The National ICV Programme of the Ministry of Industry and Advanced Technology (MoIAT), part of the UAE’s Projects of the 50, achieved a milestone in H1 2024 with an expanded scope.
This expansion led to over AED 48B ($13.1B) being redirected into the national economy, showcasing the ministry’s role in boosting the growth and competitiveness of domestic industries.
The Programme now includes 31 federal and local entities and major national companies.
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, highlighted the Programme’s role in enhancing the industrial sector and supporting the UAE’s vision for economic diversification. Dr. Al Jaber noted that investment from certified companies reached nearly AED 205B ($55.9B) by mid-2024, a 20% increase from the previous year.
National spending on local services rose to AED 53B in 2022 and AED 67B in 2023. The number of Emiratis employed by certified companies reached 19,000 in H1 2024, a 40% increase from the previous year.
Ahmed Jasim Al Zaabi emphasised the Programme’s role in supporting Abu Dhabi’s industrial strategy and fostering local economic growth. Younis Haji Al Khoori praised the Programme for enhancing the competitiveness of the national economy and localising supply chains.
Omar Al Suwaidi reported a 66% increase in national spending among Programme entities and announced plans to honour top contributors at the upcoming National ICV Day. Yaser Al Mazrouei of ADNOC revealed plans to reinvest AED 178B ($49B) into the UAE economy by 2028.