Making It in the Emirates

HFI was delighted to attend the bustling Make it in the Emirates Forum 2024 in Abu Dhabi today represented by Hugh Fraser and  Sally Reeves, HFI’s Client Relations Manager. This is the third Forum, the first being launched in 2022 and it tracks the progress being made in the UAE’s drive to implement its ICV programme. ICV originated inside ADNOC but is now being driven into the wider economy by the Ministry of Industry and Advanced Technology. 

The Energy Industries Council (“EIC”) DataStream service is currently tracking 134 major energy sector projects in the UAE across upstream oil & gas, refineries, petrochemicals, nuclear and renewables, representing US$200 billion of opportunities. This is over 29% of the current total GCC US$685 billion energy contracts market size. We expect these numbers to jump ahead, especially given it looks like that the UAE will sanction a second nuclear to add to the existing four reactor 5,400MW facility at Barakah.

Technology Transfer Local Manufacturing Ventures are a key aspect of our HFI’s ADVI - Abu Dhabi Ventures Initiative (ADVI). ADVI supports advanced petroleum technology and energy transition ventures relating to ADNOC Group-driven opportunities in the UAE, with a growing emphasis on the KEZAD Group special economic zone (focused on the ADNOC supply chain) and free zone (focused on exporters).

The days of the UAE being an imports-driven economy are numbered and it is increasingly clear that only international businesses which can offer technology/know-how transfer into local manufacturing and national employment will fit with the UAE strategic ambitions.