Stock UAE Oil Refinery Adnoc Ruwais
ADNOC's 'in-country value' has proved highly successful in the past. Its latest target of Dh160 billion in five years will provide a significant boost to creating a post-COVID-19 economy. Image Credit: Bloomberg

Dubai: The Abu Dhabi National Oil Company (ADNOC) will be channeling Dh160 billion and more into the UAE economy over the next five years as part of its latest capital expenditure plans. This will go towards "post-COVID economic growth" through the energy giant's  ICV (in-country value) programme.

“ICV is a powerful mechanism for ensuring more economic value remains in the UAE from the contracts we award," said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO. "We want to make sure that what we spend here, stays here, and helps stimulate the growth of the private sector and local economy."

What is ICV?

The programme creates local and international partnerships and business opportunities for the private sector, and in turn sets up job opportunities for Emiratis. Launched in January 2018, it has to date funnelled more than Dh76 billion back into the UAE’s economy and created over 2,000 private sector job opportunities for Emiratis.

Over 4,200 suppliers are certified in the programme. This year, ADNOC has spent Dh5 billion on more than 400 local micro, small, and medium Enterprises through the programme.

"ICV represents an important element of the new ministry’s (Ministry of Industry and Advanced Technology) strategy that will be rolled out in partnership with the private sector and in coordination with all relevant stakeholders," the Minister added.