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UAE’s in-country value programme diverts more than Dh100 billion to local firms

Adnoc plans to provide 5,000 jobs through the programme in the coming years, in addition to the 5,000 already created

Published: Thu 1 Jun 2023, 8:34 PM

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More than Dh100 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and Adnoc launched major in-country value (ICV) programmes to support domestic industries.

At the Make in the Emirates forum held in Abu Dhabi, Abdulla Al Shamsi, Assistant Undersecretary of MoIAT, noted that more than Dh53 billion of investment was redirected to the local economy in 2022 at a year-on-year increase of 25 per cent. He pointed out that the National ICV Programme began with three entities but has now grown to include 26.

“The nationwide programme speaks one language across many different sectors. It’s one methodology and this is something we’re very proud of because it benefits the private sector and when the private sector sees this it helps them prepare, invest, and spend.”

The programme’s achievement builds on Adnoc’s in-country value programme, which MoIAT took nationwide in 2021.

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Dr Saleh Al Hashmi, Director of Commercial and ICV at Adnoc, noted that at least Dh145 billion has been diverted to local industries since 2018. Additionally, Adnoc’s procurement from local manufacturers has tripled compared to last year.

He said the ICV programme is “functionating well and accelerating”, and that Adnoc plans to provide another 5,000 jobs through the programme in the coming years, building on the 5,000 already created.

Meanwhile, Arafat Al Yafei, executive director, Industrial Development Bureau, opined that the programme is an “important factor” in attracting investment.

Ahmed Rahma Al Masaood, vice-chairman of Al Masaood Energy, underlined that Emiratisation remained a “key component” of the programme.

“The current leadership under the directives of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, along with his fellow rulers of the Emirates, continues to prioritise investment in Emiratis and the development of their skills through education and by providing them endless opportunities.”

The second edition of the forum has been jointly organised by MoIAT in collaboration with Abu Dhabi Department of Economic Development and Adnoc.



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