Abu Dhabi: ADNOC is aiming to inject AED200bn ($54.45bn) into the UAE economy over the next five years through its In-Country Value (ICV) Program, driving economic growth and diversification.
This initiative provides enhanced opportunities for both local and international companies to leverage ADNOC’s procurement pipeline by investing in the UAE’s manufacturing and industrial sectors while prioritizing the creation of jobs for Emiratis.
In 2024, ADNOC’s ICV Program reinvested AED55bn (USD 14.96 billion) into the economy and generated 5,500 new jobs for UAE Nationals in the private sector, in collaboration with the Emirati Talent Competitiveness Council (Nafis).
Since its inception in 2018, the program has contributed AED242bn ($65.96bn) to the economy, employing 17,000 Emiratis in the private sector.
Yaser Saeed Almazrouei, ADNOC Executive Director of People, Commercial & Corporate Support, stated that the company continues to play a crucial role in supporting the UAE’s economic diversification, aligning with the leadership’s vision.
The ICV Program has also focused on expanding private sector job opportunities for UAE Nationals while inviting local and international companies to contribute to the UAE’s industrial growth.
As part of this program, ADNOC is fostering the UAE’s food industry growth by encouraging procurement from local food suppliers. Recently, ADNOC’s catering contractors signed agreements worth more than AED540mn ($147.4mn) with 55 UAE-based suppliers.
Additionally, ADNOC had previously secured contracts worth over AED1bn ($272.3mn) with four catering contractors to provide services to ADNOC Group companies from 2022 to 2027.
These agreements also support the UAE’s National Food Security Strategy, aiming to increase the use of UAE-grown produce in ADNOC’s supply chain from 25% to 60% across 11 key food categories by the end of 2024.
The ICV Program has also contributed to the UAE’s industrial sector by signing local manufacturing agreements worth AED72bn ($19.58bn) since 2022, reinforcing ADNOC’s goal to locally manufacture AED90bn ($24.5bn) in products by 2030, in line with the UAE’s Make it in the Emirates (MIITE) initiative.
ADNOC has recently awarded AED720mn ($196.7mn) in contracts for local manufacturing, bringing the total number of facilities supported by the ICV Program to 33 since the MIITE initiative’s launch.
MOST READ | Sheikh Zayed Festival reveals Record-Breaking New Year’s Eve 2025 Plans
