ADNOC targets injecting Dh200 billion into the UAE’s economy over the next five years through its In-Country Value (ICV) Program, hoping that this new target aids local and international companies to capitalise on the company’s procurement pipeline.
In 2024, ADNOC’s ICV Program reinvested Dh55 billion into the UAE’s economy and created 5,500 jobs for UAE Nationals in the private sector, which brought Dh242 billion into the UAE economy, with 17,000 Emiratis employed in the private sector since the programme was launched in 2018.
Yaser Saeed Almazrouei, ADNOC Executive Director of People, Commercial & Corporate Support, said: “In line with the UAE leadership’s vision, ADNOC continues to serve as a key driver of the nation’s economic diversification and growth through our highly successful In-Country Value (ICV) Program.
“Building on this momentum, we are expanding private sector job opportunities for UAE Nationals and offering compelling prospects for the private sector to contribute to the UAE’s industrial expansion. We invite local and international companies to leverage our ICV Program to create sustainable value and foster mutual success.”
As part of ADNOC’s ICV Program, the company is also supporting the growth and diversification of the UAE’s food industry by encouraging procurement of high-quality local food products. Recently, ADNOC’s catering contractors including Apex, Kelvin, Royal, NCTH, NCC, and ADNH, signed agreements worth more than Dh540 million with 55 UAE-based sub-suppliers,at the Global Food Week event that took place in Abu Dhabi.
ADNOC had previously signed agreements worth more than Dh1 billion with four catering contractors to provide food catering services to all ADNOC Group companies from 2022 to 2027.
The food catering agreements reinforce ADNOC’s contribution to the UAE’s National Food Security Strategy and support its efforts to increase the share of UAE-grown produce used in its supply chain from 25 per cent to 60 per cent across 11 key food categories by the end of 2024.
ADNOC’s ICV Program is also boosting the UAE’s industrial sector. The company has signed local manufacturing agreements for critical industrial products with UAE and international companies, worth AED72 billion since 2022, reinforcing its target to locally manufacture AED90 billion-worth of products in its procurement pipeline by 2030 in support of the UAE’s Make it in the Emirates (MIITE) initiative.
The company recently awarded Dh720 million contract awards to 11 companies for local manufacturing of a wide range of products across its value chain. Separately, ADNOC’s partners inaugurated eight UAE manufacturing facilities at ADIPEC, taking the total number of facilities enabled by the ICV Program to 16 in 2024 and 33 in total since the start of the MIITE initiative.
Source: gulfnews