Latest news with #localisation
The National
20-05-2025
- Business
- The National
Adnoc signs $500m deal with EGA to supply raw material for aluminium production
Adnoc has signed a $500 million deal with Emirates Global Aluminium to supply a raw material for aluminium production as part of efforts to localise the suppy chain in the UAE. As part of the five-year agreement, Adnoc Refining will supply up to 1.5 million tonnes of calcined petroleum coke (petcoke) to EGA, the Abu Dhabi energy company said in a statement on Tuesday, on the sidelines of the Make it in the Emirates event. Adnoc Refining will supply at least 30 per cent of EGA's calcined petcoke requirements from the Ruwais refinery, the company said. It will enable EGA to produce around 3.75 million tonnes of aluminium over the five-year term of the agreement. 'By supplying this critical raw material for aluminium production from our Ruwais refinery, we are strengthening domestic supply chains, reducing reliance on imports and enabling growth in one of the nation's most vital industrial sectors,' said Khaled Salmeen, Adnoc Downstream's chief executive. The UAE's In-Country Value (ICV) programme, a central plank of the country's Operation 300bn industrial strategy, redirects as much spending as possible towards UAE-made goods and services to boost the growth of domestic industries. Local spending under the ICV programme has reached Dh347 billion ($94.5 billion), Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said on Monday, adding that the initiative has created more than 22,000 jobs for Emiratis. Meanwhile, Adnoc awarded contracts worth Dh65.7 billion in the first half of the year, benefiting nearly 400 local suppliers, contractors and service providers, state news agency Wam reported on Sunday. The contracts are in critical sectors such as drilling, logistics, operational support services, and engineering, procurement and construction. Over the next five years, Adnoc plans to channel an additional Dh200 billion into the UAE economy through ICV, according to the Wam report. The latest deal with EGA is expected to strengthen the UAE's role as a global aluminium supplier, Adnoc said. The UAE is the biggest producer of aluminium after China, India, Russia and Canada, with Bahrain in sixth position, according to commodities research company CRU Group. 'This agreement with Adnoc enables us to secure a significant proportion of a key raw material locally, further increasing our economic impact in the UAE,' said EGA chief executive Abdulnasser bin Kalban. EGA is the largest industrial company in the UAE outside of the energy sector, and its products comprise the country's largest made-in-the-UAE non-oil export. Its direct, indirect and induced economic contributions to the local economy reached $6.4 billion last year, accounting for 1.3 per cent of the UAE's gross domestic product and supporting more than 52,000 jobs, the company said.
Entrepreneur
19-05-2025
- Automotive
- Entrepreneur
Folks Motor Unveils 'Folks Funds' to Strengthen EV Manufacturing, Raises INR 100 Cr in First Close
The fund will strategically invest in areas like powertrain systems, energy storage, Electronic Manufacturing Services (EMS), and system integration, with a strong focus on achieving a minimum 50% domestic value addition—aligned with the government's 'Make in India' goals. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Folks Motor, a leading Indian player in the hybrid electric retrofit (xEV) space, has launched Folks Funds, an Alternative Investment Fund (AIF) Category II, with an initial corpus of INR 500 crore. With INR 100 crore already secured in its first close, the company expects to achieve full closure by the end of 2025. Touted as India's ESG-focused investment fund dedicated to the EV supply chain, Folks Funds aims to consolidate component demand and drive localisation in the fast-evolving electric mobility sector. The fund will strategically invest in areas like powertrain systems, energy storage, Electronic Manufacturing Services (EMS), and system integration, with a strong focus on achieving a minimum 50% domestic value addition—aligned with the government's 'Make in India' goals. A major portion of the fund will be channelled into the development of The Blue IP—India's first xEV-centric warehousing and industrial park in Sonipat, Haryana. This state-of-the-art facility is envisioned as a dedicated ecosystem for EV manufacturing and logistics, designed to support the growing demands of the green mobility sector. "Our vision with Folks Funds is to redefine India's position in the global EV supply chain," said Nikhil Anand Khurana, MD and CEO of Folks Motor. "With the Blue IP and our strategic partnerships, we are not just building infrastructure—we are building future-ready ecosystems for sustainable manufacturing. This fund is a step towards Atmanirbhar Bharat, enabling domestic innovation and job creation while attracting global interest in Indian-made EV components." Folks Motor is also in active discussions with state governments in Telangana and Karnataka to further expand its footprint. These regions have shown leadership in promoting EV infrastructure and adoption. Besides greenfield manufacturing, Folks Funds will support retrofitment technologies—critical to extending vehicle lifespans and reducing fleet costs. "This dual approach supports both green mobility and economic efficiency," Khurana added. Through this initiative, Folks Motor aims to transform the EV value chain, enable strategic consolidation, and position India as a global hub for sustainable and self-reliant automotive solutions. Folks Motor offers hybrid electric retrofit solutions via HyB Cars (certified pre-owned cars with hybrid kits), HyB Kits (for specific car models), and HyB Care (eco-friendly maintenance services), aiming to reduce emissions and enhance mileage with a unique gearless electric mode.
Zawya
15-05-2025
- Business
- Zawya
Raytheon, an RTX Business, inaugurates production and assembly facility to manufacture the Coyote counter drone interceptor at Tawazun Industrial Park
Abu Dhabi – Raytheon, an RTX business, announced the inauguration of a new advanced industrial facility at Tawazun Industrial Park in Abu Dhabi. The facility will serve as a specialised centre for the production and assembly of the Coyote counter-unmanned aerial system (C-UAS), reflecting the company's ongoing commitment to supporting the UAE's efforts in localising advanced defence manufacturing. The inauguration ceremony was attended by US Ambassador to the UAE H.E Martina Strong, along with a group of senior officials from Tawazun Council, Shareef Hashim Al Hashmi, CEO of Operations, Matar Ali Al Romaithi, Sector Chief of Defence & Security Industrial Affairs (DSIA), Khalifa Ayada Al Hameli, Chief Executive Affairs, Ahmed Ali Al Harmoodi, Sector Chief of Acquisition Management, Hamdan Nasser Al Zaabi, Acting CEO of Tawazun Industrial Park and Fahad Mohammed Al Mheiri, Managing Director of Raytheon Emirates. During the event, officials toured the facility which, once operational, will enhance the resilience and efficiency of the defence supply chain, a testament to the UAE's progress in localising cutting-edge defence technologies. The launch of this facility follows a series of agreements signed between Tawazun Council and Raytheon to support the localisation of strategic defence industries in the UAE. As part of these collaborations, Raytheon has partnered with local entities, including EDGE's EPI, which has already commenced the manufacturing of prototype components as an initial step toward industrial readiness. Spanning 21,500 square feet, the facility features advanced infrastructure and dedicated spaces for the final integration, assembly, and precision testing of the Coyote interceptor system. The system, proven in the field, is designed to counter a wide range of unmanned aerial threats and will now be produced locally — setting a new benchmark in the UAE's defence manufacturing ecosystem. Matar Ali Al Romaithi, Sector Chief of Defence & Security Industrial Affairs (DSIA) at Tawazun Council, said: 'This facility marks a strategic milestone in the UAE's vision to establish an advanced defence industrial base. The partnership stems from the objectives of Tawazun Economic Programme to foster collaboration with international partners to transfer knowledge and advanced technologies to the UAE's defence and security industrial sector. 'Through the development of specialised local capabilities and a greater focus on national production, the project supports the enhancement of local content and empowers Emirati companies to play a leading role in global supply chains. It also reinforces the UAE's position as a regional hub for advanced defence industries and strengthens its drive towards industrial self-reliance and technological excellence,' he added. Hamdan Nasser Al Zaabi, Acting CEO of Tawazun Industrial Park, stated: 'The inauguration of Raytheon's facility reflects our vision to develop an integrated industrial ecosystem that attracts high-value investments and builds sustainable national manufacturing capabilities. This project underscores the competitiveness of the UAE's industrial environment and its capacity to host global defence initiatives that strengthen our national capabilities.' 'The inauguration of our new facility brings us a step closer to delivering production and assembly of the first UAE made Raytheon interceptor, which will mark our first local production programme with our partners in the UAE,' said Fahad Mohammed Al Mheiri, Managing Director of Raytheon Emirates. 'We are proud to deliver this project to support and utilise the continued growth of the local defence ecosystem, which will also enhance Raytheon's global supply chain. We are excited to see the Raytheon facility at Tawazun Industrial Park come to life, advancing our partnership from plan to production, further contributing to the development of local capabilities and strengthening the UAE's position as a hub for advanced defence technologies.' Coyote is an advanced and highly capable counter drone interceptor that has proven itself effective at defeating a range of drone threats. Designed to intercept hostile Unmanned Aircraft Systems (UAS), Coyote provides security and protection for personnel, critical infrastructure, and military assets. About RTX RTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.
