ADNOC to Support Post-Covid Economic Growth
The Abu Dhabi National Oil Company (ADNOC) announced, it will boost in-country value (ICV) to the United Arab Emirates (UAE) to support post-Covid economic growth through its hugely successful ICV program.
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 3000 virtual attendees, His Excellency Dr. Sultan Ahmed Al Jaber, UAE 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 realize the simple goal of creating even more economic value for the UAE,” H.E. Dr. Al Jaber said.
Outlining the achievements recorded by the ICV program, H.E. Dr. Al Jaber stressed ADNOC is doubling down on ICV to deliver greater value to the UAE. This year, ADNOC spent AED 5 billion ($1.36 billion) on more than 400 local Micro, Small, and Medium Enterprises (MSMEs) through the program.
ADNOC’s ICV program 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 program has driven more than AED 76 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 program which has more than 20 certifying bodies.
H.E. Dr. Al Jaber went on to thank ADNOC’s private-sector partners, contractors and suppliers that have integrated the ICV program into their procurement processes and continue to support the program.
“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,” H.E. 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 H.E. Dr. Al Jaber.
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