Adnoc’s in-country value programme pumps Dhs44 billion back into UAE economy, creates over 1,500 jobs for Emiratis

Abu Dhabi oil major Adnoc is very much on song. Over the past several years, the firm has widened its oil and gas business and quietly raised more than $19 billion. BlackRock (BLK.N), the world’s largest fund manager, and other major financial institutions have invested in the company. Adnoc has also offered oil companies across the world long-term concession deals.

Now, it has inked a pact with the Abu Dhabi Department of Economic Development, ADDED, to enhance cooperation and drive in-country value, ICV, for the emirate following the success of its ICV programme.

The programme has driven more than Dhs44 billion back into the UAE’s economy and enabled over 1,500 private-sector jobs for Emiratis since it was launched in 2018.

Under the terms of the agreement, ADDED will integrate and standardise Adnoc’s ICV certification programme across the Abu Dhabi Government’s procurement process. This extends the impact and reach of the ICV initiative, which Adnoc developed to strengthen the spillover economic impact across the UAE.

Following this agreement, businesses can make a one-time application for a unified ICV certificate that will now be applicable for the Abu Dhabi Government’s commercial evaluation process of goods and services procurement.

Sheikh Khalid Bin Mohamed Bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, was present during the signing ceremony.

The MoU was signed by Dr Sultan Bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, and Mohammed Ali Al Shorafa Al Hammadi, ADDED Chairman.

Part of ADDED’s Ghadan 21 initiatives, this new cooperation will enhance localisation measures in the emirate, improve transparency, create jobs and accelerate the private sector’s contribution to economic development in Abu Dhabi.

Commenting on the agreement, Dr. Sultan Al Jaber said, “We are very pleased to be partnering with ADDED to further drive In-Country Value for Abu Dhabi, in line with the wise vision of the leadership and the goals of Ghadan 21. This agreement builds on the success of Adnoc’s ICV programme over the last two years, which underpins our commitment to create, unlock and maximise value for the UAE as we deliver our 2030 strategy.”

For his part, Mohammed Al Hammadi said, “The Abu Dhabi Local Content programme encourages companies to increase their contribution to the development of the emirate’s local economy as it improves their access to government tenders. Adnoc has pioneered this certification in the UAE and its success in the first two years of their programme has put billions of dirhams back into the national economy.”

More than 3,000 suppliers are certified in Adnoc’s ICV Programme, which serves as the primary enabler of the company’s – and suppliers’ – contributions to the UAE’s socio-economic growth and development.