Abu Dhabi National Oil Company (ADNOC) said it has launched the implementation phase of its new In-Country Value (ICV) strategy which will support economic growth as well as employment for UAE nationals.
Abu Dhabi National Oil Company (ADNOC) said it has launched the implementation phase of its new In-Country Value (ICV) strategy which will support economic growth as well as employment for UAE nationals.
Under ADNOC’s ICV, the group is pushing greater collaboration within the private sector that will improve knowledge transfer, sourcing goods and services locally to benefit UAE businesses and employment and development for UAE nationals.
All business partnerships with ADNOC now include an ICV assessment as part of the tender evaluation and award process. ADNOC’s recent contract awards have also taken the ICV criteria into consideration.
It reinforces the company’s commitment to supporting local businesses and their role in driving economic diversification and GDP growth.
ADNOC said its AED 400 billion capital spend across its entire value chain, over the next five years, will create multiple opportunities for local companies to grow alongside ADNOC, as international companies work more closely with local SMEs to maximise the use of local products, manufacturing and assembly facilities, services and infrastructure.
His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said: “In line with the directives of the country’s leadership, ADNOC is committed to engaging with and supporting the local private sector. As one of the backbones of the UAE and Abu Dhabi economies, ADNOC provides the stimulus for economic growth, supports GDP diversification and drives employment.
“Our ICV strategy will further strengthen our partnerships with the local private sector and drive even more opportunities for local businesses to benefit and grow alongside us, as well as employment opportunities for Emiratis. It is a win-win situation for the nation, the economy, our suppliers and for ADNOC.”
The criteria which will be utilised to assess suppliers’ ICV contribution include goods and services sourced locally, employment and development opportunities for Emiratis, in country spend of subcontractors, supplier’s investment in the UAE, and expat contribution in the UAE.
ADNOC’s ICV strategy is an extension of its 2030 growth strategy to create a more profitable upstream and more valuable downstream business, as well as ensure an economic and sustainable supply of gas.
Source: Pipeline ME
