ADNOC, Mubadala and ENEC Partnership to encourage private-sector in the UAE
The Abu Dhabi National Oil Company (ADNOC) signed today, two framework agreements with Mubadala Investment Company (Mubadala) and Emirates Nuclear Energy Corporation (ENEC) to partner on ADNOC’s In-Country Value (ICV) program following the success of the program which has driven more than AED 44 billion ($12 billion) back into the United Arab Emirates’ (UAE) economy and created over 1,500 private-sector jobs for Emiratis since it was launched in January 2018.
The partnership brings together three of the UAE’s leading companies to cooperate in further driving ICV for the country. It expands the number of entities that ADNOC has partnered with to adopt its ICV program following similar agreements with the Abu Dhabi Department for Economic Development (ADDED), Abu Dhabi Ports, and Aldar Properties.
These framework agreements also reinforce the commitment of ADNOC, Mubadala, and ENEC to enabling the growth and diversification of the UAE’s economy.
Under the terms of the agreements, ADNOC, Mubadala, and ENEC will explore potential opportunities for collaboration in creating additional skilled employment opportunities for Emiratis in the private sector and sourcing goods and services within the UAE.
In addition, the agreements will see ADNOC and both companies explore the potential for further localizing strategically critical parts of their value chain, which they have been driving in recent years and particularly as they respond to COVID-19.
The agreements were signed by Rashed Saud Al Shamsi, Director, Commercial Directorate at ADNOC; Homaid Al Shimmari, Deputy Group CEO, Chief Corporate & Human Capital Officer at Mubadala; and Ali Al Zaabi, Chief Operating Officer at ENEC.
Submitted by: Press release
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