Economic Boost Through ADNOC’s ICV Programme
The Abu Dhabi National Oil Company (ADNOC) has announced a significant milestone in its commitment to economic development, unveiling plans to inject AED 200 billion into the UAE economy over the next five years through its In-Country Value (ICV) programme.
This initiative aims to drive economic diversification, foster industrial growth, and create employment opportunities for UAE nationals. It opens doors for both local and international businesses to partner with ADNOC’s procurement ecosystem, with a special emphasis on manufacturing and industrial sectors.
In 2024 alone, the ICV programme contributed AED 55 billion to the UAE economy and enabled the creation of 5,500 private-sector jobs for Emiratis, in collaboration with the Emirati Talent Competitiveness Council (Nafis). Since its launch in 2018, the programme has delivered AED 242 billion in economic value and facilitated the employment of 17,000 Emiratis, underscoring ADNOC’s commitment to national growth and talent development.
ADNOC: Driving UAE’s Industrial and Economic Diversification
Yaser Saeed Almazrouei, ADNOC’s executive director of People, Commercial, and Corporate Support, highlighted the company’s role in aligning with the UAE’s leadership vision.
“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 ICV programme,” Almazrouei stated.
“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,” he added.
The programme has already signed agreements worth AED 72 billion since 2022 with local and international partners to produce critical industrial goods within the UAE, supporting ADNOC’s target of AED 90 billion in locally manufactured products by 2030.
Supporting Food Security and Industrial Growth
In addition to industrial development, ADNOC’s ICV programme is making strides in the UAE’s food sector. Agreements worth over AED 540 million were signed with 55 UAE-based sub-suppliers during the recent Global Food Week in Abu Dhabi. These agreements are part of the company’s broader effort to align with the UAE’s National Food Security Strategy, which seeks to increase the share of locally grown food in supply chains from 25% to 60% by the end of 2024.
The programme has also resulted in contracts worth AED 1 billion with catering services and AED 720 million for the production of diverse goods across ADNOC’s value chain.
At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), ADNOC celebrated the inauguration of eight new manufacturing facilities in the UAE, bringing the total to 16 for the year and 33 since the launch of the ‘Make it in the Emirates’ campaign.
