| | OCTOBER 20238IN FOCUSADNOC INKS 30 DEALS TO LOCALLY PRODUCE PRODUCTSINDIA, UAE SIGN MOU TO EXPAND COOPERATION IN INDUSTRIES & TECHAdnoc, an Abu Dhabi-based energy company, announced 30 new agreements for local production of non-oil products worth Dh10 billion in its supply chain as it intensifies its decarbonization efforts. Personal protective equipment, battery energy storage systems, and uninterrupted power supply (UPS) equipment are among the goods that will be manufactured locally under these agreements, allowing Adnoc organizations to replace diesel generators with more sustainable energy.The agreements support Adnoc's target to locally manufacture Dh70 billion worth of products in its procurement pipeline by 2027 as part of the `Make it in the Emirates' initiative. The agreements will stimulate industrial growth, create more private sector jobs for UAE nationals and strengthen the resilience of the energy major's supply chain, as per khaleejtimes.As part of its Net Zero by 2045 goal, the energy giant's In-Country Value (ICV) initiative incentivizes suppliers to embrace sustainable technologies while establishing new manufacturing facilities in the UAE. Since 2018, the ICV initiative has returned Dh145 billion to the UAE economy."Adnoc's localisation of its supply chain is consistent with our diversification strategy and the Abu Dhabi Industrial Strategy (ADIS), which is accelerating the UAE manufacturing sector's transformation and strengthening its position as the region's most competitive industrial hub," said Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development.He stated that these initiatives have contributed to the non-oil industries contributing 53% of Abu Dhabi's overall GDP by the end of Q1 2023. India and the United Arab Emirates signed a Memorandum of Understanding to expand cooperation in sectors and innovative technology. The MoU intends to enhance and grow industries in both countries through investments, knowledge transfer, and the deployment of essential technologies in industries using joint finances and cooperative efforts.It was signed between Indian Commerce and Industry Minister Piyush Goyal and Minister of Industry and Advanced Technology of UAE Sultan Al Jaber. Goyal is here for the 11th meeting of India-UAE High-Level Task Force on Investments. The MoU also aims to build institutional and corporate capabilities, and skills. According to the MoU, the two countries will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of their economies, as per Press Trust of India.Collaborations between business and academia, joint research and development initiatives, the exchange of science and technology policies and best practices, standardization, metrology, conformity assessment, accreditation, and 'halal' certification can all help achieve this.Strengthening the supply chain resilience of companies, renewable and efficient energy, health and life sciences, space systems, artificial intelligence, and Industry 4.0 enabling technologies are some of the sectors and disciplines where industrial and advanced technology collaboration takes place.Al Jaber emphasized, "In line with the UAE leadership's vision, we are committed to strengthening bilateral relations to enhance sustainable and economic growth. Given the UAE's strong relationship with India across the economic, technological, and social domains, we are pleased to sign this MoU to further develop the industrial sector in line with advanced technology and sustainability standards."
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