Dubai: Abu Dhabi National Oil Company (ADNOC) on Sunday signed framework agreements with UAE’s sovereign wealth fund Mubadala and Emirates Nuclear Energy Corporation (ENEC) to partner on the energy giant’s In-Country Value (ICV) programme.
Under the terms of the agreements, ADNOC, Mubadala, and ENEC will explore potential opportunities for collaboration in creating additional skilled employment opportunities for Emiratis in the private sector and sourcing goods and services within the UAE, the companies said in a statement.
“The agreements will enable ADNOC and both companies collaborate to further drive the localization of goods and services across our value chains and we look forward to swiftly progressing the agreements as they offer significant potential to maximize value for the UAE,” said Rashed Saud Al Shamsi, Director, Commercial Directorate at ADNOC.
“The signing of this agreement underlines the continued commitment of the Emirates Nuclear Energy Corporation, through the UAE Peaceful Nuclear Energy Program and its cornerstone Barakah Nuclear Energy Plant, to stimulating strategic sectors of the economy, supporting local companies and providing valuable jobs,” said Ali Al Zaabi, Chief Operating Officer at ENEC.
The deal expands the number of entities that ADNOC has partnered with to adopt its ICV program. It has similar agreements with Abu Dhabi Department for Economic Development (ADDED), Abu Dhabi Ports, and Aldar Properties.
ICV drives growth
The initiative has driven more than AED 44 billion ($12 billion) back into the United Arab Emirates’ (UAE) economy and created over 1,500 private-sector jobs for Emiratis since it was launched in 2018.
The agreements will see ADNOC and both companies explore the potential for further localizing strategically critical parts of their value chain as they respond to COVID-19.