finance
ADNOC Awards $55 Billion in Contracts as It Expands Capacity After Leaving OPEC
ADNOC Upstream CEO Musabbeh Al Kaabi announced the company is pushing ahead with $55 billion in new project awards as it accelerates investments following its OPEC exit. Al Kaabi emphasized strengthening local manufacturing during an interview at Make it in the Emirates in Abu Dhabi. The moves aim to bolster the UAE’s economic resilience.
May 7, 1:24 AM·1m read1 source
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ADNOC has awarded $55 billion in projects and is accelerating post-OPEC investments, the company said. Musabbeh Al Kaabi, ADNOC Upstream CEO, said strengthening local manufacturing and industrial capacity is critical to the UAE’s economic resilience. Al Kaabi spoke to CNBC's Dan Murphy at Make it in the Emirates in Abu Dhabi, according to CNBC reported.
The comments came as ADNOC pushes ahead with $55 billion in new project awards. The awards form part of a broader push to expand capacity and reduce reliance on external supply chains after the UAE's decision to leave OPEC. Cnbc reported that ADNOC is accelerating post-OPEC investments while moving forward with the substantial project pipeline.
The $55 billion in awards underscores the scale of ADNOC's commitment to domestic industrial growth. Al Kaabi's remarks highlighted the strategic importance of building local capabilities.
The event in Abu Dhabi provided the setting for Al Kaabi to outline ADNOC's direction. His statements tied the $55 billion project awards directly to longer-term goals of economic self-reliance. Cnbc reported the awards and acceleration of investments occurred against a backdrop of ADNOC's post-OPEC strategy.
Musabbeh Al Kaabi, ADNOC Upstream CEO, positioned the local manufacturing push as essential rather than optional for the country's future stability.
