The Abu Dhabi National Oil Company (Adnoc) has announced that it will boost in-country value (ICV) to the UAE to support post-Covid economic growth through its hugely successful ICV programme.

 

As part of this commitment, Adnoc will drive over AED160 billion ($43.6 billion) back into the UAE economy over the next 5 years as it executes its capital expenditure (Capex) recently approved by Abu Dhabi’s Supreme Petroleum Council (SPC).

 

Delivering the opening remarks at Adnoc’s Private Sector and ICV Forum which had over 3,000 virtual attendees, Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group CEO said the ICV target represents a substantial financial spillover impact that will create more opportunities for the private sector and support post-COVID economic growth.

 

"ICV is a powerful mechanism for ensuring more economic value remains in the UAE from the contracts we award. In short, we want to make sure that what we spend here, stays here, and helps stimulate the growth of the private sector and local economy. Today’s forum is all about reinforcing the critical symbiotic relationship between Adnoc and the private sector to realise the simple goal of creating even more economic value for the UAE," Dr Al Jaber said.

 

Outlining the achievements recorded by the ICV programme, Dr Al Jaber stressed Adnoc is doubling down on ICV to deliver greater value to the UAE. This year, Adnoc spent AED5 billion ($1.36 billion) on more than 400 local Micro, Small, and Medium Enterprises (MSMEs) through the programme.

 

Adnoc’s ICV programme is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth, and creating job opportunities for Emiratis. Launched in January 2018, the programme has driven more than AED76 billion ($20.7 billion) back into the UAE’s economy and created over 2,000 private-sector job opportunities for Emiratis. Over 4,200 suppliers are certified in the programme which has more than 20 certifying bodies.

 

Dr Al Jaber went on to thank Adnoc’s private sector partners, contractors and suppliers that have integrated the ICV programme into their procurement processes and continue to support the programme.

 

"Your proactive involvement in nurturing the growth of the private sector is adding value to the UAE’s economy every day. You have all played a key role in shaping the program as a successful model for private sector growth that is now being adopted more widely by the government," Dr Al Jaber said.

 

The lessons learned from Adnoc’s ICV program over the last three years have been absorbed into the mandate of the new Ministry of Industry and Advanced Technology according to Dr Al Jaber.

 

"ICV represents an important element of the new ministry’s strategy that will be rolled out in partnership with the private sector and in coordination with all relevant stakeholders. Ultimately, the success of this strategy will depend on the close collaboration and engagement between the public and private sectors.

 

"Together, we will expand strategies that enable domestic manufacturing and enhance the growth of local content. These will create more skilled job opportunities for Emiratis while advancing the UAE’s economic diversification. Importantly, our combined efforts will play an essential role in building resilience and driving the UAE’s post-Covid economic growth," Dr Al Jaber said.

 

Concluding his remarks, Dr Al Jaber called on the private sector to join hands and identify "win-win growth opportunities, not only within Adnoc’s value chain but also across the entire UAE economy."

 

Following Dr Al Jaber’s speech, a ministerial panel session took place featuring Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and Mohammed Ali Al Shorafa Al Hammadi, Member of the Executive Council and Chairman of the Abu Dhabi Department of Economic Development (ADDED).