In a significant move, ADNOC has emerged as the first strategic partner for the UAE Cabinet's newly unveiled AED1 billion National Industrial Resilience Fund (NIRF). This noteworthy agreement was formalized during the recent ‘Make it in the Emirates 2026’ event.
The trilateral partnership involves ADNOC, the Ministry of Industry and Advanced Technology (MoIAT), and Emirates Development Bank (EDB), with EDB tasked with managing the fund over the next five years.
The primary goal of the National Industrial Resilience Fund is to fortify the UAE’s industrial supply chains, boost local manufacturing capacities, and curtail reliance on imports. Additionally, it seeks to align confirmed procurement needs from significant companies with financing support for domestic manufacturers.
This initiative will concentrate on six pivotal strategic sectors, namely food industries, manufacturing, primary metals, mechanical and electrical industries, chemical industries, pharmaceuticals and medical supplies, along with advanced technology and construction.
As part of the agreement, ADNOC will synchronize its procurement strategy with the fund's priorities. The organization will share essential demand data, promote local supplier development, and maintain stable long-term demand through procurement contracts. ADNOC will also engage in joint governance initiatives to facilitate rapid execution.
MoIAT will take the lead in identifying priority sectors and products, translating procurement opportunities into viable industrial projects, and endorsing applicable projects for financing assistance under the fund.
Concurrently, Emirates Development Bank will evaluate projects on feasibility and risk metrics. The bank aims to streamline financing with a fast-track approval process while closely monitoring project outcomes.
Hasan Jasem Al Nowais, Undersecretary of MoIAT, remarked that the National Industrial Resilience Fund encapsulates the combined efforts of MoIAT, EDB, and strategic partners like ADNOC to bolster 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, emphasized that this collaboration aligns ADNOC’s long-term procurement needs with vital financing avenues for domestic manufacturers. He reiterated ADNOC's commitment to promoting local manufacturing through its ICV Programme, which has been a cornerstone for strengthening industrial resilience and generating sustainable economic value since 2018.
A 9th-grade student in Tripura faces detention after alleged assault on a six-year-old neighbor in K
Toshifumi Suzuki, the founder of 7-Eleven Japan and a pioneer in convenience retail, has died at the
A nine-story construction project collapsed in Angeles City, leaving 21 individuals unaccounted for
Bahrain's court has sentenced nine individuals to life, citing connections to Iran's IRGC, raising f
