Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) announced its In-Country Value (ICV) Programme has driven more than Dh26 billion back into the UAE economy in 2019, bringing its total ICV spend, to date, to Dh44 billion.
The amount that Adnoc and its contractors spend on local products, manufacturing, assembly facilities, services and infrastructure is expected to increase further as Adnoc continues to deliver against its Dh486 billion capital expenditure (capex) plan for 2019-2023.
The news was announced at Adnoc’s fourth annual Business Partnership Forum, where the company thanked the private sector for capitalising on a wide range of commercial opportunities across the marketplace and for embedding ICV into their procurement processes.
“For the past 48 years, Adnoc has been the backbone of the UAE economy. In line with the economic objectives set forth in ‘Tomorrow 21’, the Abu Dhabi blueprint for economic growth, Adnoc will maintain a robust, profitable relationship with our community of suppliers,” Said Dr Sultan Al Jaber, Minister of State and Adnoc Group chief executive officer.
“Adnoc’s In-Country Value Programme underpins this entire effort. It symbolises our unwavering commitment to supporting local businesses and reaffirms our role as the primary driver of the UAE’s socioeconomic development, economic diversification and GDP growth,” he added.
Al Jaber also announced the launch of the company’s small- and medium-sized enterprises initiative. This initiative will focus on enabling the UAE’s SME resources to participate in the growth of Adnoc and the UAE economy.
At the Forum, Adnoc also announced that it is creating a private-sector ecosystem that will nurture the growth of SMEs through the Ruwais Derivatives and Conversion Parks. Investors will be able to benefit from the existing infrastructure, with power, gas, steam, water, waste treatment and other utilities enabled by Adnoc.