Abu Dhabi National Oil Company (Adnoc) has announced plans to drive AED200 billion ($54.4 billion) into the UAE's economy over the next five years through its In-Country Value (ICV) programme.
This strategic initiative will boost economic growth and diversification, reinforcing Adnoc's commitment to supporting the nation's long-term prosperity, said Adnoc in a statement.
This new target unlocks significant opportunities for local and international companies to engage with Adnoc's procurement pipeline, fostering investment in the UAE's manufacturing and industrial sectors while driving job creation for Emiratis.
In 2024, Adnoc's ICV programme reinvested AED55 billion into the UAE economy and facilitated the creation of 5,500 private-sector jobs for UAE nationals in collaboration with the Emirati Talent Competitiveness Council (Nafis).
Since its launch in 2018, the programme has delivered AED242 billion in economic value and enabled the employment of 17,000 Emiratis in the private sector, underscoring Adnoc's commitment to sustainable economic growth and national talent development.
Yaser Saeed Almazrouei, Adnoc Executive Director of People, Commercial and Corporate Support, stated, "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 programme.
"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 programme to create sustainable value and foster mutual success."
Adnoc's ICV programme continues to strengthen the UAE's industrial sector, driving local manufacturing and economic diversification.
Since 2022, the Abu Dhabi oil major has signed agreements with UAE and international companies worth AED72 billion to locally manufacture critical industrial products, advancing its target of producing AED90 billion worth of products in the UAE by 2030.
This initiative supports the UAE's 'Make it in the Emirates' campaign, supporting industrial growth and innovation.
Adnoc is fostering growth and diversification in the UAE's food industry through its ICV programme by prioritising the procurement of high-quality local food products.
At the recent Global Food Week in Abu Dhabi, Adnoc's catering contractors – including Apex, Kelvin, Royal, NCTH, NCC, and ADNH - signed agreements worth over AED540 million with 55 UAE-based sub-suppliers.
These agreements build on prior contracts exceeding AED1 billion signed with four of these contractors to deliver food catering services across Adnoc Group companies from 2022 to 2027. These catering agreements reinforce Adnoc's commitment to the UAE's National Food Security Strategy to increase the share of UAE-grown produce in its supply chain from 25% to 60% across 11 key food categories by the end of 2024.
Adnoc also recently awarded contracts worth AED720 million to 11 companies for the production of a diverse range of products across its value chain.
At Adipec, Adnoc's partners inaugurated eight new manufacturing facilities in the UAE, bringing the total number of facilities inaugurated by the ICV programme to 16 this year and 33 since the launch of the 'Make it in the Emirates' initiative.-TradeArabia News Service