UAE’s In-Country Value Projects Driving Billions to Local Firms

UAE’s In-Country Value Projects Driving Billions to Local Firms

ABU DHABI: More than $27.23 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 programs to support domestic industries.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230601005886/en/

Sideline of Make It In The Emirates Forum (Photo: AETOSWire)

Speaking at the Make in the Emirates Forum today, His Excellency Abdulla Al Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.

“The National In-Country Value Program is a nationwide program that speaks one language across many different sectors,” HE said. “It’s 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 forum heard how the National ICV Program is “functionating well and accelerating.”

The forum also heard how industrial zones are playing a critical role in the in the country’s sustainable industrial development and broader economic prospects. Local industrial leaders described how they are utilizing alternative energy resources such as solar and hydrogen to reduce their carbon footprint.

The second edition of