Resilience Fund (NIRF). This collaboration was unveiled during the ‘Make it in the Emirates 2026’ event.

A trilateral agreement was established between ADNOC, the Ministry of Industry and Advanced Technology (MoIAT), and Emirates Development Bank (EDB). The fund will be administered by EDB over a five-year term.

The objective of the National Industrial Resilience Fund is to bolster the UAE’s industrial supply chains, amplify local manufacturing, and lessen reliance on imports. It also aims to link confirmed procurement demands from major corporations with funding support for local producers.

The initiative will concentrate on six crucial sectors, including food production, manufacturing, primary metals, mechanical and electrical industries, chemical industries, pharmaceuticals, medical supplies, advanced technology, and construction.

Per the agreement, ADNOC will align its procurement strategies with the fund’s goals. The company will provide demand insight, assist in local supplier development, and contribute to stable, long-term demand via procurement contracts. ADNOC will also engage in joint governance initiatives to facilitate swift execution.

MoIAT will pinpoint priority sectors and products, transform procurement chances into industrial projects, and recommend eligible projects for funding support via the fund.

On the other hand, Emirates Development Bank will evaluate projects based on feasibility and risk metrics. The bank will also offer financing through an expedited approval process and monitor the performance of funded projects.

Hasan Jasem Al Nowais, Undersecretary of MoIAT, stated that the National Industrial Resilience Fund amalgamates the efforts of MoIAT, EDB, and key partners led by ADNOC to fortify the UAE’s industrial financing landscape and foster local manufacturing growth.

Omar Abdullah Al Nuaimi, Acting Director of Commercial and In-Country Value (ICV) at ADNOC, remarked that the partnership aligns ADNOC’s long-term procurement requirements with financial backing for domestic manufacturers. He noted that ADNOC is dedicated to further enhancing local manufacturing through its ICV Programme, which has strengthened industrial resilience and generated sustainable economic value since its inception in 2018.

#world news #Global News #UAE News