RIYADH: The Abu Dhabi National Oil Co. plans to boost its local manufacturing target for critical industrial products to 90 billion dirhams ($24.5 billion) by 2030 in a bid to strengthen the UAE’s industrial sector and expand local manufacturing capabilities.

ADNOC made the announcement at the “Make it in the Emirates” forum, adding that the new target is part of its expanded In-Country Value program, which aims to drive an additional 178 billion dirhams back into the UAE economy by 2028. 

“This expanded initiative will support the UAE’s economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE nationals. Additionally, it will stimulate entrepreneurial growth and drive sustainability in ADNOC’s supply chain,” said Sultan Ahmed Al-Jaber, minister of industry and advanced technology, and ADNOC managing director and group CEO. 

This expanded initiative will support the UAE’s economic diversification, attract local and international investors.

Sultan Ahmed Al-Jaber, UAE minister of industry and advanced technology

The company said its previous 2027 target of 70 billion dirhams worth of products was “delivered ahead of schedule” following the award of two contracts for metal pipes and valves worth 16.8 billion dirhams to local manufacturers.

The contracts include 8.8 billion dirhams for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Co.; and 8 billion dirhams for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

ADNOC’s expanded ICV program also aims to provide a micro, small and medium enterprises accelerator program to enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain.

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Monday, losing 19.42 points, or 0.16 percent, to close at 11,831.22.  

The total trading turnover of the benchmark index was SR5.8 billion ($1.5 billion) as 110 stocks advanced, while 108 retreated.   

On the other hand, the Kingdom’s parallel market Nomu also slipped 189.65 points, or 0.71 percent, to close at 26,448.54. This comes as 30 stocks advanced while as many as 34 retreated.  

Similarly, the MSCI Tadawul Index also dropped 2.67 points, or 0.18 percent, to close at 1,470.41.    

The best-performing stock of the day was Saudi Paper Manufacturing Co. The company’s share price surged 4.89 percent to SR75.10.  

Other top performers included CHUBB Arabia Cooperative Insurance Co. as well as Middle East Specialized Cables Co., whose share prices soared by 3.96 percent and 3.46 percent, to stand at SR34.10 and SR32.85 respectively.  

On Nomu, Osool and Bakheet Investment Co. was the top gainer, with its share price rising by 9.22 percent to SR48.   

Other best performers on Nomu were View United Real Estate Development Co. as well as Al-Modawat Specialized Medical Co., whose share prices soared by 6.53 percent and 6.20 percent to stand at SR79.90 and SR150.80, respectively.  

Additional top gainers included Almujtama Alraida Medical Co. and Bena Steel Industries Co.  

On the announcement front, Saudi Basic Industries Corp., known as SABIC, received all necessary approvals from relevant authorities to complete the acquisition of its subsidiary Saudi Iron and Steel Co., also known as HADEED, by the Public Investment Fund. 

In a statement on Tadawul, SABIC announced that it has satisfied all transaction-related conditions to complete the SR12.5 billion acquisition announced earlier in September 2023. 

Furthermore, Saudi Arabia aluminum producer Al Taiseer Group Talco Industrial Co. is listing a 30 percent stake on the Tadawul stock exchange following an initial public offering, setting the final offer price at SR43 per share. 

The company is selling 12 million shares and has completed the book-building process for institutional investors, which saw a coverage of 68.5 times the total offer shares, according to Alinma Investment Co., the lead manager and financial adviser to the issuance. 

The book-building process for retail investors will run for two days starting on May 28. During this time, they can subscribe to a maximum of 10 percent of the shares. The final share allocation is set for June 2.