National ICV Programme supports efforts to promote sustainable economic development

National ICV Programme supports efforts to promote sustainable economic development

ABU DHABI, 1st June, 2023 (WAM) -- More than AED100 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programmes to support domestic industries.

Speaking at the 'Make in the Emirates Forum' today, Abdulla Al Shamsi, Assistant Under-Secretary of MoIAT, said more than AED53 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.

He noted that the National ICV Programme began with three entities but has now grown to include 26. “The National In-Country Value Programme is a nationwide programme that speaks one language across many different sectors. It is one methodology and this is something we’re very proud of because it benefits the private sector and when the private sector sees this it helps them prepare, invest, and spend.”

The programme’s achievement builds on ADNOC’s in-country value programme, which MoIAT took nationwide in 2021. According to Dr. Saleh Al Hashmi, Director of Commercial & ICV at ADNOC, at least AED 145 billion has been diverted to local industries since 2018. Additionally, ADNOC's procurement from local manufacturers has tripled compared to last year, he added.

The ICV programme is “functionating