Programme aims to create 90,000 to 120,000 new jobs over the next decade, government officials say.
The UAE’s national In-Country Value (ICV) programme aims to re-direct Dh55 billion of spending on goods and services into the local economy by 2025, up from Dh39bn in 2020, to attract further investments into the country, create new jobs and increase private sector participation, government officials said.
The programme aims to boost the growth of UAE-based industries by re-directing 50 per cent of government spending on procurements and tender contracts into the national economy by 2031, Abdallah Al Shamsi, assistant undersecretary for the Industrial Growth Sector at the Ministry of Industry and Advanced Technology, said at a press conference in Abu Dhabi on Tuesday.
Total spending by federal and local government entities on goods and services reached Dh134bn in 2019, or 9 per cent of the local gross domestic product (GDP).
The move is expected to create 90,000 to 120,000 new jobs in the UAE and contribute an additional Dh51 to Dh54bn to the local GDP by 2031, the government official said.
“The private sector is the biggest beneficiary of the ICV programme and one of our biggest goals is to increase the contribution of the private sector in our GDP,” Mr Al Shamsi told reporters on the sidelines of the event. “This is a programme that definitely helps the private sector to grow.”
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