Transforming UAE’s Economy: ADNOC’s Ambitious ICV Expansion
ADNOC announced a significant boost in local manufacturing procurement, aiming to invest an additional $24.5 billion by 2030. This ambitious plan, unveiled at the “Make It In The Emirates” forum, signifies a major shift for the UAE’s economy.
Through an expanded In-Country Value (ICV) program, ADNOC aims to inject $49 billion into the UAE economy by 2028. This program aims to diversify the economy and strengthen the nation’s industrial base. The program’s previous target of $19 billion for local manufacturing was surpassed ahead of schedule, demonstrating ADNOC’s commitment to sustainable growth.
Dr. Sultan bin Ahmed Al Jaber, a key figure in the UAE’s industrial development, views this initiative as a catalyst for progress. He highlighted ADNOC’s role in enabling the nation’s development and invited manufacturers to participate in the ICV program’s opportunities.
- Accelerated local manufacturing procurement, with contracts worth billions awarded to Emirati-owned companies.
- A dedicated accelerator program for micro, small, and medium enterprises (MSMEs), empowering local businesses to thrive in ADNOC’s supply chain.
- Incentives for sustainability and clean technologies, promoting environmental stewardship and fostering resilient supply chains.
- Embracing artificial intelligence (AI) to drive efficiency and innovation across the industrial landscape.
- Creation of high-skilled private sector jobs for UAE nationals, enhancing economic prosperity and promoting entrepreneurship.
Since its inception, the ICV program has been instrumental in driving economic growth and job creation. In fact, it has already injected over $51 billion into the UAE economy and created more than 11,500 job opportunities for Emirati talents. This expansion of the program further cements ADNOC’s commitment by fostering a thriving and sustainable industrial ecosystem in the UAE.
As the UAE charts a course towards a diversified and knowledge-driven economy, ADNOC’s bold vision for local manufacturing sets the stage for a new era of prosperity and innovation. With unparalleled opportunities for investment, collaboration, and growth, the future of UAE manufacturing shines brighter than ever before.