Abu Dhabi, UAE: 1 June 2023 – More than AED100 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 programs to support domestic industries.
Speaking at the Make in the Emirates Forum today, His Excellency Abdulla Al Shamsi, Assistant Undersecretary of MoIAT, said more than AED53 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year. HE noted that the National ICV Program began with three entities but has now grown to include 26.
“The National In-Country Value Program is a nationwide program that speaks one language across many different sectors,” HE said. “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 program’s achievement builds on ADNOC’s in-country value program, which MoIAT took nationwide in 2021. According to Dr. Saleh Al Hashmi, Director of Commercial & ICV at ADNOC, at least AED 145 billion has been diverted to local industries since 2018. Additionally, ADNOC's procurement from local manufacturers has tripled compared to last year, he added.
The ICV program is “functionating well and accelerating”, he said, noting that ADNOC plans to provide another 5,000 jobs through the program in the coming years, building on the 5,000 already created.
The duo joined a panel which also heard from Ahmed Rahma Al Masaood, Vice Chairman of Al Masaood Energy, and Eng. Arafat Al Yafei, Executive Director, Industrial Development Bureau.
To boost the competitiveness of locally made goods, Eng. Arafat Al Yafei revealed plans to focus on enhancing the quality, cost and processing procedures for UAE-made products.
He said the Industrial Development Bureau signed 10 memoranda of understanding with financial institutions on 31 May to ensure banks support the industrial sector. The Bureau is also working with MoIAT to drive manufacturing towards Industry 4.0 and digitization to enhance productivity, improve traceability and reduce operational costs.
“The objective is to really ensure that our products are very competitive, not only in the local arena but on the global level, to achieve [Abu Dhabi’s] 143% target of increasing non-oil exports,” Al Yafei added.
He also noted that the National ICV Program is an important factor in attracting investment.
Meanwhile, Ahmed Rahma Al Masaood, Vice Chairman of Al Masaood Energy, said Emiratization remained a “key component” of the National ICV Program, describing how the program enables local talents in the private sector.
“The current leadership under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, along with his fellow rulers of the Emirates, continues to prioritize investment in Emiratis and the development of their skills through education and by providing them endless opportunities.”
The second edition is jointly organized by MoIAT in collaboration with Abu Dhabi Department of Economic Development and ADNOC.
The forum has numerous corporate sponsors, including Diamond Sponsors such as Mubadala Investment Company, Emirates Steel Arkan, and Emirates Development Bank (EDB), as well as Gold Sponsors such as Aldar, Tawazun Council, KEZAD Group, Agthia, Edge, and PureHealth.
The event’s Silver Sponsors include First Abu Dhabi Bank (FAB), Dubai Investments, Al Masaood Energy, Emirates Global Aluminum, and Abu Dhabi Fund for Development (ADFD), while the Bronze Sponsors are Etihad Credit Insurance (ECI), Dubai Industrial City, Electro Mechanical Company, Mashreq Bank, Baker Hughes, National Oilwell Varco (NOV), Control Contracting and Trading (CCTC), Weatherford International, and Schlumberger.